AD/AS in a crisis
In 2020, the COVID-19 struck and disrupted the world. As a result of this virus, we saw a decrease in Aggregate Demand, which lead to our production to nearly halt in several industries. For this discussion, your task is to:
Think about some industry or type of firm that you have knowledge about and explain how that industry has been affected by COVID-19.
Then explain how this impact could be demonstrated in our AD/AS model — please draw and upload an AD/AS graph illustrating your explanation.
After completing your post, please reply to at least two other posts.
Note: As you work through this discussion, try to focus on your individual firm/industry and the economic impact from the virus. It is fair game to talk about the effect of legislation concerning the virus, but this prompt is not necessarily looking for critique or praise concerning legislation or individual politicians/leaders concerning the virus.
Textbook source: (chapter 11)
https://openstax.org/books/principles-macroeconomics-2e/pages/1-introduction
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