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Group Assignment 1: Economic and Social Impact of COVID–19

BUS 1038: BUS CONCEPTS 1

Group Assignment 1: Economic and Social Impact of COVID – 19

Due Tuesday, October 13th, 2020 by 11:59PM

Worth 5% of your final grade

____________________________________________________________________________

This assignment relates to the following Course Learning Outcomes:

CLO1 – Analyze Trends and Economic Challenges Facing Contemporary Business.

CLO2 – Examine Current Approaches by Business to Address Social Responsibility

and Ethical Issues.

CLO3 – Analyze the Impact of Globalization and International Trade on Canadian

Business and the World Economy.

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The Assignment

COVID – 19 has impacted all of us in so many ways. Governments around the world have introduced various measures to minimize the impact on the economy, businesses and individuals in general. The Canadian government has done the same.

Click on this link to read about different types of benefits which the Canadian government introduced to address the pandemic concerns: https://www.canada.ca/en/services/benefits/covid19-emergency-benefits.html

Focus on the Canada Emergency Response Benefit, The Canada Emergency Student Benefit and the Canada Emergency Wage Subsidy. After examining these three benefits, follow the guideline below to complete the assignment and submit your report.

Guidelines:

Introduction (50 – 60 Words)

Provide a summary of the assignment content in the introductory paragraph.

Note: It will be better to finish writing the entire assignment before writing the introduction.

Section One (150 – 200 Words)

Micro and Macroeconomics: Implications of the Pandemic

  • Explain at least one microeconomic implication of the pandemic.
  • Explain at least one macroeconomic implication of the pandemic.
  • Briefly analyze how the government benefits that you read about directly affect the micro and macroeconomic implications you have explained in this section.

Note: Chapter 3 introduces many concepts related to micro and macroeconomics. Please apply the relevant concepts when answering this part of the assignment.

Section Two (150 – 200 Words)

Social Responsibility and Technology: Implications of the Pandemic

  • Explain one way in which any business(s) that you know has (have) exemplified social responsibility during the pandemic. Illustrate how this (these) gesture(s) could benefit or hurt that (the) business(s).
  • Briefly analyze how the post-pandemic work environment could enhance or hinder any of the current workforce trends discussed in Chapter 1.

Note: Chapter 2 introduces many concepts of social responsibility and Chapter 1 has information on current trends in the workplace. Remember to apply those concepts when answering this part of the assignment.

Conclusion (50 – 60 Words)

  • Include a brief summary of what you have learned from the assignment content.
  • Include a brief summary of what you have learned about group collaboration in completing the assignment.

References

  • Include at least four references, using the APA format. Note: The government website that you read the benefits from, and the textbook, will be part of the references.
  • Refer to the Getting Started area in Blackboard for examples of APA formatting.

Please include a Cover Page

GRADING RUBRIC

Rating Scale

Score Description
1 Does not meet the criterion. Develops and organizes ideas that are not necessarily connected. Some ideas seem illogical and/or unrelated
2 Demonstrates minimum skills in meeting the criterion. Presents ideas in general terms, most ideas are inconsistent/unsupported, reasoning is flawed or unclear
3 Demonstrates moderate skills in meeting criterion. Evidence of some synthesis of course content presented to demonstrate understanding of topic and relevance to the questions.
4 Demonstrates above average skills in meeting criterion. Ideas are clearly developed, organized logically, and connect to course content and questions.
5 Demonstrates mastery of the questions and course content. Relevant course content linked to the answers. Explores ideas, supports points fully using a balance of evidence, uses effective reasoning in presenting ideas.
Criteria Score Weight of Section
i Introduction and References.

Provides:

  • A cover page which includes the name of the course, the names of group members, date, and the name of the Professor in APA format.
  • A summary of the assignment content in the introductory paragraph.
  • At least four reference formatted in APA style.
5   4   3    2     1 1%
Section One Micro & Macroeconomics Implications. Provides:

  • An explanation of at least one microeconomic implication of the pandemic.
  • An explanation of at least one macroeconomic implication of the pandemic.
  • A brief analysis of how the government benefits introduced, directly affect the economic implications explained above.
5   4   3    2     1 1.5%
Criteria Score Weight of Section
Section Two Social Responsibility and Technology Implications.

Provides:

  • An explanation of one way in which business(s) that you know has (have) exemplified social responsibility during the pandemic. Illustrate how this (these) gesture(s) could benefit or hurt that (the) business(s).
  • A brief analysis of how the pandemic work environment could enhance or hinder any of the current workforce trends discussed in Chapter 1.
5   4   3    2     1 1.5%
ii Conclusion and Coherence. Includes:

  • A brief summary of what was learned from the content of the assignment.
  • A brief summary of what was learned about collaboration in group work.
  • A clear and coherent flow of content, which follows all of the assignment guidelines.
1%
Total /5

Introduction

Section One

Explain at least one microeconomic implication of the pandemic. 

In February and March 2020, when supermarkets worldwide were stripped of products such as face masks, food, bottled water, toilet paper, hand sanitizer and antibacterial wipes, panic buying became a major international phenomenon. As a consequence, the selling of these goods has been rationed by many retailers. This sort of shopping is considered Panic buying. In anticipation of a global crisis or perceived global crisis, panic buying occurs when customers purchase exceedingly large quantities of a commodity.

Explain at least one macroeconomic implication of the pandemic. 

The outbreak of the Coronavirus had a dramatic impact on the globe, which led to a recession. With previous experience of pandemics, governments around the world have exercised greater vigilance against the outbreak by taking steps to prevent the outbreak from affecting additional countries, such as improving port health screening and investments in enhancing healthcare infrastructure. They have responded by increasing spending on healthcare to curb the spread.

Briefly analyze how the government benefits that you read about directly affect the micro and macroeconomic implications you have explained in this section.

Section Two

Explain one way in which any business(s) that you know has (have) exemplified social responsibility during the pandemic.  Illustrate how this (these) gesture(s) could benefit or hurt that (the) business(s). 

Once the global pandemic, COVID-19 hit, people and businesses have all been greatly affected. People suffered from loss of jobs with no way of earning income as well as most businesses suffering through loss of profits. Businesses, who despite the effect COVID-19 has had on the industry, are still able to run efficiently, have taken measures that will be beneficial to society during the pandemic by putting their Corporate Social Responsibility (CPR) to use. One such business/corporation is Google. Google donated one million dollars to support relief efforts to purchase medical supplies along with food and lodging for front line and essential workers. Not only that, google has also partnered with the governments globally to spread awareness about COVID-19 through their Google Ad Grants crisis relief program. This gesture is of great benefit to google because not only is it granting the business more exposure, but it is also showing the public that in times of crisis that they company with always put their efforts in helping so that people will know they are a reliable corporation that cares about it’s people and the overall environment. 

Briefly analyze how the post-pandemic work environment could enhance or hinder any of the current workforce trends discussed in Chapter 1.

Conclusion

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