1. How does the concept of Scarcity apply to the Coronavirus pandemic? 2. Explain the purpose of the quarantine as described by Mr. Clifford. 3. What is the definition of a recession? 4. How is the Federal government working to combat the looming recession? (hint: fiscal policy)

1. Scarcity refers to the basic economic problem where there is a gap between limited resources and theoretically limitless wants. This situation requires people to make decisions about how to allocate resources efficiently, in order to satisfy basic needs and as many additional wants as possible.

The pandemic has worsened the global scarcity problem. Ideally, as people produce, or add  value, the multiplier effects translates to a the generation and circulation of resources. That cycle has been interrupted as more people are unable to provide value in at least 80% of the economic spaces around the world.

This has further deepened the global scarcity levels.

2.  the purpose of the Quarantine as described by Mr. Clifford is to maximize resource allocation. There is need to manage scarce resources in such a way that we don't run out of key resources. If more and more people were to fall i'll, we might not have enough hospitals, hospital gear, medical staff and even supplies to cater to the bludgeoning health care need as a result of the virus.

3. Recession is defined in economics as a business cycle contraction when there is a general decline in economic activity. Recessions generally occur when there is a widespread drop in spending.

4. Federal Government with the help of it's fiscal tools are:

On the 6th of March, 2020 President Donald Trump signed $8.3 billion emergency spending package.

President Donald Trump signed the $8 billion emergency measure on the same day that worldwide cases passed 100,000, in early March. It provided funding to authorities already fighting to contain the outbreak and allocated $3 billion for vaccine research.  

On the 13th of March the President also gave people with student loans a break.

On 15th of March 15 the US Federal government cuts rates to zero and launched $700 billion quantitative easing program.

The Fed also said its purchases would include $500 billion of Treasurys and $200 billion of agency-backed mortgage securities. The central bank later said it would also buy municipal bonds.

All these policies are aimed at stimulating economic productivity while reducing the effects fo the recession which is triggered by the pandemic.

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