Facts About Economics You Need to Know
When talking about economics, there are many different terms and facts that we need to know. Some of these terms are COVID-19, Karl Marx, The 7 Major Pairs, and Recessions. Learning these terms and facts is essential to a better understanding of the economic world . But it's not all bad news. Knowing these facts can make you a more informed consumer and better prepared for the next downturn. COVID-19 The COVID-19 pandemic has taken a huge toll on the world's economy. According to the International Monetary Fund (IMF), the global economy fell by 3.9% from the beginning of the epidemic to the middle of the next year. However, it recovered below pre-pandemic estimates by 2021. However, the recovery has been uneven in many countries. As a result, the IMF has warned that vaccine access may be a key "fault line" in the global economic recovery. The COVID-19 outbreak has also had an impact on social isolation, school dropout rates, and childcare costs. The effects of the ...