Economics for Business: Impact of COVID-19 on UK Consumer Retail Expenditure

Economics for business

Executive Summary
The challenge is focused on financial theory proposed by different economists but these
hypotheses have been deemed to provide the British government remedies and policies to help
control the condition of economic downfall. It also outlines the main improvements which the
British economy has undergone since 2020 in customer sales expenditure. Process of transition
in the UK market selling model to handle cash in 2020, the very same study looks at reforms
throughout the British government.

Table of Contents
Executive Summary.........................................................................................................................2
INTRODUCTION...........................................................................................................................4
MAIN BODY..................................................................................................................................4
Unique changes occured in UK's consumer retail expenditure during pandamic-......................4
Significant variables that dictate pleasant and unpleasant improvements in the retail sector.....6
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
In present time the growth with development of economies, the purchasing process and positive
economic growth is important. The amount of demand and investment in a sector affects the
environmental situation of a country (Macroeconomics, 2017). The volatility in the economic
growth for durable services and goods relates to a transition in a nation's economy overall. 2
factors of global growth and prosperity are the free markets of demand and supply. Therefore the
aggregate economy of a nation is influenced by some variations or anomalies of customer
demand on retail products and services. This can be witnessed during a disease outbreak of
coronavirus that leads to economic recession. As a result, the United Kingdom has different
ethnicities shifts in customer retail demand that have contributed to an economic recession. With
the assistance of production and consumption research, the positively and negatively changes in
increased competition for retail products and services are addressed. In addition, different
government policies and initiatives are addressed below to grow the economy.
MAIN BODY
Unique changes occured in UK's consumer retail expenditure during pandamic-
In different sectors, the UK has experienced substantial swings in market retail demand
owing to the corona virus disease outbreak. In the retail sector, constructive and detrimental
shifts have been seen. Economy operates on a hybrid capitalism and communist society in which
certain firms are regulated and regulated by economy and government works with free
movement of consumption and production powers.
Role for Demand and Supply
The analysis of social theory with core elements, like abundance and preference, is
referred to as economics. It is focused on the fact that in a world, resources become limited and
scarce. The development factor is understood and included property, manpower, resources and
entrepreneurial services. Therefore, customers need to create decisions because of the lack of
capital and choose the nearest best option opportunity value (ARUL BEC lectures, 2020).
Consumer appetite is thus influenced by different variables dependent on available capital,
contributing to the option of substitutes. They select choices that give optimum marginal cost
and fulfillment. In another direction, the supply of products and services meets market demand.
Companies produce customers with the utility of capital and achieve market equilibrium.