Impact of Covid-19 on China's Economy: Measures of Economic Activity, Economic Policies, and Data Analysis

Introduction to
Economics,
AAF010-1

Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................1
MAIN BODY..................................................................................................................................1
Explanation of distinct measures related to economic activity, particularly of how nation’s
income along with cost of living are measured...........................................................................1
Relation of element of theory with everyday actual events addition to explaining the ways
economic policies intend to tackle potential problems................................................................3
Explanation of a topic in both macroeconomics through concise and clear argument on the
basis of logic together with underlying theory............................................................................5
Presentation of economic data in process to assess economic performance of a country...........5
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Economics could be termed to a social science associated to production, distribution as well
as consumption of commodities and services. Building blocks of economics refers to study of
trade and labour (Price and Adu, 2021). It studies the ways in which people, organisations,
governments and countries devise choices to allocate resources. Coronavirus pandemic has
negatively impacted economy of various nations. For instance, the pandemic has impacted
largely disruptive to economy of China in terms of economic practices and loss of human lives.
All sectors or markets have been negatively affected as exports and domestic demand sharply
plummeted with certain kinds of notable exceptions in which high growth were seen.
The essay explains the ways in which Covid-19 impacted on economy of a country. For this,
various measures of economic activity are explained. Moreover, the essay defines how economic
policies intend to deal with problems. At last, it presents economic data to assess nation’s
economic performance.
MAIN BODY
Explanation of distinct measures related to economic activity, particularly of how nation’s
income along with cost of living are measured
Economic activity refers to an activity for making purchasing, providing and selling goods
and services in order to satisfy daily needs related to life of people. In other terms, any activities
which deals with utilising, manufacturing and distributing commodities or services in a market
are economic activities. In a nation, economists as well as statisticians opts diverse methods for
tracking economic growth or measuring economic activity. As per He (2020), economy of China
shrank for first time in decades due to coronavirus pandemic and the road for recovery will likely
to be long (He, 2020). In an economy, cost and living and national income are key practices.
Below is explanation of certain economic activities and ways to measure them:
National income: It refers to flow of goods along with services that are manufactured or
produced within an economy in specific time period or year. It is value of aggregate outputs of
distinct sectors in certain period of time. For an economy, national income is an activity that
indicates economic status as well as provide clear picture about economic growth (Hakim,
Muslikhati and Aprilianto, 2020). Data of national income assists government to compare
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