Introduction to Economics: Measures of Economic Activity and Impact of Covid-19 on Chinese Economy

Introduction to
Economics

Contents
INTRODUCTION...........................................................................................................................................3
MAIN BODY.................................................................................................................................................3
Explain the different measures of economic activity, particularly of how a nation’s income and cost of
living are measured.................................................................................................................................3
Relate the elements of the theory to every day actual events and explain how economic policies
intend to tackle potential problems........................................................................................................6
Explain a given topic in both macroeconomics by using a clear and concise argument, based on logic
and the underlying theory.......................................................................................................................7
Collect and present economic data in the process of assessing a country’s economic performance......8
CONCLUSION...............................................................................................................................................8
REFERENCES..............................................................................................................................................10

INTRODUCTION
Economics is a complicated social discipline that ranges from arithmetic to sociology and
studies the creation, allocation, and provision of products and services. As a result, economists
are engaged with how a society satisfies its needs during the most essential level. Its most basic
need is to survive, that involves the amount of food, clothing, and shelter (Buckell, Hensher and
Hess, 2021). Following that, it could go on to more sophisticated commodities such as service,
personalized conveyance, entertainment, and so forth. Like a response of the Covid-19
pandemic, China's GDP fell by 6.8% in the first quarterly of 2020. Since China began releasing
GDP data in 1992, this was the biggest single quarterly decrease in production. China's economy
is propelled by "three primary development motors." Consumption expenditure, exports, and
fixed asset investment are the three categories. With the first quarter statistics, all three of such
development sources decreased because of double figures. In this report consist of how the
Covid-19 pandemic affected the Chinese economy.
MAIN BODY
Explain the different measures of economic activity, particularly of how a nation’s income and
cost of living are measured
Economists and statisticians measure growth in the economy using a variety of approaches.
The gross domestic product is a very well and often monitored (GDP). Nevertheless, several
academics have pointed to limits and inefficiencies in the GDP computation throughout time.
Comparative performance criteria are also kept by organizations like the Bureau of Labor
Statistics (BLS) and the Organisation for Economic Co - Operation (OECD) to assess economic
viability. Others argue that increasing the quality of life can be a good way to measure growth in
the economy; however this can be hard to ascertain.
Agriculture, forestry, livestock farming, and fishery make for around 10% of China's GDP,
making it the nation's biggest agricultural sector. Agriculture accounts for around 1% of GDP in
industrialized nations like the US, the UK, and Japan (Zhang and Managi, 2020). After the
United States, China is the fastest growing economy. Whereas a number of economic statistics
are available, the quickly changing economy is difficult to comprehend and analyses, lacks