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Taking the concepts we have learned, finding real world examples and applying them to our lives helps us to fully understand just how important economics truly is.

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Hart, P. (2016, February 5). How to survive on a desert island (by a former Royal Navy lieutenant commander). Retrieved from https://www.telegraph.co.uk/travel/news/How-to-survive-on-a-desert-island/

Column #2 link

Long, H. (2020, April 14). The $1,200 stimulus checks are arriving. People are mostly spending them on food. Retrieved from https://www.washingtonpost.com/business/2020/04/14/1200-relief-checks-have-begun-arriving-bank-accounts-people-are-mostly-spending-it-food/

Column #3 link

Johnson, M. (2020, April 17). Amazon has suspended more than 6,000 sellers for price gouging amid coronavirus crisis. Retrieved from https://thehill.com/policy/technology/493291-amazon-has-suspended-more-than-6000-sellers-for-price-gouging-amid

Column #4 link

Pettinger, T. (n.d.). Total utility. Retrieved from https://www.economicshelp.org/blog/glossary/total-utility/

Column #5 link
Ted. (n.d.). 9 TED Talks to help you understand world economics. Retrieved from https://www.ted.com/playlists/272/understanding_world_economics

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I feel like I'm stuck on a deserted island. A deserted island reminds me of Autarky where an economy is completely isolated.

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Applying economics to our everyday lives will help us make choices!

For example: People have to make a choice on whether they want their groceries delivered or if they want to go to the grocery store. Obviously, people in the high risk category are more likely to get their groceries delivered because they don't want to risk getting the virus.

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Instacart picture: https://images.app.goo.gl/kEHpubG7k4xMVAwu9

Forbes article:
https://www.forbes.com/sites/jackkelly/2020/03/19/the-coronavirus-effect-here-are-the-jobs-that-will-be-added-and-lost/#7e792d9a2a1c

Remotely working picture:
https://images.app.goo.gl/8u5iDo95WtM2MzEy9

Inelastic picture:
https://images.app.goo.gl/8v9cKiqffZsDC1qD7

Price discrimination picture:
https://images.app.goo.gl/u6VvFc35YVWPWzUp6

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This article shows what Americans have been spending their stimulus checks on. It reminds me of the economic mantra which shows the choices we all must make in these hard times.

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Maximizing utility is more important than ever. During the pandemic, buyers must focus harder on buying only products that will maximize their utility.

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In these stressful times many profiteers have attempted to price gouge by hoarding products such as PPE, hand sanitizer, and other disinfectant products in the hopes of making a profit due to panic. As stated in this article, Amazon has been leading the fight against price gouging during the pandemic.

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This article does a really good job of explaining how many jobs will be changed from face-to-face to almost completely remotely. Especially after the unemployment rates tremendous increase.

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I feel like I'm inelastic. Although I'm not changing in price, I feel like I'm not changing at all. Everyday feels the same which causes me to do the same things everyday.

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With some products being scarce, many families have to make choices. Because of this, each choice will have an opportunity cost causing families to decide whether one product is in greater need than another.

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During this hard time it is very noticeable that food chains are trying to price discriminate towards families with kids. For example, Many are offering two for one offers with kids meals to families in need.

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Many fast food chains are including kids meals with the purchase of $10 or more. This is to sell the surplus product that they have due to the decrease in quantity demanded.

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This article shows how the virus has impacted about 26 million Americans and their jobs. It also tells of the Paycheck Protection Plan the Senate passed that ran out of money in just two weeks. Our economy has suffered greatly because of this pandemic.

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At this difficult time, the restaurants and groceries instead of shutting down them delivering food still keeps them in business and get supplies or food to people. Some are even offering free delivery.

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An estimated 75 percent of Americans are now living under stay-at-home orders because of the coronavirus, which may be one big reason why we're typing the following phrases into Google as fast as our malnourished fingers will allow it: "Is it safe to order food delivery?" And: "Is it safe to eat takeout during covid?" And countless variations of each.

People clearly want answers. Let's get you some before you're forced to binge-watch "Schitt's Creek" with a cold can of baked beans.
[Grocery shopping during the coronavirus: Wash your hands, keep your distance and limit trips]
Naturally, these queries can be answered from any number of perspectives: Are food delivery and takeout safe for the person ordering them? For the crews preparing the food? For the delivery drivers? None are easy to answer definitively, but there are ways customers and companies can reduce the risks.
Are food delivery and takeout safe for the person ordering?

The Centers for Disease Control and Prevention has been consistent on its messaging from the start of the outbreak: There's no evidence that the coronavirus can be transmitted through food. It is "generally thought to be spread from person-to-person through respiratory droplets" from coughing or sneezing, the CDC notes. Our foodstuffs may be safe, but what about the packaging? The public has been especially concerned about disease transmission via inanimate objects since the New England Journal of Medicine published a study in mid-March that said the coronavirus was detectable on cardboard, plastics and other materials for many hours, and even days, after it was applied to the surfaces.

Within days of the study, medical professionals were suggesting we take extra, extra precautions to protect us from potentially harmful packages and containers we bring into the house. But recently in a Washington Post op-ed, Joseph G. Allen, an assistant professor of exposure and assessment science at Harvard University's T.H. Chan School of Public Health, provided some much-needed perspective:
[Sign up for our Coronavirus Updates newsletter to track the outbreak. All stories linked in the newsletter are free to access.]

In the epidemiological world, we have a helpful way to think about it: the " Sufficient-Component Cause model." Think of this model as pieces of a pie. For disease to happen, all of the pieces of the pie have to be there: sick driver, sneezing/coughing, viral particles transferred to the package, a very short time lapse before delivery, you touching the exact same spot on the package as the sneeze, you then touching your face or mouth before hand-washing.

[Miss dining out? Try one of these recommended restaurants for takeout or delivery]
In terms of takeaway, you can replace "driver" with "person packing your meal." Either way, when you bring outside meals into the house, you should remove the food from the bags/packaging/containers and put it on clean dishware (and use your own utensils). If you want, you can use gloves to open the packaging/containers. When finished, you should throw away the materials or thoroughly clean and recycle them. You should immediately wash your hands for 20 seconds with soap and hot water before eating. (If you don't have soap and hot water available, a hand sanitizer with at least 60 percent alcohol will suffice.) You should also clean and disinfect all surfaces where the packaging materials were placed. And don't touch your face at any point.

In the months since the coronavirus outbreak began, more science has emerged on how it spreads. One study has suggested that the "digestive system other than the respiratory system may serve as an alternative route of infection," which means that, theoretically, the virus could be transmitted via people who haven't adequately washed their hands after using the bathroom.

"We can reasonably surmise that some transmissible virus happens from a stool, but we have no evidence to suggest that it is a major route of transmission," says William Hanage, an associate professor of epidemiology at the Center for Communicable Disease Dynamics at the Harvard T.H. Chan School of Public Health. "My judgment would be that the role of this in transmission is dwarfed by the contribution that is made by people who don't even realize they are infected yet."
[How to get your caffeine fix while keeping your distance]
"People should just wash their hands regularly and, in particular, when they're preparing food," Hanage adds.

What can you do to protect yourself from this potential route of transmission? Experts say the best way is to patronize only those restaurants/takeaways that you know and trust. But you can also track down city and county health inspection reports. They're widely available online, whether in Los Angeles, New York, Washington or other jurisdictions. But be cognizant that reports may be old and outdated or may feature violations that have already been remedied by restaurant operators.
[Food delivery can help with 'social distancing,' though some drivers are concerned for their own health]
Recently, a story out of Skagit County, Wash., raised fears that the coronavirus may be transmitted through the air without an infected person coughing or sneezing. To date, however, the World Health Organization is sticking to its warning that the coronavirus is primarily transmitted via droplets from coughing and sneezing, largely downplaying the transmission through smaller air droplets, though not without considerable pushback from the public health community.

Restaurants and delivery services alike are keeping these concerns in mind. Delivery companies such as DoorDash, Postmates and Uber Eats offer "contactless" options in which a driver will drop off your order on the porch or some other designated area. Similarly, some restaurants and coffee shops allow customers to pick up their orders from a counter, thereby avoiding contact with an employee (though maybe not with fellow customers).

Whether or not you select the contactless option for takeaway, it's paramount to keep at least six feet away from both employees and other customers to prevent the spread of the virus. It may be easier to maintain this distance during nonpeak hours, when there are fewer customers in the restaurant or takeaway area.

"You are already doing your bit by getting food from takeout" and delivery, says Hanage, the associate professor of epidemiology. "If you take those additional steps, then you're doing more. You're reducing the risks yet more."
Are food delivery and takeout safe for the crews preparing and packaging orders?
This is an almost impossible question to answer. Every restaurant is different: Some need only a few employees to operate now, while some still have a full crew. Some have tight kitchens; some have spacious ones. Some employees can walk to work, and some have to take public transportation, which exposes them to more people who may be carrying the virus. The best thing to do is to talk to the managers of your favorite restaurants and ask how they keep their employees safe. But do so politely, with real empathy. The pressures placed on restaurateurs right now may already be too much to bear.
[Relief program helps feed restaurant workers who have spent their careers feeding others]
As the National Restaurant Association points out, the industry already "follows strict local public health guidelines. To meet these guidelines, restaurants have safety protocols and best practices in place." On top of municipal health codes, many chefs and restaurant owners have doubled their efforts to maintain healthy workplaces, requiring more frequent cleaning of work surfaces, changing out gloves repeatedly and other new protocols.

Last month, President Trump signed the Families First Coronavirus Response Act, which provides paid sick leave for employees who are quarantined or are experiencing coronavirus symptoms and seeking a medical diagnosis. The act also covers employees who are taking care of someone under quarantine or a child out of school or day care because of the outbreak. Companies with more than 500 employees are exempt, presumably because 89 percent of workers at larger business have access to some kind of sick leave.

The new law should help keep restaurant employees - who historically work while ill because they have no paid sick leave - at home when they are not feeling well. Perhaps this is so obvious that it doesn't bear repeating, but customers should not visit restaurants for takeout if they're not feeling well, either. The coronavirus is not a one-way pandemic.

Despite all of the precautions and new measures, however, countless restaurants have still opted to close down entirely, because they couldn't make enough money to keep the business afloat or because remaining open would put their employees (and their families) at risk. Or both. Some employers just didn't think the risk was worth the return.
Is food delivery safe for drivers?
The Families First Coronavirus Response Act covers gig workers such as food delivery drivers, who are not considered employees of their particular companies. As The Post's Heather Long reported, gig workers will get these sick leave benefits "in the form of a tax credit."

But major delivery companies, such as DoorDash and Uber Eats, have also created assistance programs that will cover up to two weeks of sick leave for qualified workers who have been diagnosed with the coronavirus, placed in quarantine or asked to self-isolate. A DoorDash representative said the company's program would continue regardless of the federal tax credit. Some companies, such as DoorDash and Uber Eats, are also providing drivers with disinfectants, gloves, wipes and/or hand sanitizers, though some Dashers (as the drivers are called for DoorDash) have complained about the company's shipping fees.

Customers who order delivery meals should request the contactless option. It's good for both customer and driver. The latter encounters dozens of people a day, and every door bell they ring could bring them face to face with an infected customer. But if you insist on meeting with the driver, wash your hands thoroughly first with soap and hot water for 20 seconds. Wear a mask, if you have one.

Put the driver at ease, and let them know you want to protect their health, too. And don't forget to tip well.

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What to know about the risks of restaurant takeout and delivery - and how to minimize them

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An estimated 75 percent of Americans are now living under stay-at-home orders because of the coronavirus, which may be one big reason why we're typing the following phrases into Google as fast as our malnourished fingers will allow it: "Is it safe to order food delivery?"

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Just like how some companies are running their businesses inefficiently, I to feel as if I'm being inefficient. With the lock down there is not much to do, so a lot of businesses are struggling to be efficient and I am too.

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The economics behind why toilet paper is sold out

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The economics behind why toilet paper is sold out

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Price discrimination looks a little different in coronavirus. On eBay, right now, people are still selling packs of toilet paper at inflated prices given the bare shelves in some stores. Many sellers are presumably profit-seeking scalpers, who grabbed the TP early.

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This is part of our "Econ Extra Credit" project, where we read an introductory economics textbook provided by the nonprofit Core Econ together with our listeners.
Price discrimination is baked into a lot of mundane daily transactions.

"If we see a sale; if we see coupons; if the price is different for seniors or students at a movie theater than it is for adults - all of that counts as price discrimination," said Homa Zarghamee, an economics professor at Barnard College who advises Core Econ, the publisher of the open-source economics textbook Marketplace's David Brancaccio is reading with listeners.

We're perhaps most accustomed to it when we're buying airfare, knowing that purchasing a ticket months in advance will likely be cheaper than buying it the night before.

Price discrimination looks a little different in this era of novel coronavirus, however. On eBay, right now, people are still selling packs of toilet paper at inflated prices given the bare shelves in some stores. Many sellers are presumably profit-seeking scalpers, who grabbed the TP early.

When stores can't use dynamic pricing when demand surges ⁠- because in an emergency, we call that "price gouging" ⁠- one consequence is the scalping, a so-called "secondary market." Some see "efficiency" in letting stores or scalpers jack up prices to what ever people are willing to pay.

But, Zarghamee says, you have to account for income inequality.

"Of course, that's revealing something that's already true in markets, which is that your willingness to pay determines whether you're going to get the good to begin with," she said. "But what gets lost in a lot of this talk is that the term 'willingness to pay' makes it in some sense sound like we're all starting with the same amount of money. And so our willingness to pay is a good indication of how much we actually want something. And that gets very distorted when you have inequality because, really, what willingness to pay is, is your willingness and ability to pay. And so somebody with much higher income will always be willing to pay more because they're able to pay more."
Click the audio player above to hear the full interview. If you're a member of your local public radio station, we thank you - because your support helps those stations keep programs like Marketplace on the air. But for Marketplace to continue to grow, we need additional investment from those who care most about what we do: superfans like you. Your donation - as little as $5 - helps us create more content that matters to you and your community, and to reach more people where they are - whether that's radio, podcasts or online. When you contribute directly to Marketplace, you become a partner in that mission: someone who understands that when we all get smarter, everybody wins.

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The economics behind why toilet paper is sold out - Marketplace

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This is part of our "Econ Extra Credit" project, where we read an introductory economics textbook provided by the nonprofit Core Econ together with our listeners. Price discrimination is baked into a lot of mundane daily transactions.

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A recession is a period of economic decline usually signaled by a decrease in unemployment, reduced trade, and reduced industrial activity. This pandemic is very likely to leave a recession in its wake. Here is an article from bloomberg.com.

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Kind of piggybacking off of Milan and Mark, if we take what we've learned and apply it to what we see in the economy daily we can definitely broaden our knowledge of economics in every aspect.

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Everybody including me watching the economy going down, but yet none of us cannot do anything to stop until someone finds the cure. Until then all we can do is the play waiting game.

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With this pandemic going on there has been a large amount of business that have an increase in supply and that is because of the demand going down for their products. There are a few exceptions though like toilet paper, hand sanitizer, and personal protective equipment like masks.

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Econ in the news: https://www.npr.org/sections/coronavirus-live-updates/2020/04/23/841876464/26-million-jobs-lost-in-just-5-weeks
What does it mean: https://www.bloomberg.com/graphics/us-economic-recession-tracker/
Relevant Graph: provided by Padlet's picture search.

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I'm trying to be positive through the situation that was thrown our way. We may be going through some rough times, just like the economy, but we need to look at positives. Just like in this picture we that shows pollution, a negative externality, and how it has decreased a whole lot. We need to be like the picture on the right and be in the season we are in and not wait for it to be over, but enjoy the moment.

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People are out of jobs and are struggling to pay bills. The stimulus check can only take a family so far and if they don't have a regular income they won't be able to pay bills. A lot of families live from paycheck to paycheck and with not money coming in, how can people pay bills with no opportunity to get a job.

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As a result of this whole situation families have little income coming in. Unfortunately some peoples bills are more than there income they can bring in. In order to solve this problem there will have to be some transfer payments so that families can be able to afford necessities.

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The prices of barrels of oil have dropped to something that I never though would happen. Seeing this graph makes me wonder when we will recover from the price drop.

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We can put what we learnt so far in life such as buying goods at the right prices , opportunity costs, and more makes us understand our future .

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Understanding all of the points we made can help us for the future understand what is really going on in the world and not just jump to conclusion.

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Column 1:
https://www.cbsnews.com/news/coronavirus-photos-decline-air-pollution-lockdown/

Column 2:
https://www.usnews.com/news/economy/articles/2020-04-21/1-in-3-americans-cant-pay-their-bills-this-month-amid-coronavirus-pandemic

Column 4:
https://www.marketwatch.com/story/about-150-years-of-oil-price-history-in-one-chart-illustrates-crudes-spectacular-plunge-below-0-a-barrel-2020-04-22?mod=article_inline

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Most of the economic disruptions affect the demand side. People can no longer go to work and often lose their jobs and incomes as businesses shutter their operations. Businesses will fail as they lack customers and cash to sustain them for extended periods of time.

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How are you doing? :
https://www.google.com/url?sa=i&url=https%3A%2F%2Fdepositphotos.com%2F167486036%2Fstock-video-the-kid-is-sitting-on.html&psig=AOvVaw1CPrUM0lrPfLpsb1aSqMEr&ust=1587837190442000&source=images&cd=vfe&ved=0CAIQjRxqFwoTCJiS8ubQgekCFQAAAAAdAAAAABAE

Econ in the news:
https://www.washingtonpost.com/news/voraciously/wp/2020/04/03/what-to-know-about-the-risks-of-restaurant-takeout-and-delivery-and-how-to-minimize-them/

What does it means?
https://www.marketplace.org/2020/03/19/covid-19-panic-buying-price-gouging-price-discrimination/

Heres a relevant graph:
https://www.google.com/url?sa=i&url=https%3A%2F%2Fwww.statista.com%2Fchart%2F22%2Fus-job-market---unemployment-rate-and-nonfarm-employment%2F&psig=AOvVaw0xvfJcA5AAyNWL6m_lzWxY&ust=1587844505959000&source=images&cd=vfe&ved=0CAIQjRxqFwoTCOCCgvHrgekCFQAAAAAdAAAAABAD