Micro Economics & Macro Economics Q1 The COVID-19 pandemic of 2020 caused significant disruptions to international business operations because numerous firms relied on suppliers from different nations, notably China. Many companies used lean production method and kept low inventories in order to cut costs. However, this made them susceptible to supply chain interruptions. For instance, worldwide supply lines for electronics, including parts for laptops and cell phones, were impacted when lockdowns forced Chinese facilities to close. The fact that a large portion of auto parts were made in China presented difficulties for auto makers as well, resulting in major global production halts. What impact would the COVID-19 worldwide lockdowns have on Europe's supply curves for consumer electronics and auto factories? Explain your observations about the aforementioned scenario, emphasizing the supply side and the shift in the supply curve.(Note : You can make assumptions as per the requirement of the case)
Ans :
Introduction
The COVID-19 epidemic has changed the global economy, affecting many industries, especially those that rely on foreign supply networks. As governments imposed lockdowns to prevent the virus from spreading, businesses faced unprecedented hurdles in procuring supplies and components for production.
Concept & Application
The supply curve in economics depicts the relationship between a good’s price and the quantity that producers are willing to supply. It usually slopes higher, showing that producers are eager to supply more of the commodity as prices rise. However, production costs, technology, and external shocks such as pandemics can all cause the supply curve to alter.
Conclusion
The COVID-19 pandemic has underscored the fragility of global supply chains, particularly for industries reliant on international sourcing, such as consumer electronics and automotive manufacturing.
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