COVID-19 led to a simultaneous disruption in the supply and demand factors

COVID-19 led to a simultaneous disruption in the supply and demand factors of the global
economy.
1a. Describe 3 demand and 3 supply factors that influence the world economy due to the
occurrence of COVID-19 (3 points).
b. Show by graph how these supply and demand factors influence each other
simultaneously (4 points).
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Question 2 (10 points)
COVID-19 led to short-term scarcity of vital products such as medicines and respiratory
equipment. This entails the risk of overcharging or price gauging. Governments are
considering intervening in the market.
2a. explain by graph the effect of price gauging (3 points).
b. Reflect on the phenomenon of price gauging on the basis of the fairness principle (4
points).