Essay Sample on Economics Case

Published: 2023-10-27
Essay Sample on Economics Case
Essay type:  Narrative essays
Categories:  Business Personal experience Covid 19
Pages: 3
Wordcount: 565 words
5 min read

The pandemic has caused the word to be in a state of panic and worry, with businesses being the biggest losers in the process. Due to restrictions in movements, few businesses have been allowed to stay open, with my bar being among the companies restricted from opening, leading to the loss of business and the inability to address the business commitments and needs that I had been in before the pandemic. I was able to reopen for a little while before orders for closure were given, and there were frustration and further worry in the process. I believe that other small businesses, just like mine, have suffered from the loss of business due to the pandemic. They have also experienced the loss associated with the situation, with companies that have loans to service and unpaid suppliers being the most significant causes for worry.

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Despite the difficult times facing businesses currently, I believe that the situation will improve and change for the better once the pandemic is over. If the business activities before call for re-closure are anything to go by, I believe that business will pick up immediately the resumption of business is allowed. The people in business need to get into communication with their business partners such as suppliers and debtors so that they can extend the grace periods for repayment of whatever is owed so that there can be less pressure to repay the debts on the businesses since it should be understood that all businesses are going through difficult times. The understanding from debtors will help businesses to remain open to surviving the pandemic and resuming their services.

To some extent, I believe that the situation is dire, and I need to shut down the business. First, the period that the pandemic will take is unknown, and therefore holding on may do I and other small business owners more harm than good. If the pandemic is extensive, then my business will accumulate so much debt that when the pandemic is over, the possibility of ever recovering the losses and returning to profit-making ways would be nearly impossible. I also believe that I need to shut down the business so that I can concentrate on people's safety since I believe that my bar is not an essential part of the safety of people. The product that I sell is responsible for the spread of the disease and the weakening of the systems of those who use it. This being so, closure of my bar is an act of sacrifice to help reduce the spread of the disease and reduce the possibility of the alcohol that I sell, causing more damage to society by weakening the immune systems of the people who take alcohol.

There are also reasons to remain in business despite the challenges experienced. First, the business is a source of livelihood for the people who supply it, the workers, and me. Thus, closing it will bring destabilization to all the lives impacted by my bar. Loss of livelihood will cause further frustration in the face of the pandemic, and therefore I should stay hopeful and remain in business. Additionally, I believe that business will pick up immediately the pandemic is over, allowing me to recover the losses accrued during this pandemic, with the short period that I reopened being a sign of the expected results once things go back to normal.

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