MD4004 Business Environment Assignment Sample
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The spread of COVID-19 has required some incredible reactions from various countries and educational institutions, from the travel restriction to campus shutdown. Long-term crises and recovery period will result in greater localization, online education, and greater financial significance. Although the COVID-19 epidemic continues to change the growth of various industries, the direct impact of the outbreak varies. While some industries will register a drop in their demands, many more will be blocked and show promising growth opportunities. Moreover, the coronavirus epidemic has flooded businesses as usual for campuses and universities. Campuses not only shifted to distant learning almost overnight, but companies also suddenly face serious financial challenges, as global and domestic economies are now being seen as a foremost recession. Visa restriction, closed borders, and quarantine rules have threatened the global market for higher education. At the same time, lockdowns have affected human society as well as the negative psychological impact because of quarantine, losses in global economy (Toquero, 2020). However, there are positive aspects such as reduction of pollution because of reduced traffic and closure of numerous industries. This study will critique the importance of business and community in the global market for higher education and outline those stakeholders are likely to be affected by the impact of the epidemic.
Trade is the fundamental economic concepts involved in the purchase and sale of products and services, including compensation paid by the consumer to seller, or exchange of products or services among both parties. Specialization is the focus of employees on specific, limited responsibilities and functions. Basically, trade exists as a result of the specialization and division of labor, where workers usually concentrate on limited production and business aspects during the processing of various trade materials. In the industrialized countries of the late twentieth century, it was closely associated with the economic, manufacturing and conventional cost systems related to processes and processes. Specialization at the national level can lead to more international trade and so other countries can also import manufactured goods. So, it leads to the choice of the people of the country (Hoefele et al. 2016)
The purpose of trade theory is to clarify the current patterns of trade, their impact on the domestic economy, as well as the kind of public policy that must be established to increase well-being of a state. Neoclassical theory focuses on the optimal distribution of production between countries to maximize the availability of resources (i.e., labor or physical/natural capital) in each country. They concluded that international specialization and more effective use of resources could benefit all countries due to trade. As a trading country with other people, they do not have the resources and ability to plan their own needs. Organizations are concerned that they will use the money for training and that the investment will be in vain if the employees leave. It is short-term thinking. Organizations do not realize that without training they will not be able to make the most of their human resources (Helpman et al. 2017).
Impact of the pandemic on globalization
Lockdown and travel prohibitions have been imposed directly on higher education institutions as the Corona virus epidemic has flooded the business as usual for universities and colleges. Campuses not only study long distances almost overnight, but companies also suddenly face serious financial challenges, as global and domestic economies are now being seen as a major recession. The spread of COVID-19 creates shock waves around the world. The significant increase in infected patients, as well as the dramatic result of serious cases of this disease have put pressure on the healthcare sector and have overwhelmed health professionals and of hospitals. The sanitary crisis is a foremost economic crisis that is expected to carry the burden of society for years to come, as the government shutting down all sectors of the economy for limiting mobility to the spread of the disease (Marinoni et al. 2020).
The Covid-19 epidemic has put pressure on every sector, including education. Institutions are closed because educational activities are closed and create many challenges for partners. Most external tests were issued and almost all internal assessments were canceled. Cancellation of assessments has a negative impact on students’ learning. Different institutions have conducted internal assessments through online mode using different digital tools, but delaying external assessments has a direct impact on the occupational and academic future of students’ lives. This uncertainty causes concern among the students as they are in the same class without promotion. Also, many students who take the board/final exam will suffer a lot as by the time they receive their certificates, it may be late to be admitted to a forthcoming academic year in another country because of lockdown (Gonzalez et al. 2020).
Many of the entrance exams and job recruitments have been canceled which is having a negative impact on students of higher education with great challenges. People working abroad become upset of their job withdrawal. Also, there is no appointment in the government sector, and fresh graduates are under pressure to cancel job offers from the corporate sector due to epidemic conditions. Several students may lose their jobs locally and abroad. Undergraduate students will not be able to work abroad due to various restrictions imposed due to Covid-19. With an increase in the unemployment condition, the interest for education may slowly reduce as individuals struggle for food instead of education (Aucejo et al. 2020).
In other words, lockdown in response to Covid-19 has disrupted the response to a conventional schooling by shutting down national schools in most OECD and partner nations within at least 10 weeks. Although the educational community has made determined effort to keep the continuity of education at this time, students and children should depend more on their own resources to continue learning remotely via Internet, radio, or radio. Additionally, educators need to adapt to new educational concept and teaching methods, which may not yet be efficient. Generally, students in the most marginalized groups are at risk of falling behind in education, who do not have the resources for digital learning, or who do not have the flexibility and involvement to learn on their own (Donthu and Gustafsson, 2020).
The COVID-19 crisis has made worse the vulnerability of least threatened in the social order. It highlights social inequalities, deep economic, and inadequate health and social protection systems that need urgent consideration as portion of the public health response. Men and women, old and young, children, migrants and refugees, people with disabilities, poor, minorities, prisoners, LGBTI people and others are differently affected. However, the impact of lockdowns on livelihoods, jobs, healthcare, safety at home, water, food, social and education services, family life, and satisfactory standard of living can be severe. Not only the vulnerable and poor in the society who are not at risk from the virus, they are also affected by the negative effects of controlling it. Those working in the informal sector, especially women, have very few opportunities for social security or unemployment assistance. Lockdown limits access to food, employment, schools, and fundamental services. Also, support for children, older person, and people with disabilities is deteriorated. Women are consequently carrying an unnecessary burden of care works which has resulted in a detrimental effect on their health rights. These restrictions have a direct impact on the pleasure of people (Adnan and Anwar, 2020).
The Higher Education institution faces several hits to their revenue due to Covid-19 crisis, with potential loss of foreign learners. With jobs scarce, domestic student applications will remain stable in the short term, but campus life will not be normal. Moreover, institution will be under even more burden to provide value for money. While several organizations have gone on to teach online, the permanent change would require a radical change of business model, with a wider customer base but lower fees. This move will provide more external competition to the sector, allowing only the most prestigious companies to maintain market share. Fixed costs will be higher. The long-term effects of the coronavirus crisis are extensive. While some companies may not be able to deal with the money already shaken by the crisis, others need to rethink their business model. However, the current crisis could have a greater impact on the education budget as public incomes decrease abruptly and the government examines education priorities in the national budget. The forecast predicts that the epidemic will lead to slower development in government spending next year. If a share of government spending dedicated to education remains unchanged, education spending will continue to grow at a lower rate than pre-Covid-19 period (Xiong et al. 2020).
The lockdown and global health crisis that trailed have considered the fore profession that has often been taken for approved, reintroducing our awareness of their worth to the society. It has helped in restoring the sense of regard for those employees who have worked persistently in this time to maintain economies afloat. Besides, the possibilities are indeterminate. However, if nothing, the epidemic has showed our weakness to crisis and telling us how uncertain and unique the economic situation is. Disasters are not limited to epidemics, but can be political, natural, environmental, and economic disorders. The capacity to respond efficiently and effectively in the future will depend on the readiness, anticipation, and willingness of the government. The education system should be at the midpoint of this plan in order to develop the skills and competencies required for the society of tomorrow. It includes rethinking how to protect the economy from adversity and determining the skills, training, and education needed to support it. Accordingly, this means working in close alliance with other private and public sectors to enhance the attractiveness and labor-market prospect of specific professions, which is considered to be the best for the common man. In this epidemic, distance learning became an important path of study but the opportunities provided by digital technology surpassed stopgap solutions in times of crisis. Technology not only changes the way of learning and teaching, but it can also increase the role of teachers from conveying received knowledge to be working as co-creator of knowledge, as evaluators, coaches, and mentors.
Adnan, M. and Anwar, K., 2020. Online Learning amid the COVID-19 Pandemic: Students’ Perspectives. Online Submission, 2(1), pp.45-51.
Aucejo, E.M., French, J., Araya, M.P.U. and Zafar, B., 2020. The impact of COVID-19 on student experiences and expectations: Evidence from a survey. Journal of public economics, 191, p.104271.
Donthu, N. and Gustafsson, A., 2020. Effects of COVID-19 on business and research. Journal of business research, 117, p.284.
Gonzalez, T., De La Rubia, M.A., Hincz, K.P., Comas-Lopez, M., Subirats, L., Fort, S. and Sacha, G.M., 2020. Influence of COVID-19 confinement on students’ performance in higher education. PloS one, 15(10), p.e0239490.
Helpman, E., Itskhoki, O., Muendler, M.A. and Redding, S.J., 2017. Trade and inequality: From theory to estimation. The Review of Economic Studies, 84(1), pp.357-405.
Hoefele, A., Schmidt‐Eisenlohr, T. and Yu, Z., 2016. Payment choice in international trade: Theory and evidence from cross‐country firm‐level data. Canadian Journal of Economics/Revue canadienne d’économique, 49(1), pp.296-319.
Marinoni, G., Van’t Land, H. and Jensen, T., 2020. The impact of Covid-19 on higher education around the world. IAU Global Survey Report.
Toquero, C.M., 2020. Challenges and Opportunities for Higher Education Amid the COVID-19 Pandemic: The Philippine Context. Pedagogical Research, 5(4).
Xiong, J., Lipsitz, O., Nasri, F., Lui, L.M., Gill, H., Phan, L., Chen-Li, D., Iacobucci, M., Ho, R., Majeed, A. and McIntyre, R.S., 2020. Impact of COVID-19 pandemic on mental health in the general population: A systematic review. Journal of affective disorders.
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