Microeconomics Research Paper

Research Paper Outline

Topic: The Importance of Supply and Demand within the Aviation Industry

Opening Statement

1. Since the start of the global pandemic the coronavirus has swept throughout our economy impacting every industry and organization in one way or another. Among the several industries that were impacted, the aviation industry seemed to be one of the industries that suffered the most from this devasting crisis reportedly losing around 314 billion dollars worldwide in revenue (Mazareaun, 2021). One of the major economic factors that contributed to this decline is supply and demand.

· Source 1 Mazareanu, E. (2021, February 19). Topic: Coronavirus: Impact on the aviation industry worldwide. Retrieved April 9, 2021, from https://www.statista.com/topics/6178/coronavirus-impact-on-the-aviation-industry-worldwide/#:~:text=According%20to%20the%20extensive%20impact,loss%20of%20annual%20passenger%20revenue.&text=Airline%20passenger%20revenue%20loss%20estimates%20now%20reach%20314%20billion%20U.S.%20dollars%20globally.

2. The pandemics impact on supply and demand within the aviation industry.

· Source 2 COVID-19 and the aviation industry: Impact and policy responses. (2020, October 15). Retrieved April 9, 2021, from https://www.oecd.org/coronavirus/policy-responses/covid-19-and-the-aviation-industry-impact-and-policy-responses-26d521c1/

· Source 3 Gole, I., Dobrea, R. C., & Gombos, C. C. (2021). Aviation industry - challenges and uncertainties after the covid-19 pandemic. Les Ulis: EDP Sciences. doi:http://dx.doi.org.ezproxy.libproxy.db.erau.edu/10.1051/shsconf/20219201010

3. Impacts of COVID-19 on Supply and Demand

· Source 4 Hayakawa, K., & Mukunoki, H. (2021). Impacts of COVID-19 on global value chains. Developing Economies, https://doi.org/10.1111/deve.12275

· Real examples source 5 Thaler, R. (2020, May 20). The law of supply and demand isn't fair. Retrieved April 10, 2021, from https://www.nytimes.com/2020/05/20/business/supply-and-demand-isnt-fair.html

Understanding the relationship between supply and demand?

1. Source 6 – Textbook Economics by Roger A. Arnold

2. Surplus and shortage

· Source 7 Njogu, T. (2020, September 02). Difference between surplus and shortage. Retrieved April 10, 2021, from http://www.differencebetween.net/language/words-language/difference-between-surplus-and-shortage/

The importance of Supply and demand within our economy

1. How does supply and demand effect the economy?

· Source 8 Milano, S. (2020, November 19). How is supply & demand relevant to business? Retrieved April 10, 2021, from https://smallbusiness.chron.com/supply-demand-relevant-business-1694.html

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2. The relationship between supply, demand, and cost of goods

· Source 9 Sheth, N. (2020, April 20). Financial literacy and career resources. Retrieved April 9, 2021, from https://www.igrad.com/start/start-here-supply-and-demand

How the aviation industry plans to adjust and recover

1. Adapting to the pandemic

· Source 10 Williams, K. (2020, October 08). How is the airline industry adapting to covid? Retrieved April 10, 2021, from https://insights.som.yale.edu/insights/how-is-the-airline-industry-adapting-to-covid