ECS2606 Assignment 1 2025 - Due 26 March 2025

ECS2606 ASSIGNMENT 1 2025 25 MARCH 2025 Answer ALL the Questions 1. Explain and diagrammatically illustrate the impact that the Covid-19 pandemic induced restrictions on economic activities imposed in many countries across the world in 2020/21 had on the materials balance principle. The Materials Balance Principle (MBP) is a fundamental concept in environmental economics that states that the total mass of materials and energy entering an economic system must equal the total mass of materials and energy leaving the system. This principle emphasizes that economic activities generate waste and emissions, which must be managed to ensure sustainability. Impact of COVID-19-Induced Restrictions on the Materials Balance Principle During the COVID-19 pandemic (2020/21), governments worldwide imposed strict lockdowns and restrictions on economic activities. These measures had significant effects on the input-output relationship in the materials balance framework: 1. Reduction in Industrial Production and Resource Input Lockdowns led to reduced manufacturing, mining, and construction activities, resulting in lower demand for raw materials. Supply chain disruptions limited the extraction, transportation, and processing of materials. Energy consumption declined, particularly in transportation and heavy industries.