Lesson 1-What is Economics?

Question 1

What does Eco mean?

Answer 1

Home

Question 2

What does Nomos mean?

Answer 2

Accounts

Question 3

What is economics the study of?

Answer 3

How we earn money, how we spend money and how money is shared out.

Question 4

What is scarcity of choice?

Answer 4

We are unable to have everything and therefore so we have to make a choice. There is a finite number of resources and an infinite number of wants

Question 5

What is Econometrics?

Answer 5

The data that economists collect to analyse the economy

Question 6

What is Micro-Economics?

Answer 6

Studies the behaviour of individual markets and businesses

Question 7

What is Macro-economics?

Answer 7

The study of the whole economy

Question 8

What is positive economics?

Answer 8

statements that can be proved

Question 9

What is Normative economics?

Answer 9

Statements of opinion

Question 10

As of July 2022 what is the current inflation rate?

Answer 10

8.8%

Question 11

What is the basic rate of income tax in the uk?

Answer 11

20%

Question 12

What is the GDP of the uk?

Answer 12

£2.2 trillion

Question 13

Where on the global scale is the UK economy?

Answer 13

5th largest economy

Question 14

How many billionaires are in the UK?

Answer 14

177

Question 15

Who is the chancellor?

Answer 15

Jeremy Hunt

Question 16

When was the UK’s last recession?

Answer 16

August 2020 during a covid (flu/common cold) lockdown