Economics class: Rishi Sunak has strong fiscal cards waiting to be played
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
This article picked by a teacher with suggested questions is part of the Financial Times free schools access programme. Details/registration here.
Click to read the article below and then answer the questions:
Define Gross Domestic Product (GDP).
Distinguish between a budget deficit and the national debt.
With reference to the article, identify the approximate value of the UK’s GDP.
Explain how the government borrows when its tax receipts are insufficient to meet its planned expenditures.
Using an AD/AS diagram, analyse the potential impact of pandemic-related economic scarring on the real economy; ie unemployment, economic growth, inflation and trade.
Gavin Clarke, Emmanuel College