Identify any three key issues the UK economy is facing in the light of COVID-19 outbreak. Discuss them accordingly.

Knowledge and Understanding:

a) Comprehend basic economic concepts of the whole economy, such as aggregate demand, national output, and inflation.

Subject-specific:

b) Describe and apply relevant theoretical concepts, models and principles within the field of Macroeconomics to include aspects of major topics, such as inflation controls, unemployment factors, fiscal and monetary policies, international trade; in addition to the topic on saving and investment within the loanable funds market.

Key Skills (including employability skills):

c) Improving own learning and performance.

d) Present information clearly and effectively.

2. Task:

The world economy including the UK economy is facing a difficult time amid the outbreak of COVID-19 which took hold in February last year. In the light of effect of pandemic, answer the following questions:

Task 1

a) Identify any three key issues the UK economy is facing in the light of COVID-19 outbreak. Discuss them accordingly.

b) Discuss the impact of COVID-19 on employment in the UK.

c) Discuss why unemployment is a problem and ways to measure it?

d) Discuss why inflation is a problem and the way to measure?

Explain the difference between frictional and structural unemployment, with

examples?