Introduction to economics You are about to see four horse races. In each race, the horse names represent the possible answers to the question at the top of the screen. Which horse are you going to back in each race? The name of the horse that finishes first is the correct answer! Press ‘space’ to see the runners for the first race!

Which horse will you back? Press ‘space’ to start race RACE 1) Which of these departments received the most government spending in 2018? A Defence 4 B Social Protection (including pensions) 1 C Education 3 D Debt interest 5 E Health 2 A Defence £49bn B Social Protection (including pensions) £252bn C Education £102bn D Debt interest £41bn E Health £155bn A B C D E One of the primary functions of the UK government is to organise and fund public services. A significant economic issue facing the UK is working out how it can afford to fund a state pension as the population size increases and people live longer. Any suggestions? Which horse will you back? Press ‘space’ to start race Press ‘space’ to reveal answers

Which horse will you back? Press ‘space’ to start race RACE 2) Which of these UK regions had the highest rate of unemployment in March 2019? A Wales 4 B Yorkshire and the Humber 3 C West Midlands 2 D North East 1 E London 5 A Wales 4.5% B Yorkshire and the Humber 4.7% C West Midlands 5.1% D North East 5.4% E London 4.4% A B C D E Reducing unemployment is one of the key economic objectives of the government of the UK. Unemployed people represent lost economic activity. Another key issue for the government is how they minimise unemployment in regions as their traditional industries change. Can you name a significant employer in your region? What would be the impact if that organisation closed down or moved to another region? Which horse will you back? Press ‘space’ to start race Press ‘space’ to reveal answers

Which horse will you back? Press ‘space’ to start race RACE 3) According to the Sunday Times Rich List, who is the richest person in the UK? A James Dyson 4 B Len Blavatnick 2 C Jim Ratcliffe 1 D The Duke of Westminster 3 E Roman Abramovich 5 A James Dyson £9.5bn B Len Blavatnick £14.4bn C Jim Ratcliffe £21bn D The Duke of Westminster £10bn E Roman Abramovich £9.4bn A B C D E The people listed here belong to a group of the ‘super rich’ in the UK. Economists ask questions about the impact of a system that allows a huge difference between the very wealthy and the very poor and whether there are ways of reducing that gap. What are the economic arguments for and against allowing individuals to become as wealthy as those listed here? (Note: This lists contains only men!) 2.45 2.2 2.7 2.95 4 10.3 0.2 2.75 2 1.75 9.25 1 2.4 1.9 2.65 8.85 3 0.15 2.6 2.35 2.1 9.65 0.1 2.25 5 10.5 0.25 Which horse will you back? Press ‘space’ to start race Press ‘space’ to reveal answers

Which horse will you back? Press ‘space’ to start race RACE 4) Which of these classifications was the UK’s biggest exporting item in 2018 (as a percentage of overall exports)? A Pharmaceuticals 5 B Machinery (including computers) 1 C Vehicles 2 D Mineral fuels including oil 4 E Gems and precious metals 3 A Pharmaceuticals 6.2% B Machinery (including computers) 15% C Vehicles 11.4% D Mineral fuels including oil 9.3% E Gems and precious metals 9.8% A B C D E Clearly the biggest current political and economic news story is Brexit. The UK and the EU are attempting to determine the details of their economic relationship in the future. The UK has the 5th largest economy in the world and a significant part of that success can be attributed to income drawn from exports. What services do you think the UK exports? Which horse will you back? Press ‘space’ to start race Press ‘space’ to reveal answers