What is an Economy?

• How a government organises the hierarchy of their citizens

• The way in which a country produces, consumes goods and services and the supply of money

• The amount of wealth a country holds at any one time

• The action or process of investing money for profit

Examples of what can influence an economy?

How much timber is harvested by the UK each year?

• 9 Million tons

• 11 Million tons

• 8 Million tons

• 10 million tons

How many jobs does the UK forestry industry provide?

• 53500

• 36000

• 80500

• 47000

Which statement is correct

• The forestry industry earns more per year than the paper industry

• The paper industry earns more than the forestry industry

• Both industries earn the same amount

• Frogs can be used as currency when the banks collapse

Answer explanation

The paper industry earned £1.57 billion in the UK in 2019.

Earnings in forestry was only £0.65 billion.

What is the difference in amount between the paper and forestry industries earnings?

Answer explanation

£920 Million difference

Draw a way in which the forestry industry influences the economy