How would the UK economy be affected by the Covid-19?

Guidance Note: Use the economic concept and theory you have learned from microeconomics and macroeconomics in order analyse the impact of the Brexit. There are some points that I list below which could help you analyse this question. You could use more than one point and not limit to these. The impact from different perspective could be discussed.

Micro perspective:

Scarcity and choice

Opportunity cost

Factors affecting consumer spending

Factors affecting firms.

Market theory

Macro perspective:

Macro variables: Economic growth, inflation and unemployment

Should fiscal policy be used to stabilise the economy?

Should monetary policy be used to stabilise the economy?