For more information on Algorithm Analysis you can read Chapter 5 in your book, starting on page 187.
Note: I am putting these here because students have asked them in the past, this is not a reflection of what will be on quizzes.
A: No, Big O can be applied to all algorithms.
A: Yes, the computer would have to compute the value of 2+2 and then assign x the value of 4 but the time complexity of both of those operations is constant O(1) and O(2) since you aren't getting any input in. We only worry about time complexity when we get input into the algorithm from a user or from reading in data.
A: The n, or number of inputs the algorithm has to process.
A: When you have a lot of data writing an algorithm that takes less time to run can mean the difference between getting the results in minutes or days or not in your life time.