Scotland · SQAQ&A
EconomicsQ&A by dot point
A short Q&A bank for every Scotland Economics syllabus dot point. Each question and answer is drawn directly from our worked dot-point page, so you can scan key concepts before opening the long-form answer.
Economics of the Market
- Costs, revenue and profit: fixed, variable, total and average costs; total and average revenue; and profit as the reward to enterprise.3Q&A pairs
- Demand: the law of demand, the downward-sloping demand curve, movements along the curve versus shifts, and the non-price determinants that shift demand.3Q&A pairs
- Market equilibrium and the price mechanism: equilibrium price and quantity, surpluses and shortages, market clearing, and how prices change when demand or supply shifts.3Q&A pairs
- Personal economics: choices about spending, saving and borrowing; sources of income; budgeting; and managing risk and uncertainty.3Q&A pairs
- Supply: the law of supply, the upward-sloping supply curve, movements along the curve versus shifts, and the non-price determinants that shift supply.3Q&A pairs
- The basic economic problem of scarcity, the need for choice, opportunity cost as the next best alternative given up, and the four factors of production.3Q&A pairs
Global Economic Activity
- Exchange rates: the meaning of an exchange rate, appreciation and depreciation, and the effects of a change in the exchange rate on the prices of imports and exports for individuals and firms.3Q&A pairs
- Global trade: imports and exports, why countries trade, the UK's main trading partners, and trade barriers such as tariffs and quotas.3Q&A pairs
- Multinationals: the meaning of a multinational company, the reasons they choose where to locate, and their advantages and disadvantages for a host country.3Q&A pairs
- The UK in the global economy: the European Union and the eurozone, developing and emerging economies, and the types and purpose of aid.3Q&A pairs
UK Economic Activity
- The government objective of controlling inflation: the meaning of inflation, how it is measured by the CPI, its causes, and its effects on the economy.3Q&A pairs
- The government objectives of high employment and economic growth: types and measurement of unemployment, its effects, and economic growth and its link to living standards.3Q&A pairs
- Government finance: direct and indirect taxation, current, capital and transfer spending, and the circular flow of income.3Q&A pairs
- Scotland's role in the UK economy: the primary, secondary and tertiary sectors, specialisation, Scotland's contribution to the UK economy, and Scottish entrepreneurs.3Q&A pairs