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ScotlandEconomicsQuick questions
Economics of the Market
Quick questions on The basic economic problem: scarcity, choice and opportunity cost - SQA National 5 Economics
3short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What is q1?Show answer
Define scarcity in one sentence. [1 mark]
What is q2?Show answer
A student spends a free evening studying instead of working a paid shift. State the opportunity cost. [1 mark]
What is q3?Show answer
Name the four factors of production and the reward earned by each. [4 marks]
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