§-Economics Q&A
SA · SACE Board← Economics
Economics Q&A by dot point
A short Q&A bank for every SA 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.
Topic 1: The Economic Problem
Compare market, planned and mixed economic systems and how each answers the three basic economic questions.
Explain scarcity as the basic economic problem and analyse how choice and opportunity cost follow from it.
Construct and interpret a production possibility frontier to illustrate scarcity, choice, opportunity cost, efficiency and growth.
Topic 2: Microeconomics
Use demand and supply to explain how market equilibrium is determined and how it changes.
Define and calculate price elasticity of demand and supply and explain the factors affecting them.
Explain the main types of market failure and evaluate government policies used to correct them.
Compare market structures from perfect competition to monopoly and explain their effects on price, output and efficiency.
Topic 3: Macroeconomics
Explain aggregate demand and aggregate supply and how their interaction determines output and the price level.
Define and measure economic growth, unemployment and inflation and explain their causes and effects.
Explain fiscal policy and how changes in government spending and taxation affect economic activity.
Explain monetary policy and how the Reserve Bank uses interest rates to influence economic activity.