SA · SACE BoardQ&A
EconomicsQ&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.0Q&A pairs
- Explain scarcity as the basic economic problem and analyse how choice and opportunity cost follow from it.0Q&A pairs
- Construct and interpret a production possibility frontier to illustrate scarcity, choice, opportunity cost, efficiency and growth.0Q&A pairs
Topic 2: Microeconomics
- Use demand and supply to explain how market equilibrium is determined and how it changes.0Q&A pairs
- Define and calculate price elasticity of demand and supply and explain the factors affecting them.0Q&A pairs
- Explain the main types of market failure and evaluate government policies used to correct them.0Q&A pairs
- Compare market structures from perfect competition to monopoly and explain their effects on price, output and efficiency.0Q&A pairs
Topic 3: Macroeconomics
- Explain aggregate demand and aggregate supply and how their interaction determines output and the price level.0Q&A pairs
- Define and measure economic growth, unemployment and inflation and explain their causes and effects.0Q&A pairs
- Explain fiscal policy and how changes in government spending and taxation affect economic activity.0Q&A pairs
- Explain monetary policy and how the Reserve Bank uses interest rates to influence economic activity.0Q&A pairs
Topic 4: Globalisation
- Evaluate the economic, social and environmental effects of globalisation on Australia and developing economies.0Q&A pairs
- Explain how exchange rates are determined and how transactions are recorded in the balance of payments.0Q&A pairs
- Explain the gains from international trade using the theory of comparative advantage.0Q&A pairs