SQA Higher Economics 2025/2026 Exam
Questions with 100% Correct Answers |
Latest Update
Scarcity - 🧠ANSWER ✔✔A situation in which unlimited wants exceed the
limited resources available to fulfill those wants
Wants - 🧠ANSWER ✔✔something that people desire but that is not
necessary for survival
Needs - 🧠ANSWER ✔✔Basic requirements for human survival
Factors of production - 🧠ANSWER ✔✔land, labour, capital, enterprise
Land - 🧠ANSWER ✔✔natural resources that are used to make goods and
services
Labour - 🧠ANSWER ✔✔The physical and mental human effort used in the
production process
, Capital - 🧠ANSWER ✔✔the tools, equipment, machinery, and factories
used in the production of goods and services
Enterprise - 🧠ANSWER ✔✔The entrepreneur who takes risk by combining
the other factors of production
Free goods - 🧠ANSWER ✔✔Goods that are unlimited in supply therefore
have no opportunity cost and do not command a price
Economic goods - 🧠ANSWER ✔✔a product or service that can command a
price when sold, use scarce resources and incur an opportunity cost when
supplied
Opportunity cost - 🧠ANSWER ✔✔the most desirable alternative given up as
the result of a decision (the sacrifice of the next best alternative).
Economic agents - 🧠ANSWER ✔✔Consumer, Business and Governments.
Agents involved in Economic transactions.
Basic economic problem - 🧠ANSWER ✔✔the mismatch of unlimited wants
and limited economic resources.
Unlimited wants - 🧠ANSWER ✔✔the insatiable desire of consumers for
goods and services that will give them satisfaction or utility
Questions with 100% Correct Answers |
Latest Update
Scarcity - 🧠ANSWER ✔✔A situation in which unlimited wants exceed the
limited resources available to fulfill those wants
Wants - 🧠ANSWER ✔✔something that people desire but that is not
necessary for survival
Needs - 🧠ANSWER ✔✔Basic requirements for human survival
Factors of production - 🧠ANSWER ✔✔land, labour, capital, enterprise
Land - 🧠ANSWER ✔✔natural resources that are used to make goods and
services
Labour - 🧠ANSWER ✔✔The physical and mental human effort used in the
production process
, Capital - 🧠ANSWER ✔✔the tools, equipment, machinery, and factories
used in the production of goods and services
Enterprise - 🧠ANSWER ✔✔The entrepreneur who takes risk by combining
the other factors of production
Free goods - 🧠ANSWER ✔✔Goods that are unlimited in supply therefore
have no opportunity cost and do not command a price
Economic goods - 🧠ANSWER ✔✔a product or service that can command a
price when sold, use scarce resources and incur an opportunity cost when
supplied
Opportunity cost - 🧠ANSWER ✔✔the most desirable alternative given up as
the result of a decision (the sacrifice of the next best alternative).
Economic agents - 🧠ANSWER ✔✔Consumer, Business and Governments.
Agents involved in Economic transactions.
Basic economic problem - 🧠ANSWER ✔✔the mismatch of unlimited wants
and limited economic resources.
Unlimited wants - 🧠ANSWER ✔✔the insatiable desire of consumers for
goods and services that will give them satisfaction or utility
