Economics Revision Guide – SQA – Higher

Description

What’s inside?

• Full coverage of SQA syllabus
• Clear, concise explanations (ideal for quick revision)
• Exam-ready definitions and diagrams
• Real-world examples for application
• Built-in evaluation points for higher marks
• Perfect for final revision + exam technique

Course Topics Covered

1. Economics of the Market

• The economic problem: scarcity, choice, opportunity cost
• Production possibility diagrams
• Demand and supply
• Determinants of demand and supply
• Price elasticity of demand (PED)
• Price determination and market equilibrium
• Production, productivity and division of labour
• Costs, revenue and profit
• Market structures (perfect competition, monopoly)
• Market failure and government intervention

2. UK Economic Activity

• Government finance:
  • Taxation (direct, indirect, progressive, regressive)
  • Government spending (current, capital, transfer)
  • Budget deficit, surplus and borrowing
• Government aims:
  • Inflation
  • Unemployment
  • Economic growth
• Government policies:
  • Fiscal policy
  • Monetary policy
  • Supply-side policy
• National income:
  • Circular flow of income
  • GDP and GNP
  • Multiplier

3. Global Economic Activity

• Imports, exports and global trade
• Advantages and disadvantages of globalisation
• Free trade and trade barriers
• Trading blocs
• Multinational corporations (MNCs)
• Exchange rates (causes and effects)
• Balance of payments
• Developing, emerging and developed economies
• Role of global institutions (WTO, IMF, World Bank)

Why this guide works

This guide focuses on what examiners reward:

• Accurate knowledge
• Application to real-world examples
• Clear evaluation