For music tuition visit:

Home Tuition Scotland provides Economics tutors in your home for all levels.

Economics tutor Edinburgh, Economics tutor Glasgow, Economics tutor Dundee, Economics tutor Aberdeen…we can help your child achieve success at a price you can afford.

Please book today

Outcome 1
Candidates must be able to make use of the following economic concepts to explain the basic economic problem and the implications of it.
 
The nature of the economic problem The concepts of scarcity, choice and
opportunity cost, their relationship and
importance.
Unlimited wants. The difference between
scarcity and shortages. Economic goods and free goods.
Opportunity cost Individuals, firms, governments.
Resources Limits to quantity and quality.
Substitution and mobility.
Measures to increase substitution and mobility of resources.
Choices What to produce? How much to produce?
How to produce? For whom to produce?
Dealing with the problem of scarcity in different economic systems.
Technical efficiency, economic efficiency and
equity.
Production possibility curves (PPCs) How they are constructed, what they show. Distinction between shifts of a PPC and movement within and along a PPC.
Demand
 
Economic behaviour Effective demand. Utility – attempts to maximise utility, marginal utility, consumer rationality.
Theory of demand Demand schedules/curves, individual/market demand, derivation of demand curve using marginal utility, income and substitution effects. Ceteris paribus assumption.
Determinants of demand Prices, income, tastes, advertising, prices of other goods, availability of credit, expectations of price changes.
Price elasticity of demand Shifts of, and movements along, the demand curve.
Effects of price changes on revenue, factors influencing price elasticity of demand, for example, availability of substitutes, durability, percentage of income spent, habit.
Income elasticity of demand Positive and negative elasticity.
Measurement and significance of price and income elasticities.

S1 Economics tutor, S2 Economics tutor, Standard Grade Economics tutor, National 4 Economics tutor, National 5 Economics tutor, Higher Economics tutor or Advanced Higher Economics tutor

We have the qualified teachers you need to achieve success.
Economics tuition in Edinburgh, Economics tuition in Glasgow, Economics tuition in Dundee, Economics tuition in Aberdeen…we have the qualified Economics teachers you need to achieve success.
Please book today