Economics and Business Year 8

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Economics and Business Year 8 1

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Economics and Business Year 8 test revision 2025/2026

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• Define economics, economic problem and scarcity - ANSWER- ECONOMICS - ANSWER- The study of how people and society use resources to satisfy their needs and wants. ECONOMIC PROBLEM - ANSWER- People have limited resources yet unlimited wants so we must make choices SCARCITY - ANSWER- The management of resources is due to the economic problem stated of having unlimited wants but limited resources. This is known as economic scarcity. • Discuss real world examples of the economic pr...

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Economics and Business Year 8 • Economics and Business Year 8