Economics and Business Year 8
Economics and Business Year 8
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Economics and Business Year 8 test revision 2025/2026
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---5maart 20252024/2025A+
- • 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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