Posted: December 30th, 2015

Economics is the study of how individuals, firms and society as a whole, manage its scarce resources.” fuel prices, droughts, and the prices of supermarket commodities, international trade.

Question 1
“Economics is the study of how individuals, firms and society as a whole, manage its scarce resources.”
a) You are told that there are some 1,645 people who made the world billionaire list in 2014. Explain the concept of scarcity. Provide three examples that illustrate why even billionaires face the problem of scarcity.

b) Explain at least three of the core ideas or fundamental concepts that define the economic way of thinking. Include at least one specific example for each of the core ideas you have selected.
(5 + 5 = 10 Marks)

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