a) Define the term 'scarcity' as used in Economics. (2 marks)
b) Explain FOUR ways in which the problem of scarcity affects economic decision-making. (8 marks)
c) Distinguish between 'wants' and 'needs', giving TWO examples of each. (5 marks)

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a) Define the term 'scarcity' as used in Economics. (2 marks) b) Explain FOUR ways in which the problem of scarcity affects economic decision-making. (8 marks) c) Distinguish between 'wants' and 'needs', giving TWO examples of each. (5 marks)

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