Question 1 a) Define the term scarcity and explain why it exists b) Identify and explain the factors of production c) The primary sector involves the extraction of materials from their natural surroundings. What are the other two sectors and what do they involve? d) Thomas Malthus believed that only bad could come from population growth. Explain what he meant by this

Question 2 a) Value added tax is one form of revenue the government makes through charging 20% tax on most goods and services. Explain THREE other sources of finance that the government makes through tax. b) Define the terms wealth and poverty. c) How does the UK government support people/ families that have little or no income?

Question 3 Countries were just beginning to recover from the pandemic but the unfortunate break out of War in Ukraine has created further economic pressures. The UK and EU were already facing severe hikes in energy prices due to cold winters in Asia raising the global demand for gas. The reliance on Russia for oil and gas has now exacerbate this resulting in an energy crisis. a) Analyse the effect of the rise in energy prices on different stakeholder groups. b) Examine what the UK economy might be able to do in the short-run and long-run to mitigate the rise in energy prices.

Question 4 Conduct research to determine factors that have affected property prices in the UK and provide a forecast for the next five years. Use evidence, models, and research to justify your forecast.

Note: Provide the Harvard References