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Its always a very difficult question to answer for teachers. there is a wide variety of questions. let suppose we have the question posted above if you explain scarcity in 3 lines then it will almost cosist of 27 words. then the second part may cosist of 20 words. again graph will take some space and then explanation of the graph will consist of about 40 words. then another graph will take some space and again it explanation will teke 40 words. at the end your your conclusion will take about 30 words. in this way the total number of words will be 27+20+40+40+30= 157 words.Sir, how many words should our answer should be for the 8 marks question and the 12 mark question, just to give me an idea, i know the quality is the main point. Yet the word count show possess some value.
On the other hand if the examiner asks the question regarding mixed economy then words limit may extend to 300 words for 8 marks. therefore, its not possible to limit the number of words or pages. The main thing is you have to cover all the elements of the question to get full marks. if you miss its any part you lose marks.
Hope you can understand what I am trying to explain.
Wish you good luck!