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JAMB Economics 1980 Question 28

Question 28

Basic Concepts

The fundamental problem of Economics is

  1. A.money
  2. B.poverty
  3. C.unemployment
  4. D.the scarcity of resources relative to wants
  5. E.inflation.
Show the answer and explanation

Answer: D (the scarcity of resources relative to wants)

Explanation

Economics exists because resources are scarce compared with people's unlimited wants.