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JAMB Economics 1981 Question 22

Question 22

Basic Concepts

Economics may be defined as

  1. A.the study of money and banking
  2. B.the study of markets and prices
  3. C.the study of production and distribution
  4. D.the study of human behaviour in the allocation of scarce resources
  5. E.the study of the employment of labour, land, and capital.
Show the answer and explanation

Answer: D (the study of human behaviour in the allocation of scarce resources)

Explanation

Economics studies how people behave when allocating scarce resources among competing wants.