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JAMB Economics 1985 Question 1

Question 1

Basic Concepts

One main quality of a good is that it

  1. A.is sold in the market
  2. B.satisfies wants
  3. C.is made in the factory
  4. D.is always tangible
  5. E.is non-perishable.
Show the answer and explanation

Answer: B (satisfies wants)

Explanation

Something is an economic good because it gives satisfaction (utility) by meeting a want.