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JAMB Economics 1988 Question 1

Question 1

Basic Concepts

Scarcity in Economics means that

  1. A.human wants are limitless
  2. B.the economy has very few resources
  3. C.the economy can scarcely produce anything
  4. D.resources are limited in relation to wants.
Show the answer and explanation

Answer: D (resources are limited in relation to wants.)

Explanation

Scarcity does not mean resources are few; it means they are not enough to satisfy all our wants.