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JAMB Economics 1989 Question 4

Question 4

Basic Concepts

The primary problem of Economics is

  1. A.to obtain a more equitable distribution of money income
  2. B.the scarcity of productive resources relative to material needs
  3. C.how to reach prices which correctly depict that products and resources are not in abundance
  4. D.to teach people how to save so as to make more money.
Show the answer and explanation

Answer: B (the scarcity of productive resources relative to material needs)

Explanation

The central problem of economics is scarcity: resources are limited compared with people's wants.