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JAMB Economics 1991 Question 2

Question 2

Basic Concepts

Economic goods are termed scarce goods when they are

  1. A.not available in sufficient quantities to satisfy all wants for them
  2. B.not produced in sufficient quantities to satisfy the effective demand for them
  3. C.of high quality
  4. D.of primary importance in satisfying the needs of a society
Show the answer and explanation

Answer: A (not available in sufficient quantities to satisfy all wants for them)

Explanation

Goods are scarce when the quantity available is less than what people would want, so they command a price.