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JAMB Economics 2000 Question 1

Question 1

Basic Concepts

Economics can be defined as

  1. A.reduction in spending in the face of competing alternatives
  2. B.allocation of resources to alternative uses
  3. C.economic behaviour of small units like the household and the firm.
  4. D.the study of economic aggregates like inflation and national income.
Show the answer and explanation

Answer: B (allocation of resources to alternative uses)

Explanation

Economics studies how scarce resources are shared among their many alternative uses. C describes only microeconomics and D only macroeconomics.