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JAMB Economics 2010 Question 2

Question 2

Basic Concepts

Economics is the study of human behaviour as it relates to the

  1. A.efficient allocation of resources
  2. B.production of goods
  3. C.operation of companies
  4. D.generation of income.
Show the answer and explanation

Answer: A (efficient allocation of resources)

Explanation

Economics studies how people make choices to use scarce resources efficiently to satisfy their many wants.