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WAEC Economics 1992 Question 2

Question 2

Basic Concepts

Scarcity in Economics generally refers to

  1. A.a period of production
  2. B.hoarding of goods
  3. C.monopolization of existing supply of resources
  4. D.period of famine
  5. E.resources being limited.
Show the answer and explanation

Answer: E (resources being limited.)

Explanation

Scarcity means resources are limited compared with the wants they must satisfy.