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WAEC Economics 1995 Question 2

Question 2

Basic Concepts

Scarcity in Economics means

  1. A.shortage of a commodity
  2. B.unlimited demand for consumer goods
  3. C.limited supply of goods and services
  4. D.total absence of a commodity in the market
  5. E.high cost of a commodity
Show the answer and explanation

Answer: C (limited supply of goods and services)

Explanation

Scarcity means goods and services (and the resources that make them) are limited compared with human wants.