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WAEC Economics 1996 Question 1

Question 1

Basic Concepts

The basic problem that Economics attempts to solve is the

  1. A.ranking of goods and services
  2. B.pricing of goods and services
  3. C.scarcity of resources
  4. D.foregoing of alternatives
  5. E.satisfaction of producers' needs
Show the answer and explanation

Answer: C (scarcity of resources)

Explanation

Economics exists because resources are scarce relative to wants; every other problem flows from scarcity.