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WAEC Economics 2000 Question 1

Question 1

Basic Concepts

Scarcity implies that

  1. A.goods cannot be produced efficiently
  2. B.human wants are unlimited
  3. C.goods and services are limited in supply
  4. D.commodities are evenly distributed within the economy.
Show the answer and explanation

Answer: C (goods and services are limited in supply)

Explanation

Scarcity means the goods and services (and resources) available are limited compared with what people want.