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WAEC Economics 2002 Question 1

Question 1

Basic Concepts

Economics is best described as the study of

  1. A.the wealth of nations.
  2. B.how man consumes his products.
  3. C.how man provides for his everyday needs.
  4. D.the distribution of wealth
Show the answer and explanation

Answer: C (how man provides for his everyday needs.)

Explanation

Economics studies how people use scarce resources to satisfy their wants, i.e. how man provides for his everyday needs.