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WAEC Economics 2007 Question 1

Question 1

Basic Concepts

The three principal economic units in any system are

  1. A.trade, industry and banking
  2. B.workers, consumers and shareholders
  3. C.households, firms and governments
  4. D.companies, industry and plants.
Show the answer and explanation

Answer: C (households, firms and governments)

Explanation

Households, firms and government are the three decision-making units in every economy.