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WAEC Economics 2009 Question 1

Question 1

Basic Concepts

The study of Economics becomes necessary because of the

  1. A.large population size of the world
  2. B.scarcity of resources
  3. C.opportunity cost of goods and services
  4. D.need to satisfy every desire of man
Show the answer and explanation

Answer: B (scarcity of resources)

Explanation

Economics exists because resources are scarce compared with human wants.