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WAEC Economics 2013 Question 5

Question 5

Basic Concepts

All economic systems must decide what to produce because

  1. A.resources are not available.
  2. B.consumers want maximum satisfaction.
  3. C.resources are limited in supply.
  4. D.producers want maximum profit.
Show the answer and explanation

Answer: C (resources are limited in supply.)

Explanation

Scarce resources cannot produce everything, so every society must choose what to produce.