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WAEC Economics 2015 Question 4

Question 4

Economic Systems

The following constitute the criteria for identifying an economic system except

  1. A.ownership of resources.
  2. B.scarcity of resources.
  3. C.method of decision making
  4. D.motivation for production.
Show the answer and explanation

Answer: B (scarcity of resources.)

Explanation

Every system faces scarcity, so scarcity cannot tell one system from another.