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WAEC Economics 2021 Question 1

Question 1

Basic Concepts

The study of economics is important to every society because it

  1. A.enables individuals to satisfy all their wants.
  2. B.helps in the utilization of scarce resources.
  3. C.helps producers to know what to produce.
  4. D.restores equilibrium between producers and consumers.
Show the answer and explanation

Answer: B (helps in the utilization of scarce resources.)

Explanation

Economics teaches how to use scarce resources wisely.