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WAEC Economics 2023 Question 4

Question 4

Economic Systems

An economic system is mainly concerned with

  1. A.handling situations of abundant resources.
  2. B.studying the relationship between ends and means.
  3. C.the establishment of economic laws.
  4. D.the allocation of scarce resources between alternative ends.
Show the answer and explanation

Answer: D (the allocation of scarce resources between alternative ends.)

Explanation

Every economic system decides how scarce resources are shared among competing uses.