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WAEC Economics 2024 Question 1

Question 1

Basic Concepts

There is scarcity when

  1. A.the means exceed society's wants.
  2. B.demand for resources is greater than its supply.
  3. C.productive resources are in excess.
  4. D.supply of resources is greater than its demand
Show the answer and explanation

Answer: B (demand for resources is greater than its supply.)

Explanation

Scarcity means resources are not enough to meet the demand for them.