2020 - JAMB Economics Past Questions and Answers - page 1

Scarcity refers to the basic economic problem, the gap between limited – that is, scarce resources and theoretically limitless wants.

Any resource that has a non-zero cost to consume is scarce to some degree, but what matters in practice is relative scarcity.

Via: Investopedia

Economics is regarded as a social science because it uses scientific methods to build theories that can help explain the behaviour of individuals, groups and organisations.

Economics attempts to explain economic behaviour, which arises when scarce resources are exchanged.

economicsonline

Invisible balance of payments refers to services or products that do not result in the transfer of physical objects. 

Examples of invisible balance are tourism, consulting services, and shipping services

Price level is a major factor because a rise or decline in the prices of goods and services has a direct effect on the value of money.

A development finance institution, also known as a development bank or development finance company, is a financial institution that provides risk capital for economic development projects on a noncommercial basis. Wikipedia

Development banks provide medium and long-term finance to the industrial and agricultural sectors. The Nigerian bank for commerce and industry is a good example of a development bank.

A surplus budget is a budget whose revenues exceed the estimated expenditure in a particular financial year.

The reason the government can impose more taxes in inelastic is because  the buyer's demand does not change as much as the price changes.

This means that an increase in price of such goods as a result of high taxes or other factors does not cause a significant change in the demand.