Question on: JAMB Economics - 2023
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Economic problem occurs when
A
There is scarcity relative to demand
B
All raw materials are imported
C
Many people are out of work
D
There are no buyers for our goods
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Correct Option: A
Scarcity is the fundamental economic problem arising from the imbalance between unlimited wants and limited resources. When resources are limited, individuals and societies must make choices about how to allocate those resources to meet their needs and wants.
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