Question on: JAMB Economics - 2024
Economics problems arise in all societies because
A
the services of economists are not employed
B
resource are not in adequate supply
C
there is no proper planning
D
resources are mismanaged by leaders
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Correct Option: B
Economics problems arise in all societies primarily due to the fundamental concept of scarcity. Scarcity means that resources are limited relative to the unlimited wants and needs of individuals and societies. Because of this, choices must be made about how to allocate these scarce resources.
Therefore, the correct answer is:
- B. resource are not in adequate supply
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