Question on: JAMB Economics - 1994
The basic economic problems of the society include?
A
what to produce, how and for whom
B
how to produce and sell
C
scarcity, when to produce and how
D
scarcity, for whom to produce and where
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Correct Option: A
The fundamental economic problems any society faces are related to:
- What to produce: Deciding which goods and services to allocate resources to.
- How to produce: Determining the production methods and resource combinations.
- For whom to produce: Addressing the distribution of produced goods and services.
Option A encapsulates all three core problems.
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