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
Ask EduPadi AI for a detailed answer
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.
Add your answer
Please share this, thanks!
No responses