Question on: JAMB Economics - 2023
The fundamental problem of economics is
A
Finding striking determinants between the forces of supply and demand
B
The scarcity of productive resources relative to society\'s unlimited wants
C
The establishment of a political framework to determine the what, how and for whom of production
D
To establish an equitable distribution of income
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Correct Option: B
The fundamental problem of economics is the scarcity of productive resources relative to society's unlimited wants.
This scarcity necessitates the need for individuals and societies to make choices about how to allocate resources efficiently to satisfy their needs and wants.
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