A basic economic problem of any society is
ECONOMICS
WAEC 2014
A basic economic problem of any society is
- A. high level of illiteracy
- B. irregular power supply
- C. population growth
- D. resource allocation
Correct Answer: D. resource allocation
Explanation
The fundamental economic problem is the issue of scarcity and how best to produce and distribute these scare resources. Scarcity means there is a finite supply of goods and raw materials. Finite resources means they are limited and can run out
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