Economic problem arise in all society because?
ECONOMICS
WAEC 2018
Economic problem arise in all society because?
- A. resources are mismanaged by leaders
- B. there is no proper planning
- C. resources are not in adequate supply
- D. the services of economist are not employed
Correct Answer: C. resources are not in adequate supply
Explanation
Goods and services that satisfy human wants are produced with the help of resources such as land, labour, capital and enterprise. These resources are scarce while wants are unlimited. Due to scarcity of these resources, an economy cannot produce all that goods and services as required by its citizens.
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