The fundamental problem of economics is
ECONOMICS
JAMB 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
Correct Answer: B. The scarcity of productive resources relative to society's unlimited wants
Explanation
The fundamental problem of Economics is Scarcity. Scarcity explains the basic economic problem that the world has limited or scarce resources to meet seemingly unlimited wants, and this reality forces people to make decisions about how to allocate resources in the most efficient way.
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