An economy system is mainly concerned with
ECONOMICS
WAEC 2023
An economy system is mainly concerned with
- A. studying the relationship between ends and means
- B. the allocation of scarce resources between alternative ends
- C. handling situations of abundant resources
- D. the establishment of economic laws
Correct Answer: B. the allocation of scarce resources between alternative ends
Explanation
An economy system is mainly concerned with the allocation of scarce resources between alternative ends. This is because resources are always scarce, meaning that there is never enough to satisfy all of our wants and needs. As a result, we have to make choices about how to allocate our resources in a way that maximizes our well-being.
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