Question on: JAMB Economics - 2024
Economic problem arises as a result of
A
money cost
B
opportunity cost
C
choice
D
scarcity
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Correct Option: D
The economic problem arises because of scarcity. Scarcity means that resources are limited, while human wants are unlimited. This fundamental imbalance forces us to make choices about how to allocate scarce resources to satisfy the most pressing wants.
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