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The economic term used to refer to human wants, desires or needs is known as?

Economics
JAMB 2018

The economic term used to refer to human wants, desires or needs is known as?

  • A. Ends
  • B. Alternative means
  • C. Scarce
  • D. Means
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Correct Answer: Option A
Explanation

Professor Lionel C. Robbins defined economics as the science which studies human behavior as a relation to ends and scarce means which have alternative uses. The “ends” in the definition refers to human wants, desire or needs. Human wants are numerous or many relative to available resources required to satisfy them.


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WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995