The fundamental problem of economics is

Economics

JAMB 2023

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

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Correct Answer: Option B

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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