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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 abudant resources
  • D. the establishment of economic laws
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Correct Answer: Option B
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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