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Economics problems arise in all societies because

Economics
JAMB 2024

Economics problems arise in all societies because

  • A. the services of economists are not employed
  • B. resource are not in adequate supply
  • C. there is no proper planning
  • D. resources are mismanaged by leaders
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Correct Answer: Option B
Explanation

Economics problems arise in all societies due to the fundamental problem of scarcity. Scarcity means that resources are limited in comparison to unlimited wants and needs. This scarcity necessitates choices and trade-offs, leading to economic problems.


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