The primary problem of Economics is?

Assessment: JAMB UTME - Economics - 1989 Subject: Economics

Question 1 Report

The primary problem of Economics is?
Answer Details
The primary problem of Economics is the scarcity of productive resources relative to material needs. This means that there are limited resources such as land, labor, and capital, while there are unlimited wants and needs of people. Economics aims to study how societies allocate these scarce resources among competing needs and wants to maximize their benefits. It also aims to study how to efficiently produce goods and services to meet these needs and wants. Therefore, the central problem of economics is how to efficiently allocate scarce resources among alternative uses to satisfy human wants and needs.
Read lesson note on Definition And Scope Of Economics (WAEC)
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