one way of solving the problem of scarcity that faces the individuals is for

Assessment: WAEC SSCE - Economics - 1998 (Objective) Subject: Economics

Question 1 Report

one way of solving the problem of scarcity that faces the individuals is for
Answer Details
Scarcity means that there are limited resources to meet unlimited wants. One way of solving this problem is for individuals to choose between alternative wants since they cannot meet all their wants. This means that individuals need to prioritize their wants and choose the most important ones that they can afford with their available resources. By doing this, they can maximize their satisfaction and make the most efficient use of their limited resources.
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