A major problem facing all economies is how to?

Assessment: JAMB UTME - Economics - 2001 Subject: Economics

Question 1 Report

A major problem facing all economies is how to?
Answer Details
A major problem facing all economies is how to allocate scarce resources. This means that every economy has limited resources such as land, labour, and capital, but unlimited wants and needs. Therefore, they must make choices on how to allocate these resources efficiently in order to produce the goods and services that will satisfy the needs and wants of their population. This is a fundamental economic problem faced by all economies, whether they are developed or developing, and it is the basis for the study of economics.
Read lesson note on Methods And Tools Of Economic Analysis (JAMB)
Read lesson note on National Income (WAEC)
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