Scarcity implies that

Assessment: WAEC SSCE - Economics - 2000 (Objective) Subject: Economics

Question 1 Report

Scarcity implies that
Answer Details
Scarcity implies that goods and services are limited in supply. This means that there are not enough resources to produce everything that people want, and as a result, choices have to be made about which goods and services to produce and distribute. Since resources are finite, scarcity is an inherent feature of any economy, and it leads to the problem of allocation of scarce resources to satisfy unlimited human wants.

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