JAMB UTME - Economics - 2001 | Green Bridge CBT

A major problem facing all economies is how to?

increase consumption of imported goods

improve trade among nations

transform from a developing to a developed economy

allocate scarce resources

Maelezo ya Majibu

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.

Soma maelezo ya somo kwenye Methods And Tools Of Economic Analysis (JAMB)






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