JAMB - Economics (2018 - No. 84)
The economic term used to refer to human wants, desires or needs is known as?
Ends
Alternative means
Scarce
Means
Forklaring
Professor Lionel C. Robbins defined economics as the science which studies human behavior as a relation to ends and scarce means which have alternative uses. The “ends” in the definition refers to human wants, desire or needs. Human wants are numerous or many relative to available resources required to satisfy them.