WAEC - Economics (2014 - No. 2)
A basic economic problem of any society is
high level of illiteracy
irregular power supply
population growth
resource allocation
Paaiškinimas
The fundamental economic problem is the issue of scarcity and how best to produce and distribute these scare resources. Scarcity means there is a finite supply of goods and raw materials. Finite resources means they are limited and can run out