JAMB - Economics (2020 - No. 1)
Scarcity in economics means?
human wants are limitless
the economy has very few resources
the economy can scarcely produce anything
resources are limited in relation to wants
Explanation
Scarcity in economics means the available resources needed to satisfy human wants are limited, hence people are required to judiciously or efficiently allocate the scarce resources to meet the needs of society.
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