JAMB - Economics (2023 - No. 16)
The fundamental problem of economics is
Finding striking determinants between the forces of supply and demand
The scarcity of productive resources relative to society's unlimited wants
The establishment of a political framework to determine the what, how and for whom of production
To establish an equitable distribution of income
Explanation
The fundamental problem of Economics is Scarcity. Scarcity explains the basic economic problem that the world has limited or scarce resources to meet seemingly unlimited wants, and this reality forces people to make decisions about how to allocate resources in the most efficient way.
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