JAMB - Economics (2017 - No. 4)
The economic questions about what and how to produce in an economy is solely answered by the _______?
government
labour union
private and public enterpriser
system of economy practised
Shpjegimi
Every society answers the three basic economic questions differently, in doing so, each confronts
the same fundamental problems: resources allocation and scarcity. For every society, the answer
to the three basic questions depend on what kind of economic system it uses. The term economic
system refers to the way in which a society organize the production and distribution of goods and
services.
the same fundamental problems: resources allocation and scarcity. For every society, the answer
to the three basic questions depend on what kind of economic system it uses. The term economic
system refers to the way in which a society organize the production and distribution of goods and
services.