NECO Economics 2024 Objective — Question 1
Question 1 of 50 from the National Examinations Council (NECO) Economics 2024 Objective paper, with the correct answer and a full explanation.
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There is scarcity when
- A. A. the means exceed society's wants
- B. B. demand for resources is greater than its supplyCorrect
- C. C. productive resources are in excess
- D. D. supply of resources is greater than its demand
Explanation
Scarcity can be defined as the limited available resources used in satisfying the unlimited human wants. It is important to note that the fundamental problem addressed by an economist is scarcity of resources.
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