WAEC Economics 2023 Objective — Question 1
Question 1 of 50 from the West African Examinations Council (WAEC) Economics 2023 Objective paper, with the correct answer and a full explanation.
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The study of economics is mainly concerned with how to
- A. rank individuals' wants given the abundant resources
- B. make choice when resources are inadequateCorrect
- C. satisfy every member of all societies
- D. produce all the goods needed by everyone
Explanation
Economics is fundamentally about knowing how to rationalise scarce resources among unlimited wants — i.e. making choices when resources are inadequate.
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