WAEC Economics 2023 Objective — Question 4
Question 4 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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An economic system is mainly concerned with
- A. handling situations of abundant resources
- B. studying the relationship between ends and means
- C. the establishment of economic laws
- D. the allocation of scarce resources between alternative endsCorrect
Explanation
An economic system deals with how resources of the economy are allocated in satisfying the various competing/alternative wants of the economy.
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