WAEC Economics 2024 Objective — Question 1
Question 1 of 50 from the West African Examinations Council (WAEC) Economics 2024 Objective paper, with the correct answer and a full explanation.
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1. There is scarcity when
- A. the means exceed society's wants.
- B. demand for resources is greater than its supply.Correct
- C. productive resources are in excess.
- D. supply of resources is greater than its demand.
Explanation
Scarcity occurs when demand is greater than supply; you meet something (i.e. demand) but there are no means to satisfy it (scarcity).
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