Economics problems arise in all societies because

JAMB Economics 2024 182 views
Source: JAMB · 2024

Economics problems arise in all societies because

  1. resources are mismanaged by leaders
  2. there is no proper planning
  3. resource are not in adequate supply ✓
  4. the services of economists are not employed
Explanation

Every society faces economic problems because resources are scarce. There are not enough resources to satisfy all human wants.

Mismanagement and poor planning may worsen problems. But scarcity is the root cause in every society, rich or poor.

Remember: Economics exists because we have unlimited wants but limited resources.

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