Economic problem occurs when

JAMB Economics 2023 46 views

Economic problem occurs when

  1. There is scarcity relative to demand ✓
  2. There are no buyers for our goods
  3. Many people are out of work
  4. All raw materials are imported

Explanation

This answer correctly explains the economic concept. Economics studies how people make choices about limited resources.

The other options describe different economic ideas or situations. They don’t fit what this question asks.

Remember this economic principle when thinking about money, trade, and how markets work.

pastquestions.ng