WAEC SSCE - Economics - 2008 (Objective)

Question 1 Report

The main concern of economists is to

allocate scarce resouces to satisfy human wants

satisfy all human wants

redistribute income between the rich and the poor

control the growth of population

Answer Details

The main concern of economists is to allocate scarce resources to satisfy human wants. This means that economists are focused on studying how society chooses to use its limited resources to produce goods and services that will satisfy people's needs and wants. They analyze how decisions are made about what to produce, how to produce it, and who gets to consume it. Through this analysis, economists provide insights into how to optimize resource allocation and achieve the greatest level of satisfaction for society as a whole. They do not focus on satisfying all human wants or controlling population growth, but rather on the efficient use of limited resources to improve the well-being of society.

Read lesson note on Factors Of Production And Their Theories (JAMB)

Read lesson note on Factors Of Production (WAEC)






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