NECO 2024 Economics Essay and Objectives Questions Papers and Answers for Tuesday 16th, July 2024 are now Available;
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(i) Marginal cost: Marginal cost refers to the additional cost incurred when producing one more unit of a good or service.
(ii) Wants: Wants refer to the desires or preferences of individuals for goods or services. They are unlimited and vary from person to person. Wants are influenced by factors such as income, cultural norms, and personal preferences. They are the driving force behind economic activity and are the basis for demand in the market.
(iii) Scarcity: Scarcity refers to the limited availability of resources to meet unlimited wants. It is a fundamental economic problem that arises due to the finite nature of resources available in the world. Scarcity leads to trade-offs and choices, as individuals and societies must allocate limited resources to satisfy their unlimited wants.
(iv) Choice: Choice refers to the ability of individuals and societies to make decisions and allocate resources to satisfy their wants.
(v) Opportunity cost: Opportunity cost refers to the value of the next best alternative that must be forgone to produce a good or service. It is the cost of not using a resource for its next best alternative use.
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