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NECO 2024 Economics essay and OBJ answers are now available. If you are writing this subject, here is the 2024 NECO Economics Questions June/July verified solution. The NECO Economics Exam will commerce on 15th of July, 2024.
The National Examinations Council (NECO) is a Nigerian examination body responsible for conducting and administering national examinations at the secondary school level. NECO plays a crucial role in assessing and certifying students’ academic achievements across various subjects.
The NECO Economics exam will assess students’ understanding of economic concepts, principles, and their ability to apply this knowledge to solve problems. It includes both theoretical questions and practical applications, requiring a solid grasp of topics like supply and demand, market structures, and economic policies.
We know how hard it is to understand the economics concepts. You do not need to worry as we are going to make everything easy for you, including the answers.
This is to inform the general public and all the students writing, especially those in the social sciences, that the ECONOMICS EXPO answers are ready with us. We ensured that the answers are in line with the marking scheme.
NECO 2024 ECONOMICS (OBJ/ESSAY) QUESTIONS AND ANSWERS
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2024 NECO Economics Essay Answers
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QUESTION 4
NUMBER 4
(4)
(PICK ANY FOUR)
(i) What to Produce: Societies must decide which goods and services to produce and in what quantities. Given limited resources, producing more of one good often means producing less of another. This involves determining the allocation of resources to various sectors such as agriculture, industry, and services.
(ii) How to Produce: This problem revolves around the methods and technologies used in production. Societies must decide whether to use labor-intensive or capital-intensive techniques. The choice affects the efficiency of production and the cost of goods and services. It also influences the level of employment and the distribution of income.
(iii) For Whom to Produce: Once goods and services are produced, the next question is who gets to consume them. This involves decisions about the distribution of income and wealth. Societies must determine how to allocate products among different individuals and groups, balancing equity and efficiency.
(iv) Efficient Use of Resources: Societies must ensure that resources are used efficiently to maximize output and minimize waste. This involves optimizing the allocation of land, labor, capital, and entrepreneurship. Efficient use of resources is crucial for achieving economic growth and development.
(v) Ensuring Economic Stability: Economic stability involves managing fluctuations in the economy, such as inflation, unemployment, and economic cycles (booms and recessions). Societies need to implement policies that stabilize the economy and promote steady growth.
(vi) Economic Growth: Societies strive for economic growth to improve living standards and provide for a growing population. This involves increasing the production of goods and services over time. Policies that promote investment, innovation, and productivity are essential for sustainable economic growth.
(vii) Provision of Public Goods: Public goods, such as national defense, public parks, and infrastructure, are essential for the well-being of society but are not typically provided by the private sector. Governments must decide how to fund and provide these goods, ensuring that they are available to all members of society.
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2024 NECO Economics OBJ Answer
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NECO ECONOMIC QUESTIONS 2024
