Answer:
Society's economic system determines the way a society allocates it's scarce resources to produce goods and services.
Option: A
Explanation:
To maintain sustainable development and to ensure a good future towards our present generation optimum use of available resource is required.
That means people will use the resource as per their demand keeping one thing in their mind that we have to preserve this existing resource for our future generation also.
Society (a group of people) allocates the existing resource to produce good and services. Unless an object used in a proper way for the benefit of public it does not called resource.
To face this raising scarcity of resource people needs to be very aware and conscious.
Need statements to answer
Answer:
B) The GDP will increase because Nigeria will be able to produce more oil
Explanation:
The introduction of a new technology would result in an increase in the volume of crude oil being produced by the nation. This in turn will improve the net exports of the government which would increase the gross domestic product of the country.
Gross domestic product is the total market value of the goods and services produced by a country within a specified period. It is calculated by summing up consumption, investment, government spending, and net exports.
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