Welcome to today’s JUPEB Economics tutorial on AllCBTs, where we break down frequently asked questions and explain them step-by-step. This session focuses on how societies solve fundamental economic problems across various economic systems — a popular topic in JUPEB exams.
Let’s get started with the questions and answers.
Understanding the Question
The question asks:
Using appropriate illustrations and examples, explain how the economic problems of a society are solved in different economic systems.
Notice this question combines two core topics:
- Economic problems of society
- Economic systems
Your answer must cover both aspects to earn full marks.
The Three Basic Economic Problems
Every society faces three key economic problems due to scarcity of resources:
- What to produce?
- What goods and services should the society prioritize?
- How to produce?
- Which production methods or technology should be used?
- For whom to produce?
- How will the produced goods and services be distributed among the population?
Economic Systems and How They Solve These Problems
1. Capitalist (Market) Economy
- Decisions are made through demand and supply forces.
- Prices guide producers on what to produce and how much.
- Distribution is based on purchasing power — those who can pay get the goods.
2. Socialist Economy
- The government controls major means of production.
- Decisions on what, how, and for whom to produce are made centrally.
- Goal: achieve equity and social welfare rather than profit.
3. Mixed Economy
- Combines features of both capitalist and socialist systems.
- Government intervenes in key sectors, while private individuals also participate in production.
- Balances efficiency with fairness.
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How to Present Your Answer in Exams
- Define key terms: Start by defining economic problems and economic systems.
- Explain with examples: Use real-life scenarios (e.g., Nigeria’s mixed economy).
- Structure your points: Present solutions for each economic system clearly.
- Conclude smartly: Summarize how each system addresses scarcity and resource allocation.
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Keywords
JUPEB Economics 2025, JUPEB past questions and answers, basic economic problems, types of economic systems, capitalist economy JUPEB, socialist economy JUPEB, mixed economy exam questions, AllCBTs tutorials.
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