An economy system is mainly concerned with

Step 1: Analyze the question The question asks what an economic system is mainly concerned with. An economic system is the way a society organizes the production, distribution, and consumption of goods and services.

Step 2: Explain the concept Every society faces scarcity: human wants are unlimited, but resources (land, labour, capital, entrepreneurship) are limited. Because of this, every economic system, whether traditional, capitalist (market), socialist (command), or mixed (like Nigeria's), must answer the basic economic questions:

• What to produce?
• How to produce it?
• For whom to produce it?

All of these are really about allocating scarce resources among competing uses (alternative ends).

Step 3: Evaluate the options

• A. Studying the relationship between ends and means. This is close to Lionel Robbins' definition of economics as a subject, not of an economic system. An economic system does not "study"; it organizes and allocates.
• B. The allocation of scarce resources between alternative ends. This describes exactly what an economic system does: it decides how limited resources are shared among competing uses.
• C. Handling situations of abundant resources. Economics deals with scarcity, not abundance. Incorrect.
• D. The establishment of economic laws. This is the work of economists and theory-building, not the main concern of an economic system.

Step 4: Answer The correct option is B, the allocation of scarce resources between alternative ends.

Tip: Link the words "economic system" → "allocation of scarce resources". If you see "study" or "relationship between ends and means," think of the definition of economics (Robbins). If you see "organizing/allocating/deciding what, how, for whom," think of the economic system.