4. Explain the Problem of 'What to Produce
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The central problem of "what to produce?" which is faced by the economy where the economy decides the goods that needs to be produce in the economy wether consumer or capital goods to satisfy human wants keeping in mind the available resources and state of technology in the economy.
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The central problem of "what to produce" is concerned with what commodities are to be produced and in what quantity. whether an economy should produce more of capital goods or necessity goods A production possibility curve shows different combinations of goods that can be produced with given resources, hence it helps the economy to know how much quantity of products one can produce with given resources.
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