Question

Central problem of an Economy

Answer 1

↪️ THREE BASIC CENTRAL PROBLEMS FACED BY INDIAN ECONOMY ARE AS FOLLOWS :-

1. PRODUCTION
2. DISTRIBUTION
3. DISPOSITION OF GOODS AND SERVICES....

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Answer 2

Answer:What to produce, how to produce and for whom to produce.

Explanation:✔What to produce refers to the selection of goods and services to be produced and in what quantity it should be produced.

✔How to produce refers to the technique of production.

There are 2 techniques of production:

1. Labour Intensive Technique: This is suitable for a country such as India where labour is in abundance.

2. Capital Intensive Production: This is suitable for a country such as USA where capital is in abundance.

✔For Whom to Produce: It refers to the category of people who will ultimately consume the goods,whether to produce more for rich or for poor.