Question

define central problems. How are these solved in different economies?

Answer 1

Explanation:

The allocation of scares resources and the distribution of the final goods and services are the central problem of the economy. The Reason behind these central problems is the compulsion of making choices among alternative uses of scarce resources to get maximum satisfaction.

In order to solve the central problems, such an economy uses the impersonal forces of the market demand and supply or the price mechanism. Such an economy uses the impersonal forces of the market demand and supply or the price mechanism to solve its central problems

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Answer 2

ANSWER

Basic problems in Capitalist economies are solved through price mechanism, in Socialist economy through planning and in mixed economy through price mechanism and economic planning. ... In the same way, price of the factors of production is determined in the factor market.

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