Question

discuss the problem of what and how to product( in 100 words​

Answer 1

Answer:

The problem of choice arises due to the account of the pressure of three interrelated facts, viz, human wants are unlimited, means required to satisfy these wants are limited and means are capable of being put to alternative uses. There would be no problem if the scarce means had only a single use. However, in reality, these scarce means have alternative uses.

To avoid the economic problem one has to decide how to allocate the scarce resource. One has to understand how to achieve efficiency with the existing resources Also, one has to understand that some resources are limited. One always has to deal with the scarcity and the choices.

These are some of the economic problems. A producer has to go through these. He needs to find solutions for the economic problem.

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