expalin the problem of whta to produce
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This problem has two dimensions :
1. What goods and services should be produced.
2. In what quantity, goods and services should be produced.
What to produce is a selection problem. An economy can produce various combinations of goods and services from its given resources. The problem is, which of these composites select the economy. This is the problem of selection of goods and services. There are two options in it :
• Consumer Goods
• Capital Goods.
1. What goods and services should be produced.
2. In what quantity, goods and services should be produced.
What to produce is a selection problem. An economy can produce various combinations of goods and services from its given resources. The problem is, which of these composites select the economy. This is the problem of selection of goods and services. There are two options in it :
• Consumer Goods
• Capital Goods.
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