Question

Explain any one of the central problems of the economy?​

Answer 1

Answer:

The three basic economic problems are regarding the allocation of the resources. These are what to produce, how to produce, and for whom to produce.

Answer 2

1. What to produce?

It is one of the central problems that arise in an economy. It is related to the type of goods and services that need to be produced and the quantity to be produced.

Since resources are in limited quantities, producing more of one good will result in less production of the other.

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