Question

explain the central problem of an economy. do all economic have similar central problem?​

Answer 1

Explanation:

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. Every economic activity in Capitalist economy is influenced by profit motive.

Answer 2

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.