Explain the central problem of an economy." what to produce and how to produce
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which is faced by the economy where the economy decides the goods that needs to be produce in the economy wether consumer or capital goods to satisfy human wants keeping in mind the available resources and state of technology in the economy.
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Once the decision regarding the goods to be produced is taken, the next problem as to what techniques should be adopted to produce the commodity arises. This function is related to the allocation of resources to production techniques which have to be employed during the production of goods and services.
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