Question

Explain the central problems of the economy

Answer 1

Answer:

The economic problem – sometimes called the basic or central economic problem – asserts that an economy's finite resources are insufficient to satisfy all human wants and needs.[1] Economics involves the study of how to allocate resources in conditions of scarcity.[1] However, viewing economics as the study of how society allocates resources can lead to conflation of normative economic planning and empirical study of how economic agents operate in these conditions.

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