explain the type of central problem
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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. Economics involves the study of how to allocate resources in conditions of scarcity.
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The allocation of scares resources and the distribution of the final goods and services are the central problem of the economy. The Reason behind these central problems is the compulsion of making choices among alternative uses of scarce resources to get maximum satisfaction...
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