Question

how central problem solved in different economics?​

Answer 1

Answer:

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. ... In the same way, price of the factors of production is determined in the factor market.

Explanation:

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Answer 2

Answer :

Their are different ways to deal with different problems of economy

the problem of how to produce is solved as

• centrally planned :the govt will go labour intensive for the welfare of people
• market economy: under this private sector will go for production with machinery in order to maximize profit.
• mixed economy:a balance between labour and machine

The solution of problem of for whom to produce ? are

• centrally planned:under this govt will go for choice of the category of rent and wages earned for the welfare of people
• market economy:under this the private sector will choose for category of internet and profit corner
• mixed economy: a balance maintain between the 2 categories

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