how to produce problem of economy explanation it
Answers
Answer:
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.
Answer:
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Explanation:
Economic problems are the science that studies human behavior in relationship with ends and scarce means that have alternative uses. In other words, it deals with the problem of choice. According to Professor Eric Roll, Baron Roll of Ipsden, 'Economic problem is essentially a problem arising from the necessity of choice; choice of the manner in which limited resources with alternative uses are disposed off. It is a problem of husbandry of resources.' Economic problems 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 i