make a presentation on a central problems of an economy face explain these with reference to the Indian economy
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Explanation: The problem of choice arises on account of the pressure of three interrelated facts, viz, human wants are unlimited, means required to satisfy these wants are limited and means are capable of being put to alternative uses. There would be no problem if the scarce means had only a single use.
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The central problems of production deals with production of necessary commodities using scarce means of resources. It includes problems that deal with the production of goods in an economy where it is decide that
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