Question

Make a presntation on the central problems an economy faces. explain these with reference of the indian 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.Economics involves the study of how to allocate resources in conditions of scarcity. 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.

Explanation:

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