Question

Name the three central problems of an economy

Answer 1

Answer:

Some of the central problems that are faced by every economy of a country are as follows:

Production, distribution and disposition of goods and services are the basic economic activities of life. In the course of these activities, every society has to face scarcity of resources. Because of this scarcity, every society has to decide how to allocate the scarce resources.

Answer 2

Answer:

Some of the central problems that are faced by every economy of a country are as follows:

Production, distribution and disposition of goods and services are the basic economic activities of life. In the course of these activities, every society has to face scarcity of resources. Because of this scarcity, every society has to decide how to allocate the scarce resources.

Explanation: