The Government of India decided to produce 1000 million quintals of wheat this year the decision regarding quantity of production is a part of which central problem of the economy
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An economic problem generally means the problem of making choices that occurs because of the scarcity of resources. It arises because people have unlimited desires but the means to satisfy that desire is limited. Therefore, satisfying all human needs is difficult with limited means.
Causes of Economic Problem
Scarcity of resources: Resources like labour, land, and capital are insufficient as compared to the demand. Therefore, the economy cannot provide everything that people want.
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