what are the central problem of economics
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these are the central problem of economics
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The basic economic activities of life are production, distribution and disposition of goods and services. A society will be facing scarcity of resources during the time of fulfillment of these activities. ... Therefore, this variation between the supply and demand leads to the formation of central problems of an economy
The fundamental economic problem is the issue of scarcity and how best to produce and distribute these scare resources. Scarcity means there is a finite supply of goods and raw materials. Finite resources mean they are limited and can run out.
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