what are the central problems of an economy
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The three basic economic problems are regarding the allocation of the resources. These are what to produce, how to produce, and for whom to produce.
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Ans. – The three basic economic problems are regarding the allocation of the resources. These are what to produce, how to produce, and for whom to produce.
Problem # 1. What to Produce and in What Quantities?
Problem # 2. How to Produce these Goods?
Problem # 3. For whom is the Goods Produced?
Problem # 4. How Efficiently are the Resources being Utilised?
Problem # 5. Is the Economy Growing?
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