what are the central problems of an economy? how can these be solved?
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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.
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.
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