Question

what are the three central problems of an economy
class 11
answer​

Answer 1

Answer:

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.

Explanation:

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Answer 2

In every economy, the resource is limited. Thus, a society can’t satisfy all the wants of its people. Here, the economy has to make choices regarding what types of goods need to be produced and in what quantity. This choice-making factor crates problems in the economy.Due to the limited resources, an economy can’t fulfil the needs of everyone. Keeping that factor in mind, it is crucial to decide what goods would be produced for which sections of society.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.