What do you mean by Economics? Discuss the Central problem of Economics?
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The basic economic activities depend on the production, distribution, and disposition of services and goods that can fulfil human requirements. ... But, resources that satisfy human wants are scarce. This immensity of want and scarcity of resources gives birth to the central problems of an economy.
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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.
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