Question

What does problem of what to produce raise. Explain?

Answer 1

Answer:

The economic problem – sometimes called the basic or central economic problem – asserts that an economy's finite resources are insufficient to satisfy all human wants and needsEconomics involves the study of how to allocate resources in conditions of scarcity.However, viewing economics as the study of how society allocates resources can lead to conflation of normative economic planning and empirical study of how economic agents operate in these conditions.