Question

Why do all economies have similar central problem ?

Answer 1

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 needs. It assumes that human wants are unlimited, but the means to satisfy human wants are limited.

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Answer 2

Answer:

all economics whether developed and undeveloping have similar central problem because one or more of their resources ( land, labour and capital) are limited and these resources can be put to alternative uses. The wants of economic are unlimited and these wants have to be maximised by putting the scare resources to the best possible use.... therefore all economics have to face the basic economics problem of choice ( what to produce, how to produce, for whom to produce)