Write a note on central problems of an Economy
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The allocation of scares resources and the distribution of the final goods and services are the central problem of the economy. The Reason behind these central problems is the compulsion of making choices among alternative uses of scarce resources to get maximum satisfaction.
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ᴛʜᴇ ᴀʟʟᴏᴄᴀᴛɪᴏɴ ᴏғ sᴄᴀʀᴇs ʀᴇsᴏᴜʀᴄᴇs ᴀɴᴅ ᴛʜᴇ ᴅɪsᴛʀɪʙᴜᴛɪᴏɴ ᴏғ ᴛʜᴇ ғɪɴᴀʟ ɢᴏᴏᴅs ᴀɴᴅ sᴇʀᴠɪᴄᴇs ᴀʀᴇ ᴛʜᴇ ᴄᴇɴᴛʀᴀʟ ᴘʀᴏʙʟᴇᴍ ᴏғ ᴛʜᴇ ᴇᴄᴏɴᴏᴍʏ. ᴛʜᴇ ʀᴇᴀsᴏɴ ʙᴇʜɪɴᴅ ᴛʜᴇsᴇ ᴄᴇɴᴛʀᴀʟ ᴘʀᴏʙʟᴇᴍs ɪs ᴛʜᴇ ᴄᴏᴍᴘᴜʟsɪᴏɴ ᴏғ ᴍᴀᴋɪɴɢ ᴄʜᴏɪᴄᴇs ᴀᴍᴏɴɢ ᴀʟᴛᴇʀɴᴀᴛɪᴠᴇ ᴜsᴇs ᴏғ sᴄᴀʀᴄᴇ ʀᴇsᴏᴜʀᴄᴇs ᴛᴏ ɢᴇᴛ ᴍᴀxɪᴍᴜᴍ sᴀᴛɪsғᴀᴄᴛɪᴏɴ.
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