Explain the central problem of economey in detail.

1.	Explain the central problem of economey in detail.
Answer» 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.As such scarcity is evident, due to the availability of limited resources, and human needs having no limit. Therefore, this variation between the supply and demand leads to the formation of central problems of an economy.The central problems of an economy revolve around these factors.\tWhat to produce?\tHow to produce?\tFor whom to produce?

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