What are the basic problems of an economy ? How it will be solvedI nee – InterviewSolution

1.	What are the basic problems of an economy ? How it will be solvedI need my answer fast its really importantgive right answer plzzzz
Answer» Basic problems of economy are What to produce How to produce For whom to produce The decisions are taken as under: a. What to Produce? The producers will produce those goods which offer them high profits. b. How to Produce? The producers will always use that technology which maximizes efficiency and minimizes cost. c. For Whom to Produce? In a free economy, the producers will produce goods for those people who can AFFORD to pay high PRICE. Poorer sections of the society are OFTEN ignored. It causes the problem of Economic Divide (the GULF between the rich and the poor).

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