What are the central problems of an economy and why do they arise 1? – InterviewSolution

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1.	What are the central problems of an economy and why do they arise 1?
Answer» There are three main central PROBLEMS faced by an economy they are...... 1 What to produce .....( this have the PROBLEM of choice what is to be produced and in which quantity ) 2 How to produce..... ( by LABOUR intensive or CAPITAL intensive technique).. 3 For whom to produce... ( for rich or poor sector and ALSO problem of choice in case of income distribution).... Economic problems are the problems of choice or optimum utilization of scare Resources arises out of the fact that... 1 resources are scare... 2 resources have alternative uses. 3 human wants are unlimited... Hope it helps u.....

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