Why do central problem arise in all economy ? Explain with examples.

1.	Why do central problem arise in all economy ? Explain with examples.
Answer» Answer: Central problems arise in an economy due to scarcity of resources having ALTERNATIVE USES in RELATION to unlimited wants. For Whom to Produce: ... Thus, when the price of every commodity and every factor of production are determined, the third problem will be solved. Therefore, all HUMAN wants cannot be SATISFIED with limited means. Wants differ in intensity and limited resources have alternative uses.

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Answer:

Central problems arise in an economy due to scarcity of resources having ALTERNATIVE USES in RELATION to unlimited wants. For Whom to Produce: ... Thus, when the price of every commodity and every factor of production are determined, the third problem will be solved. Therefore, all HUMAN wants cannot be SATISFIED with limited means. Wants differ in intensity and limited resources have alternative uses.

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Why do central problem arise in all economy ? Explain with examples.

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