Why do central problems arise? Discuss briefly.

1.	Why do central problems arise? Discuss briefly.
Answer» Central problems are economic problems faced by each and every economy. They arise due to: (i) Scarcity of resources:- Human wants are unlimited and available resources in relation to same are scarce and limited. (ii) Alternate uses of resources:- Available resources can be put to multiple uses, hence, the economy has to make a choice amongst alternative uses of available resources.

Answer»

Central problems are economic problems faced by each and every economy. They arise due to:

(i) Scarcity of resources:- Human wants are unlimited and available resources in relation to same are scarce and limited.

(ii) Alternate uses of resources:- Available resources can be put to multiple uses, hence, the economy has to make a choice amongst alternative uses of available resources.

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Why do central problems arise? Discuss briefly.

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