CLASS XIth MICRO ECONOMICS CHAPTER 2 IN ENGLISH

 COMMERCE LERNING POINT

Central Problems of An Economy

1. The problem of making a choice among alternative uses of resources is known as basic or central problem of an economy.
2. There are many central problems of an economy, but according to syllabus we have to do one, that is;

Problem of Allocation of Resources: Every economy has limited resources which can alternatively be used to produce different goods and services. Hence, it has to allocate its available resources in the production of different goods and services in such a manner that it ideally meets the needs of the society. While allocating resources optimally, the decisions the following three central problems of an economy are required to be taken:

1.    What to produce?

2.    How to produce?

3.    For whom to produce?

TO DOWNLOAD FULL NOTES LINK IS GIVEN BELOW

DOWNLOAD

SUBSCRIBE OUR YOUTUBE CHANNEL FOR MORE :- CLICK HERE