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?
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