Tag Archives | Central Problems of an Economy

Notes on the Central Problems of an Economy [with its solutions]

Compilation of Notes on the Central Problems of an Economy with its solution for class 10, 11 and 12 students. Rich or poor, developed or undeveloped, every economy must face three central problems. These are: (A) What to produce? (B) How to produce? and (C) For whom to produce? Following is a brief description of these problems: (A) What to [...]

By Sucheta A|2018-06-18T10:58:06+05:30June 18, 2018|Central Problems|Comments Off

Central Problems of an Economy (With Diagram)

In this article we will discuss about the central problems of an economy, also learn about their relative importance. Every nation's resources are insufficient to produce the quantities of goods and services that would be required to satisfy all the wants of its citizens. This is known as the problem of scarcity and this can be overcome by exercising choice. [...]

By Nipun S|2017-01-13T05:58:26+05:30January 13, 2017|Economic Problems|Comments Off