Central problems of economy, scarcity, choice.

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CENTRAL PROBLEMS OF ECONOMY 


     1.what to produce?

     2. How to produce?

     3. For whom to produce?


1.what to produce:

  Economy has limited resources thus cannot produce all the goods to increase the production of one good & service. We need to decrease the production of other.

   Like : war situation.


2. How to produce:

 This problem refers to selection of techniques to be used for production of goods & service

 Ex. Capital Intensive Technique.

        Labour Intensive Technique.


3. For whom to produce:

   It is problem related to selection of category of people who will consume the goods.

     Ex.  For rich and poor peoples.


These problems arise due to the problem of choice and scarcity.

                     SCARCITY

  A situation where supply is less than demand even at zero price.

                      CHOICE

 It is a process of selection from available limited alternative it emerge because:
      1. Resources are limited
      2. Alternative uses 
      3. Unlimited wants 

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