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Explain the Problem of What to Produce. - CBSE (Arts) Class 12 - Economics

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Question

Explain the problem of what to produce.

Solution

What to produce refers to the selection of the goods and the quantity to be produced of each selected commodity. This problem arises because resources are scarce and have alternative uses. As many goods can be produced from these resources, the problem is that which of the goods should be produced.

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Solution Explain the Problem of What to Produce. Concept: Demand.
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