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What are the central problems of an economy? - Economics

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Question

What are the central problems of an economy?

Very Short Answer
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Solution

Every society has to decide ‘what to produce’? ‘How to produce’ and ‘for whom to produce’? All these problems are collectively known as central problems of an economy.

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Chapter 5: Basic Problems of An Economy - QUESTION BANK [Page 82]

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J. P. Goel and Kaushal Goel Economics [English] Class 9 ICSE
Chapter 5 Basic Problems of An Economy
QUESTION BANK | Q 10. | Page 82
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