ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What to produce
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Which to produce
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How to produce
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For whom to produce
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Detailed explanation-1: -The central problem of an economy does not deal with the time of production as it is assumed that human wants are unlimited and goods are required throughout the year. Therefore, the the problem of ‘When to produce?’ is not regarded as a central problem of the economy.
Detailed explanation-2: -(A) What to produce? A country cannot produce all goods because it has limited resources. It has to make a choice between different goods and services. Every economy has to decide what goods and services should be produced.
Detailed explanation-3: -The scarcity of resources is regarded as the root cause behind central economic problems.
Detailed explanation-4: -The central problems of production deals with production of necessary commodities using scarce means of resources. Therefore, “when to produce” is not a central problem as it is assumed that goods are demanded throughout the year because of unlimited human wants.
Detailed explanation-5: -Solved Question on Basic Problems Of An Economy What to produce? How to produce? For whom to produce? What provisions (if any) are to be made for economic growth?