GENERAL KNOWLEDGE

Detailed explanation-1: -The central problems are are related to the production of goods and services and how they are distributed which remains same in all the types of economies whether it is developed, developing or underdeveloped economies but the approach to solve them differs from economy to economy.

Detailed explanation-2: -The central problems of the economy arises because the resources in the economy are scarce and human wants are unlimited. Therefore, there is need for an efficient relationship between both the factors. Was this answer helpful?

Detailed explanation-3: -The three Central Problems of an Economy are? What to Produce and in What Quantity? How to Produce? For Whom to Produce?

Detailed explanation-4: -The central problem in economics is that what, how and for whom to produce and it is allocating scarce resources in such a manner that society’s unlimited needs or wants are satisfied as well as possible.

Detailed explanation-5: -The central problems of an economy revolve around the following factors:. What to produce? How to produce? For whom to produce?