SSC
INDIAN ECONOMY
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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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How to produce
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For whom to produce
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All of the above
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Detailed explanation-1: -’Scarcity of economics’ is the central problem of economics .
Detailed explanation-2: -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-3: -What to produce? How to produce? For whom to produce? What provisions (if any) are to be made for economic growth?
Detailed explanation-4: -The main causes of economic problems are: Scarcity of resources like labour, land, and capital are insufficient when compared to the demand. Human beings’ demands and wants are unlimited and keep multiplying. Therefore, they cannot be satisfied because of limited resources.