(i) Which goods should be produced and in how much quantity? (scarcity)
(ii) What technique should be adopted for production? (efficiency, PPC)
(iii) For whom goods should be produced? (allocation of goods)
What is the central economic problem
The central problem of any economic organization is how to provide a high SOL (standard of living) for all of its members.the central problem of modern economics is scarcity.
central government alone
central government alone
define economic problem
What is the central economic problem
The central problem of any economic organization is how to provide a high SOL (standard of living) for all of its members.the central problem of modern economics is scarcity.
central government alone
central government alone
There a three catagories of problems: political, economic, and social. social is what is happening with the people. Economic is what is happening in the buisness field, and political problem is referring to the government! Hope this helps!
define economic problem
The Central Valley's economic base is agriculture.
Central Economic Mathematical Institute was created in 1963.
The basic economic problem which is Scarcity give rise to 3 fundamental problems. 1) What to produce (Type & how many) 2) How to produce (Methods of production) 3) Whom to produce for (Not for everyone will get the good) Because of limited resources.
an economic system in which the central government directs all major economic decisions
Economic Community of Central African States was created in 1981.
the consequences of the economic problem