Skip to main content

Central Problems of an Economy topic of CS Foundation

Central Problems of an Economy – topic of CS Foundation

Online CS Preparation : Production, distribution and disposition of goods and services are the basic economic activities of life. In the course of these activities, every society has to face scarcity of resources. Because of limited resources/scarcity of resources and infinite demands, society needs to determine how to produce and distribute these relatively scarce resources.
  1. What to produce?
Land, labour, capital, machines, tools, equipment’s and natural means are limited. Every demand of every individual in the economy cannot be satisfied, so the society has to decide what commodities are to be produced and to what extent.
There are 2 possible aspects of this central problem:

(i) What possible commodities to produce:  An economy has to decide, which consumer/general goods (rice, wheat, clothes, etc.) and which of the capital goods (machinery, equipment’s, etc.) are to be produced. In the same way, economy has to make a choice between civil goods (bread, butter, etc.) and defence goods (guns, tanks, etc.).

(ii) How much to produce: After deciding the goods to be produced, economy has to decide the quantity of each commodity that is selected. It means, if involves a decision regarding the quantity to be produced, of consumer or capital goods and civil or defence goods.

Watch and learn, for demo and free lectures click on CS Foundation online classes.
Takshila Learning offers online classes for CS course preparation. You can attempt our CS Foundation, CS Executive, or CS Professional classes with detailed explanation.  We try to provide explanation for the topics related to their profession so that they can understand the subject better. We value your money and time, and we provide complete support to our students. Students can contact us through e-mail, calls or online chats directly available on our site.

For a Free Demo call @ +91-88009-99280

Comments

Post a Comment

Thank you we will contact ASAP.

Popular posts from this blog

Why is Hindi Day celebrated on 14 September?

Why is Hindi Day celebrated on 14 September? After independence, the Government of India set a goal to give an ideal form to the mother tongue of the country and set a target for grammar and orthography using the Devanagari script to bring standardization in writing. Subsequently, on September 14, 1949, the Constituent Assembly decided by a vote that Hindi would be the official language of India. To propagate the importance of this decision and to spread Hindi in every region, India is celebrating Hindi Day every year from 1953 to 14 September, at the request of Rashtrabhasha Prachar Samiti, Wardha. Apart from this, 14 September is also the birthday of Rajendra Singh, who worked tirelessly to make Hindi the official language of India. Hindi Day is observed every year on 14 September to mark the importance of the Hindi language in the country. The Hindi language is one of the oldest languages, which derives most of its academic vocabulary from the Sanskrit language written in the Deva
Post a Comment
Read more

Magnetic and non-magnetic material Class 6 Science

Magnetic and non-magnetic material  Class 6 Science A magnet is a substance that is drawn to certain magnetic materials like iron, cobalt, and nickel. Magnets have the ability to draw iron to them. Natural magnets are rocks that naturally draw iron. Non-magnetic materials include things like wood, rubber, coins, feathers, leather, etc. that are not drawn to iron. Magnet characteristics It pulls magnetic materials, such as iron. The magnet's two ends are referred to as its poles. The magnet's diametrically opposed poles are drawn together. Heating, hammering, or dropping causes it to lose its characteristics. On the basis of properties types of Magnets Temporary magnets are those magnets that are magnetic for only a little duration. Typically, iron, cobalt, or nickel are used to make them. When they are close to the powerful magnet, they act like a magnet. When they are yanked away from the powerful magnet, they stop being magnetic. Permanent magnets are magnets that have magne
Post a Comment
Read more