NCERT Class 12 Economics Central Problem of an Economy

There are economic problems in every economy in the globe, whether it is developed, developing, or undeveloped. An economic issue is essentially one of choice in the utilisation of finite resources to satisfy limitless human desires. It must choose what to create from its limited resources in order to provide its citizens the most satisfaction. The economic issue exists as a result of

Human desires are limitless.
There are few resources.
Alternative uses for resources

But the central issue in an economy is the choice dilemma. The choice problem, also known as the core problem, is caused by a lack of resources with different uses relative to demand. Each economy must determine how many resources will be needed to produce various goods and services. The primary issue is therefore resource allocation. Concerns with resource allocation include:

a production plan
How to create
Whom should I produce?

NCERT Class 12 Economics Central Problem of an Economy

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