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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? Read more NCERT Class 12 Economics Ce...

Difference between Personal Income and Disposal Personal Income Here, discussed on Difference between personal income and disposable income from economics  class 12   What is Income? Income is the money received by a person or a company in exchange for labour, the production of a good or service, or the contribution of capital. It's the monetary value of a company's consumption and saving options for a given time span. Wages and benefits are common sources of income for people. Organizations make money by selling products or services to cover their production costs.  Income is the flow of cash that comes into a family from employers, possessing a business, state benefits, rents on properties, etc. For households and people, “income is the amount of the multitude of wages, compensations, benefits, premium installments, rents, and different types of profit got in a given timeframe.”    In the field of public financial matters, the idea may involve the accumulation...

Difference Between Personal Income And Disposable Personal Income Here, discussed on Difference between personal income and disposable income from economics class 12   What is Income? Income is the money received by a person or a company in exchange for labour, the production of a good or service, or the contribution of capital. It's the monetary value of a company's consumption and saving options for a given time span. Wages and benefits are common sources of income for people. Organizations make money by selling products or services to cover their production costs.  The influx of cash into a family from jobs, owning a company, state benefits, property rents, and other sources is referred to as income. “Income is the amount of a variety of salaries, compensations, insurance, premium installment , rentals, and various forms of profit received in a specified time frame ” for households and individuals. In the field of public financial matters, the idea may involve the accumulat...