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Central Problems Of An Economy

Central Problems of an economy are mainly divided into three categories:

  1. Problem of allocation of recourses
    i. What to produce & How to produce?
    ii. How to produce?
    iii. For Whom to produce?
  2. Fuller utilization of resources.
  3. Growth of resources of economic development. 

For Whom Are These Goods Produced

The “for whom” problem concerns with the distribution of income and wealth.

How Are These Goods Produced

The “how” problem refers to the choice of methods of production of goods and services.

What Is Produced And In What Quantities

The “what” problem refers to which goods and services will be produced in an economy and in what quantities.