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What is the fundamental problem that every economy faces?
  • a)
    Unlimited resources and unlimited wants
  • b)
    Scarcity of resources and unlimited wants
  • c)
    Abundance of resources and limited wants
  • d)
    Scarcity of resources and limited wants
Correct answer is option 'B'. Can you explain this answer?
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What is the fundamental problem that every economy faces?a)Unlimited r...
Every economy faces the problem of scarcity, where resources are limited while wants are unlimited.
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Read the following passage and answer the questions that follow: At the micro level, every economy faces three central problems, i.e., what to produce, how to produce and for whom to produce.What to Produce : The problem of ‘what to produce’ arises as the producers have limited resources. In an economy because of scarcity of resources, producers are unable to produce everything in bulk but they will have to make a choice as to which one is important as a whole so that limited resources can be rationally managed. Problem of ‘what to produce’ involves two-fold decisions : the kind of goods to be produced and the quantity of goods to be produced.How to Produce : It is concerned with how to organise production. This problem is related to the choice of technique of production. It arises due to the availability of various techniques for the production of a commodity such as Labour– Intensive Technique and Capital–Intensive Technique.For Whom to Produce : The problem of ‘for whom to produce’ is the problem of distribution of produced goods and services. At the micro level, the decision relates to different sets of buyers in the economy. In an economy, producers would obviously be inclined to produce more for the rich buyers to maximise their profits but, the government also intervenes to regulate the use of resources, so that enough production is done for the poorer sections of the society also.Q. The problem of ..................... is the problem of distribution of produced goods and services.

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What is the fundamental problem that every economy faces?a)Unlimited resources and unlimited wantsb)Scarcity of resources and unlimited wantsc)Abundance of resources and limited wantsd)Scarcity of resources and limited wantsCorrect answer is option 'B'. Can you explain this answer?
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