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In a market economy, the central problems are solved by
- a)Planning authority
- b)Market mechanism
- c)Supply of goods
- d)Demand for goods
Correct answer is option 'B'. Can you explain this answer?
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In a market economy, the central problems are solved bya)Planning auth...
Through price mechanism in market
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In a market economy, the central problems are solved bya)Planning auth...
There are two main methods to solve these central problems. The first method is to solve these problems through market or price mechanism. That is, what goods are to be produced and what quantities, which methods for production are to be employed for the production of goods and how the output is to be distributed, should be decided by the free play of the forces of demand and supply.
The second method which can be employed to solve the central problems is the adoption of economic planning.
The second method which can be employed to solve the central problems is the adoption of economic planning.
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In a market economy, the central problems are solved bya)Planning authorityb)Market mechanismc)Supply of goodsd)Demand for goodsCorrect answer is option 'B'. Can you explain this answer?
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