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Central Problems of an Economy Video Lecture | SSC CGL Tier 2 - Study Material, Online Tests, Previous Year

FAQs on Central Problems of an Economy Video Lecture - SSC CGL Tier 2 - Study Material, Online Tests, Previous Year

1. What are the central problems of an economy?

Ans. The central problems of an economy refer to the fundamental economic questions that arise due to scarcity of resources. These problems include what to produce, how to produce, and for whom to produce.

2. Why is the problem of scarcity important in an economy?

Ans. Scarcity is important in an economy because it creates a need for choices and trade-offs. Due to limited resources, societies must decide what goods and services to produce and how to allocate them efficiently.

3. How does the problem of allocation relate to the central problems of an economy?

Ans. The problem of allocation is a key aspect of the central problems of an economy. It involves determining how resources should be distributed among different uses and individuals, addressing the question of "for whom to produce."

4. How do the central problems of an economy impact economic growth?

Ans. The central problems of an economy can impact economic growth by influencing resource allocation, production decisions, and distribution of goods and services. Efficient solutions to these problems can promote growth, while inefficient solutions can hinder it.

5. What role do market mechanisms play in addressing the central problems of an economy?

Ans. Market mechanisms, such as supply and demand, prices, and competition, play a crucial role in addressing the central problems of an economy. They help determine what goods and services to produce, how to produce them, and who gets access to them based on consumer preferences and resource availability.

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	SSC CGL Tier 2 - Study Material, Online Tests, Previous Year 1597 videos\|1640 docs\|920 tests

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1597 videos|1640 docs|920 tests

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