Grade 11 Exam > Grade 11 Videos > Economics for Grade 11 > Central Problems of Economy
Central Problems of Economy Video Lecture | Economics for Grade 11
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FAQs on Central Problems of Economy Video Lecture - Economics for Grade 11
| 1. What are the central problems of the economy? |  |
Ans. The central problems of the economy refer to the fundamental challenges faced in managing scarce resources to meet unlimited human wants. These problems include what to produce, how to produce, and for whom to produce. The article further discusses these problems in detail.
| 2. How does the economy address the problem of what to produce? | |
Ans. The economy addresses the problem of what to produce through the process of resource allocation. This involves determining the goods and services that are most needed and desired by society. The market mechanism, through the interaction of supply and demand, plays a significant role in guiding producers to produce goods and services that are in demand.
| 3. What factors influence the decision on how to produce? | |
Ans. The decision on how to produce is influenced by several factors, including technology, available resources, and cost considerations. Technological advancements can lead to more efficient production methods, while the availability of resources determines the feasibility of different production techniques. Additionally, producers consider cost-effectiveness to maximize their profits.
| 4. How does the economy address the problem of for whom to produce? | |
Ans. The problem of for whom to produce is addressed through the distribution of goods and services. In a market economy, this is primarily determined by purchasing power. Those with higher incomes can afford to purchase more goods and services, while those with lower incomes have limited purchasing power. This distribution is influenced by factors such as wages, income inequality, and social welfare programs.
| 5. What are the consequences of not effectively addressing the central problems of the economy? | |
Ans. Failing to effectively address the central problems of the economy can lead to various consequences. If the economy produces goods and services that are not in demand, there may be excess supply, resulting in wasted resources and inefficiency. Inadequate allocation of resources can also lead to shortages of essential goods and services. Furthermore, if the distribution of goods and services is unfair, it can result in social and economic inequalities.
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Nov 23, 2024 Last updated |
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