Grade 11 Exam > Grade 11 Videos > Economics for Grade 11 > Central Problems of Economy
Central Problems of Economy Video Lecture | Economics for Grade 11
|
83 videos|288 docs|49 tests
|
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.
Related Exams
About this Video
|
4.95/5 Rating |
|
Dec 26, 2024 Last updated |
Video Description: Central Problems of Economy for Grade 11 2024 is part of Economics for Grade 11 preparation.
The notes and questions for Central Problems of Economy have been prepared according to the Grade 11 exam syllabus.
Information about Central Problems of Economy covers all important topics for Grade 11 2024 Exam.
Find important definitions, questions, notes, meanings, examples, exercises and tests below for Central Problems of Economy.
Introduction of Central Problems of Economy in English is available as part of our Economics for Grade 11 for Grade 11 & Central Problems of Economy in
Hindi for Economics for Grade 11 course. Download more important topics related with notes, lectures and mock test series for
Grade 11 Exam by signing up for free.
Description
Video Lecture & Questions for Central Problems of Economy Video Lecture | Economics for Grade 11 - Grade 11 full syllabus preparation | Free video for Grade 11 exam to prepare for Economics for Grade 11.
Information about Central Problems of Economy
Here you can find the meaning of Central Problems of Economy defined & explained in the simplest way possible.
Besides explaining types of Central Problems of Economy theory, EduRev gives you an ample number of questions to practice Central Problems of Economy tests,
examples and also practice Grade 11 tests.
|
83 videos|288 docs|49 tests
|
|
Explore Courses for Grade 11 exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
Objective type Questions
,study material
,Free
,Viva Questions
,shortcuts and tricks
,ppt
,Previous Year Questions with Solutions
,Extra Questions
,Important questions
,past year papers
,video lectures
,MCQs
,Central Problems of Economy Video Lecture | Economics for Grade 11
,Central Problems of Economy Video Lecture | Economics for Grade 11
,Central Problems of Economy Video Lecture | Economics for Grade 11
,Summary
,practice quizzes
,mock tests for examination
,Exam
,Sample Paper
,Semester Notes
;
Study Central Problems of Economy on the App
Students of Grade 11 can study Central Problems of Economy alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the Central Problems of Economy,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of Central Problems of Economy is prepared as per the latest Grade 11 syllabus.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup