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Question : The central problem in economics is that of

Option 1: comparing the success of command versus market economies.

Option 2: guaranteeing that production occurs in the most efficient manner.

Option 3: guaranteeing a minimum level of income for every citizen.

Option 4: allocating scarce resources in such a manner that society's unlimited needs or wants are satisfied in the best possible manner.


Team Careers360 15th Jan, 2024
Answer (1)
Team Careers360 18th Jan, 2024

Correct Answer: allocating scarce resources in such a manner that society's unlimited needs or wants are satisfied in the best possible manner.


Solution : The correct answer is (d) allocating scarce resources in such a manner that society's unlimited needs or wants are satisfied in the best possible manner.

The central problem in economics is how to allocate scarce resources in a way that satisfies society's needs and wants as best as possible. This is a difficult problem because resources are limited, but human wants are unlimited.

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