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Q. 1. What are the three main central problems of an economy ? Or Write any two problems of the economy ? Ans. (i) What to produce and how much to pro- duce ? : The very first central problem of economy is related to problem of choice. First and foremost problem of economy is—What to produce or which goods and services should be produced so that maximum wants and needs of people could be satisfied with limited resources. Every economy has to choose that which want should be satisfied and which should be sacrificed, postponed or left ? When an economy decides what to produce; then next problem appears i.e. 'How much to produce' ? or we have to decide that what quantity of consumption goods and capital goods should be produced ? (ii) How to produce ? : Second problem before the economy is 'how to produce' ? In fact, it is the problem related to the choice of technique: (iii) For whom to Produce : After getting the solution of the problem of what, how much and how to produce ? the nekt problem arises 'For whom to produce ?" or "How to distribute the production ?"