Understanding the Central Problems of an Economy and Their Solutions In economics, every society faces a fundamental challenge known as the central problems of an economy. These problems arise due to the scarcity of resources and the unlimited wants of individuals. The central problems are threefold: what to produce, how to produce, and for whom…

In this post we are going to discuss about the definition of economics. Definition of economics is not fixed it has evolved with the time and different economists defined economics as per their studies and challenges they faced to understand economics. Initially economics was not a separate subject it was studied as a part of…