Question

What Are the 5 Basic Economic Problems?

Answer 1

The 5 basic problems of an economy are as follows:

1. What to produce and what quantity to produce?
2. How to produce?
3. For whom to produce the goods?
4. How efficient are the resources being utilised?
5. Is the economy growing?

Also read:

Central Problems of an Economy

MCQs on Central Problems of an Economy

Learn about more questions and answers on business studies and various other commerce topics from our website.