Central problems of economics

This is probably one of the shorter blogs as i want you to just memorize the three central problems of economics written below.

1. what to produce ?

2. How to produce ?

3. For whom to produce?

my next blog will be on economic system where you will see how different systems like capitalism, socialism , marxism tries to deal with these central problem and drawback and merits of each systems.

Lalan Choudhary

BPSC 66th Rank 72.

Comments

Why Rupee and other Currencies are falling against dollar?

One of my friend asked this question to me on whatsapp very innocently and i thought what better then to explain it here so that other people also can benefit. if we see this graph we can see clearly that rupee is falling consistency against dollar . But this is not due to indian economy doing badly but is a global phenomenon due to inflation in usa , the central bank is tightening its grip and raising interest rates . This rise in interest rate is expected to continue so much that iMF's economic outlook has predicted year 2023 as year of recession . M Mm D Mmm9 Mmmmmzll Mmmmmmmmmmmmmmmmmmmmmmmmlmmmmmmmlmmmmmmmmmmlmlmmm I8,a As usa federal reserve is raising interest people are pulling their money called for9 eign portfolio investment from developing and poor countries to a safer bond market in usa , this raises demand for dollar. we also have a deficit in current account with rest of the world due to which we demand dollar , also t...

Purpose

Purpose of starting this blog Dear Readers, The main purpose of starting this blog is to share whatever little knowledge i have in a simple yet conceptually correct way to the readers. Here i will post the basics of economics to the readers. will try my best to maintain sequence and chronology , although current events might encourage me to break the sequence .

economist

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