Why does an economic
problem arise? Explain the problem of 'How to Produce'?
Explain the problem of 'What to Produce' with
the help of an example.
‘For whom to produce’ is a central problem of an
economy. Explain.
Define opportunity cost
with the help of an example, how does it differ from marginal opportunity cost?
What is ‘Marginal Rate of
Transformation’? Explain with the help of an example.