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MICROECONOMICS CH : 2 CENTRAL PROBLEMS OF AN ECONOMY — Economics STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEconomicsMICROECONOMICS CH : 2 CENTRAL PROBLEMS OF AN ECONOMY1 Mark
Question
What is meant by an economic problem?
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Answer

Economic problem is a problem related to the allocation of resources (or problem of choice) arising due to limited means in relation to unlimited wants.

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