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Gaurav Seth 5 years, 3 months ago
What to produce
As there is the problem of choice, the economy has to decide which goods and services are to be produced. For example, which of the consumer goods such as wheat, rice, cloth are to be produced and which of the capital goods such as machines and tools are to be produced.
When an economy has taken a decision as to what goods or services to be produced, then it has to be about its quantity. How much of consumer goods and capital goods are to be produced.
For example, if an economy decides to produce rice and wheat within a given period with limited resources then it will have to use less of machineries.
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