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Introduction

Question
CBSEENEC12013654
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Explain the central problem 'for whom to produce'.

Solution

“For whom to Produce” refers to the choice of distribution that needs to be focused for the equal distribution of the resources for the benefits of large many people so as to reduce unequal distribution of the resources and create an egalitarian society. This problem is concerned with the personal and functional distribution of resources among the people in the society. The former refers to the distribution of GDP among the different sections of the society, while the latter refers to the distribution of factor incomes to the factor owners in lieu of their factor services towards the production of national output. This determines the purchasing power of the people & accordingly the goods & services are produced in the society.

Some More Questions From Introduction Chapter

(i) Why is PP curve downward sloping from left to right?    (D 2006C)

(ii) Why does PP curve look concave to the origin? 

Can the PP curve shift?

State factors which cause rightward (upward) shift of PP curve.

 How is PPC affected by unemployment in the economy? Explain.

Massive unemployment shifts the PPC to the left. Defend or refute.

What is meant by resources?

What do you understand by the term 'individual' in economics?

What is meant by goods?

Define services.

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