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Identify central/basic economic problems.

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Identify central/basic economic problems.

(i) What is to be produced?

(ii) What is to be regulated?

(iii) How goods are to be produced?

(iv) How sectors are to be divided?

(v) How produced output is to be divided?

(vi) How much is to be produced?

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Basic economic problems are

(i) what to produce

(iii) how goods are to be produced

(vi) how much is to produced

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