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(1a)What is the concept of the central economic problem in a society? (1b)Why does the central economic problem exist in any society? (1c)Does the central

(1a)What is the concept of the central economic problem in a society?

(1b)Why does the central economic problem exist in any society?

(1c)Does the central economic problem manifest itself differently in capitalist and socialist society?

(1d)How do the wants and needs of the residents of capitalist and socialist societies affect the central economic problems in these societies?

(1e)State and explain any two (2) characteristics of the capitalist economy and any two (2) characteristics in the socialist economy

(1f)Is the central economic problem a temporary or eternal phenomenon in capitalist and socialist economies?

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