The great economic problem is to arrange our scarce resources to satisfy as many of our innite wants as possible. When the supply of one good, such as oil, goes down, we must economize by ceasing to use oil for lower-value purposes. The question is how. One solution is for a central planner to issue orders. What problems might a central planner face?

How do markets solve the problems you listed above? Do you believe that markets in general get the highest valued products produced and then purchased by those who value them most? Why or why not?