hey here we need to take lot of care while writing the answer:
Aa)First u need to explain d meaning of basic econmoic problem, den Expalin what is scarcity -Scarcity is occured when the wants of people are not fulfilled den need to explain d what is opportunity cost : The cost of the best forgone. My answers r short but u can right according 2 your text book.The use examples to convey your point.Present examples . this can fetch u 6-7 marks.
Ab) Here u need to explain what is mixed economy. Dat its is d mixture of both market and command economy. Den right the adv/ this advantages of mixed economy .till here u can fetch 6-8 marks. Then tell d importance of allocation of resources and if not done market failure can happen. So planning have 2 be done.
this can be d the answers.
