Refer to the passage below and answer the following questions

Economic problem is the problem of choice. The problem of choice has to be faced by every economy of the world, whether developed or developing. Human beings have wants which are unlimited. Economic problems are reflected in the form of Central or Basic Problems of an economy. Any economy --whether market, centrally planned, or mixed --has to face these problems. In economic analysis, the concept of opportunity cost is widely used. Opportunity cost is defined as the cost of alternative opportunity given up or surrendered.