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Microeconomics is considered to be the study of scarce resources (Perloff, 2007). Here, consumers (both individuals and organizations) must make allocation decisions. These three basic trade-offs include which goods/services are to be produced, how to produce them, and who gets them. Briefly explain how these three trade-offs are determined using a good or service that you select and where the information about the product is found on the Internet: •Which goods/services are produced in your example?•How will they be produced?•Who purchases them?
Supply References: 1) Microeconomics basic study by Montgomery and Watson.
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