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 describe 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 ex?
•How will they be produced?
•Who purchases them?