Question:
Microeconomics is considered to be the study of scarce resources. 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 the three trade-offs within a specific good/service within your local area.
Note: This scenero doesn't need a broad answer. Very basic, just give an example of a good/service and elaborate from there in a micro and macroeconomic view.
Resources:
Perloff, J. M. (2004). Microeconomics (3rd ed.). New York City, NY: Pearson Addison Wesley.