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 specific good/service found on the Internet:
- Which goods/services are produced in your example?
- How will they be produced?
- Who purchases them?
Deliverable Length: 2-3 pages