explain how these three trade-offs are determined using a good or service that you select

explain how these three trade-offs are determined using a good or service that you select

Microeconomics is considered to be the study of scarce resources (Perloff, 2007). Here, consumers (both individuals and organizations) must make…
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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