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?
In your own words, post a response to the Discussion Board and comment on other postings. You will be graded on the quality of your postings. (3-4 PARAGRAPHS ONLY)
the question belongs to Economics and it is about microeconomics. Microeconomics is a study of scarce resources for both individuals as well as for organizations. For organizations, especially have to use the resources optimally to produce goods and services. Here an example of consumer electronic products has been given.
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