Explain the macroeconomic and microeconomic concepts

Reference no: EM1374500

Microeconomics is considered to be the study of scarce resources. Here, customers [both individuals and managements] must make allocation decisions. These 3-basic trade offs include which goods or services are to be manufactured, how to produce them, and who gets them. Briefly explain the three trade-offs within a specific good/service within your local area.

Describe the macroeconomic and microeconomic concepts and how they relate to the management of a global organization.

Critically analyze and evaluate real-life economic problems and opportunities by applying economic concepts, principles, and theory.

Reference no: EM1374500

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