Q1 microeconomics is considered to be the study of scarce

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Q1. Microeconomics is considered to be the study of scarce resources (Perloff, 2007). Here, consumers both individuals and organizations must make allotment conclusions. These 3 basic trade-offs include which goods/services are to be created, how to create them, also who gets them.

Q2. Briefly explain how these three trades-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?

Reference no: EM13352831

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