Lucidate the three trade-offs within a specific good service

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Three trade-offs within a specific good/service

Microeconomics is considered to be the study of scarce resources. 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 the three trade-offs within a specific good/service within your local area.

Reference no: EM1338232

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