Question:
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.
Explain the macroeconomic and microeconomics 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.