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Microeconomics of how both individuals and organizations make allocation decisions with three basic trade-offs that include which goods/services are to be produced, how to produce them, and who gets them. How they are explained by these three trade-offs are determined using a specific good/service within your local area

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Three basic trade-offs are exemplified.

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All of economics is based on the following questions:

What: what to produce?
Why: why should we produce that particular good?
How: how to produce the good we have decided to produce?
For Whom: who will use the product that you make?

We can pick up any good and answer the four questions there. For example, consider a hand bag. The inputs that go into making a hand bang are leather, zips, textile, etc. Now all of these inputs have alternative uses. Leather can be used to make jackets, shoes, belts, and a number of other products. Zips can again be used in jackets, sometimes in shoes, and various other products. The same with textiles. Therefore, when the producer ...

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