Microeconomics
1. Why is economics relevant? (5-points)
2. Identify and explain the three fundamental questions in economics. (5-points)
3. What is the difference between factor of production and factor price? Give an example of each. (5-points)
4. Choice implies opportunity cost. Explain (5-points)
5. Scarcity implies choice. Explain (5-points)
1. Why is economics relevant? (5-points)
2. Identify and explain the three fundamental questions in economics. (5-points)
3. What is the difference between factor of production and factor price? Give an example of each. (5-points)
4. Choice implies opportunity cost. Explain (5-points)
5. Scarcity implies choice. Explain (5-poi
