What is the difference between factor of production and factor price? Give an example of each.

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

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