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) […]