Timothy quits his job that pays $60,000 a year, to enrollin a 2 year graduate programme. His anual shool expenses are $60,000 fir tuition, $8000 for books and $1400 for food. What is his opportunity cost for attending the programme?

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A: Peasants are the people who are agricultural laborers of low status.

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Q: A: How can explain the micro economics in this advanced age? B: Define the term production?

A: Answer for A part:

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A: *Answer:

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Q: monetary cos

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A:

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A: Use of something in such a manner that wasting can be minimised and outcome can be maximised.

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Factors of Production

Factors of production – in simple words means the factors that are used for producing any product or service. This includes the resources which are necessary for the manufacturing of products. Factors of production are also known as the building blocks of the economy.