(Answered) Q1 provide a brief explanation for the following conceptsa

Economics

Q(1) Provide a brief explanation for the following concepts:

a. Derived demand

b. Factor Income

c. Transfer earnings

d. Economic Rent

Q(2) Briefly explain why the demand for concert tickets is considered a derived demand.

Q(3) Identify and describe the four factors of production.

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Microeconomics, Economics

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