Chapter 1 Assignment For your Chapter 1 assignment please complete the following questions. Once you complete the questions submit the assignment through Canvas. This is a 10 point assignment. Question 1 (two points): In your own words, describe the difference between labor resources and capital resources Question 2 (five points): In the following table choose the correct type of resource illustrated by each example. Capital Resources Entreprencursh ip Natural (land) Labor Resource resources Oil that needs to be extracted for the production of gasoline The efforts of a construction worker building a house A person who uses her life savings to start a new business A musical instrument used by a professional band The machinery in a petrochemical plant Question 3 (three points): Use the following scenario to identify if transactions take place in a product market or a factor market Ana carns $900 per week working as a programmer for PC Pros. She uses $8 to order a mojito cocktail at Little Havana. Little Havana pays Yakov $350 per week to wait tables. Yakov uses $400 to purchase software from PC Pros. Identify whether each of the following events in this scenario occurs in the resource markets or the product markets. Product Markets Factor Markets Event Yakov spends $400 to purchase software from PC Pros. Yakov eams $350 per week working for Little Havana. Ana spends $8 to order a mojito cocktail.