Download Introduction to Economics Notes Assignment

Bryant
Economics
Introduction to Economics Notes Assignment
Read the handout entitled “Introduction to Economics Notes.” As you read, highlight
the important terms and concepts below:
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the basic economic problem
characteristic of resources and wants
the two words that describe a good and the two words that describes a service
sentence that indicates what scarcity requires of us
the two definition of economics
the two things that help to determine how society deals with the problem of
scarcity
the four factors of production
differences between consumers goods and capital goods
effect of choosing to produce more capital goods
the three basic economic questions
three basic economic systems and the basis for deciding the questions of
what, how and for whom in each
two basic economic theories and the basic economic systems they are based
on
two division of socialism/ definition of each
sentences that best explains a mixed economy
definition of trade-off
three definitions of opportunity cost
conclusion of reading