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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: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 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