Economics Chapter 2: Economists & Economic Laws![Image result for money](https://i.kinja-img.com/gawker-media/image/upload/s--GBtKrXrW--/c_scale,f_auto,fl_progressive,q_80,w_800/ioxcfmyo3tlump958w8m.jpg)
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Terms to Know:
Section 1: First Principles of Economics
- The laws of economics are the general rules or principles guiding the production, distribution, and consumption of goods.
Section 2: Early Economic History
- The trade balance is the difference in the value of the goods that a country sells abroad compared to those it purchases from other countries.
- Tariffs are taxes that governments apply only to imported goods.
- Imperialism is the establishment of colonies and extensive territories created to benefit their mother countries.
- Laissez-faire means "let things alone".
- Adam Smith was the founder of modern economics.