Econ 211 Review Sheet
CH 1 Ten principles of Economics
Scarcity the limited nature of society's resources
the study of how society manages its scarce resources
Efficiency the property of society getting the most it can from its scarce resource
Economics Exam 2 review Sheet CH9-CH16
CH9 Application: International Trade
World Price (
The price of a good that prevails in the world market for that good.
Tax on goods produced abroad and sold domestically.
1. The Equilibrium without internati