Scarcity		An increase in the overall level of prices in the economy
Economics		The study of how society manages its scarce resources
Efficiency		The study of how households and firms make decisions and how they interact in markets
Equity		The amount of goods and services produced from each hour of a worker's time
Opportunity Cost		Small incremental adjustments to a plan of action
Microeconomics		The property of distributing economic prosperity fairly among the members of society
Macroeconomics		The study of economy-wide phenomena, including inflation, unemployment, and economic growth
Inflation		Whatever must be given up to obtain some item
Productivity		The property of society getting the most it can from its scarce resources
Marginal Changes		The limited nature of society's resources