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Scarcitythelimitednatureofsociety’sresourcesEconomicsthestudyofhowsocietymanagesitsscarceresourcesEfficiencythepropertyofsocietygettingthemostitcanfromitsscarceresourcesEquitythepropertyofdistributingeconomicprosperityfairlyamongthemembersofsocietyOpportunitycostwhatevermustbegivenuptoobtainsomeitemMarginalchangessmallincrementaladjustmentstoaplanofactionMarketeconomyaneconomythatallocatesresourcesthroughthedecentralizeddecisionsofmanyfirmsandhouseholdsastheyinteractinmarketsforgoodsandservicesMarketfailureas/tuitioninwhichamarketleftonitsownfailstoallocateresourcesefficientlyExternalitytheimpactofoneperson’sactionsonthewell-beingofabystanderMarketpowertheabilityofasingleeconomicactor(orsmallgroupofactors)tohaveasubstantialinfluenceonmarketpricesProductivitythequantityofgoodsandservicesproducedfromeachhourofaworker’stimeInflationanincreaseintheoveralllevelofpricesintheeconomyPhilipscurveacurvethatshowstheshort-runtradeoffbetweeninflationandunemploymentBusinesscyclefluctuationsineconomicactivity，suchasemploymentandproduaionCircular-flowdiagramavisualmodeloftheeconomythatshowshowdollarsflowthroughmarketsamonghouseholdsandfirmsProductionpossibilitiesfrontieragraphthatshowsthecombinationsofoutputthattheeconomycanpossiblyproducegiventheavailablefactorsofproductionandtheavailableproductiontechnologyPositivestatementsclaimsthatattempttododescribetheworldasitisNormativestatementsclaimsthatattempttoprescribehowtheworldshouldbeAbsoluteadvantagethecomparisonamongproducersofagoodaccordingtotheirproductivityOpportunitycostwhatevermustbegivenuptoobtainsomeitemComparativeadvantagethecomparisonamongproducersofagoodaccordingtotheiropportunitycostImportsgoodsproducedabroadandsolddomesticallyExportsgoodsproduceddomesticallyandsoldabroadMarketagroupofbuyersandsellersofaparticulargoodorserviceCompetitivemarketamarketinwhichtherearemanybuyersandmanysellerssothateachhasanegligibleimpactonthemarketpriceQuantitydemandedtheamountofagoodthatbuyersarewillingandableto-purchaseLawofdemandtheclaimthat,otherthingsequal,thequantitydemandedofagoodfallswhenthepriceofthegoodrisesDemandscheduleatablethatshowstherelationshipbetweenthepriceofagoodand-thequantitydemandedDemandcurveagraphoftherelationshipbetweenthepriceofagoodandthequantitydemandedNormalgoodagoodforwhich,otherthingsequal,anincreaseinincomeleadstoanincreaseindemandInferiorgoodagoodforwhich,otherthingsequal,anincreaseinincomeleads‘toadecreaseindemandSubstitutestwogoodsforwhichanincreaseinthepriceofoneleadstoanincreaseinthedemandfortheotherComplementstwogoodsforwhichanincreaseinthepriceofoneleadstoadecreaseinthedemandfortheotherQuantitysuppliedtheamountofagoodthatsellersarewillingandabletosellLawofsupplytheclaimthat,otherthingsequal,thequantitysuppliedofagoodriseswhenthepriceofthegoodrisesSupplyscheduleatablethatshowstherelationshipbetweenthepriceofagoodandthequantitysuppliedSupplycurveagraphoftherelationshipbetweenthepriceofagoodandthequantitysuppliedEquilibriumasituationinwhichthepricehasreachedthelevelwherequantitysuppliedequalsquantitydemandedEquilibriumpricethepricethatbalancesquantitysuppliedandquantitydemandedEquilibriumquantitythequantitysuppliedandthequantitydemandedattheequilibriumpriceSurplusasituationinwhichquantitysuppliedisgreaterthanquantitydemandedShortageasituationinwhichquantitydemandedisgreaterthanquantitysuppliedLawsofsupplyanddemandtheclaimthatthepriceofanygoodadjuststobringthequantitysuppliedandthequantitydemandedforthatgoodintobalanceElasticityameasureoftheresponsivenessofquantitydemandedorquantitysuppliedtooneofitsdeterminantsPriceelasticityofdemandameasureofhowmuchthequantitydemandedofagoodrespondstoachangeinthepriceofthatgood,computedastheepercentagechangeinquantitydemandeddividedbythepercentagechangeinpriceIncomeelasticityofdemandameasureofhowmuchthequantitydemandedofagoodrespondstoachangeinconsumers’income,computedasthepercentagechangetnquantitydemandeddividedbythepercentagechangeinincomeCross-priceelasticityofdemandameasureofhowmuchthequantitydemandedofonegoodrespondtoachangeinthepriceofanothergood,computedasthepercentagechangemquantitydemandedofthefirstgooddividedbythepercentagechangeinthepriceofthesecondgoodPriceelasticityofsupplyameasureofhowmuchthequantitysuppliedofagoodrespondstoachangeinthepriceofthatgood,computedasthepercentagechangeinquantitysupplieddividedbythepercentagechangeinpricePriceceilingalegalmaximumonthepriceatwhichagoodcanbesoldPriceflooralegalminimumonthepriceatwhichagoodcanbesoldTaxincidencethemannerinwhichtheburdenofataxissharedamongparticipantsinamarketWelfareeconomicsthestudyofhowtheallocationofresourcesaffectseconomicwell-beingWillingnesstopaythemaximumamountthatabuyerwillpayforagoodConsumersurplusabuyer’swillingnesstopayminustheamountthebuyeractuallypaysCostthevalueofeverythingasellermustgiveuptoproduceagoodProducersurplustheamountasellerispaidforagoodminustheseller’scostEfficiencythepropertyofaresourceallocationofmaximizingthetotalsurplusreceivedbyallmembersofsocietyEquitythefairnessofthedistributionofwell-beingamongthemembersof