- effective (use of resources): Utilizing available resources in a way that maximizes their value or impact while minimizing waste.
- priority: Refers to the relative importance or urgency given to specific goals, tasks, or resources when making decisions.
- consequence: It is the outcome or result of a particular action, policy, decision. It can be either intended or unintended and can affect individuals, businesses, governments, or entire economies.
- efficient (use of resources): It refers to the optimal allocation and utilization of resources to maximize the production of goods and services while minimizing waste and ensuring that resources are not underused or over exploited.
- economize: It is to reduce expenditure or using resources efficiently to minimize waste and maximize utility or benefit.
- economics: Economics is the study of how to allocate scarce resources to satisfy unlimited wants and needs.
- social science: Social science is a broad field of academic disciplines that study human behavior, social relationships, and societies.
- stakeholder: It refers to any individual, group, or entity that has an interest in or is affected by the activities, decisions, and outcomes of an organization, business, or economic system.
- scientific method: It refers to a systematic, logical approach used to study economic phenomena, test theories, and develop insights into economic behavior and systems.
- economy: It refers to the system of production, distribution, and consumption of goods and services in a society or geographic area.
- analytical (or positive) economic: It refers to the branch of economics that deals with the description, explanation, and prediction of economic phenomena. It is concerned with objective analysis of economic behavior, using facts and data to establish cause-and-effect relationships.
- normative (or policy) economics: It refers to the branch of economics that deals with statements or perspectives about what ought to be. It involves value judgments and opinions on what economic policies should be implemented to achieve certain societal goals, such as equity, efficiency, or fairness.
- utility: It refers to the satisfaction, pleasure, or benefit that a person derives from consuming goods and services.
- util: It is a unit of measurement used to represent satisfaction or pleasure derived from consuming goods and services.
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