- Effective (use of resources): Using resources in a way that achieves the desired result or goal.
- Priority: The importance given to certain tasks or goals over others.
- Consequence: The result or effect of an action or decision.
- Efficient (use of resources): Using resources in a way that maximizes output while minimizing waste.
- Economize: To reduce spending or use fewer resources.
- Economics: The study of how people, businesses, and governments make choices about using limited resources.
- Social Science: A field of study that examines human behavior and societies.
- Stakeholder: A person, group, or organization affected by or involved in a decision or activity.
- Scientific Method: A systematic process of observation, hypothesis, experimentation, and conclusion used to study phenomena.
- Economy: The system of production, distribution, and consumption of goods and services in a society.
- Analytical (or Positive) Economics: The study of "what is" in economics, focusing on facts and cause-and-effect relationships.
- Normative (or Policy) Economics: The study of "what ought to be," focusing on opinions and value-based recommendations.
- Utility: The satisfaction or benefit a person receives from consuming a good or service.
- Util: A unit of measurement used to quantify utility.
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