1. Effective (use of resources)
Achieving the desired outcome or goal while utilizing available resources appropriately and in a way that maximizes their value.
2. Priority
Something that is considered more important than other things and is addressed or completed before other tasks or concerns.
3. Consequence
The result or outcome of an action, decision, or event, which can be either positive or negative.
4. Efficient (use of resources)
Maximizing output or results with minimal waste of resources such as time, energy, or materials.
5. Economize
To reduce spending or use resources in a way that avoids waste and saves money or materials.
6. Economics
The social science that studies the production, distribution, and consumption of goods and services, as well as the decision-making processes of individuals, businesses, and governments regarding resource allocation.
7. Social Science
A branch of science that studies human behavior and societies, focusing on areas such as economics, sociology, psychology, anthropology, and political science.
8. Stakeholder
An individual, group, or organization that has an interest or concern in the outcome of a decision, project, or policy. Examples include employees, customers, investors, and the community.
9. Scientific Method
A systematic approach to investigating phenomena, acquiring new knowledge, or correcting previous understandings through observation, hypothesis formulation, experimentation, and analysis.
10. Economy
The system of production, distribution, and consumption of goods and services within a specific region, country, or globally.
11. Analytical (or Positive) Economics
The branch of economics that deals with describing, analyzing, and predicting economic behavior and relationships without making value judgments. It focuses on "what is."
12. Normative (or Policy) Economics
The branch of economics that involves value judgments and prescribes policies to achieve specific goals. It focuses on "what ought to be."
13. Utility
The satisfaction or benefit derived by a person from consuming a good or service.
14. Util
A hypothetical tool used to measure utility or satisfaction in economic models.