1. effective (use of resources)
Spend resources where they will actually bring results
2. priority
Which is more important and should be done first. For example, buy food first, then think about buying a console.
3. consequence
The choice brings results that can be good or bad, short or long term.
4. efficient (use of resources)
Get maximum output with minimum resources and no waste.
5. economize
Try to save money and resources.
6. economics
The study of how people meet unlimited needs with limited resources.
7. social science
The study of human society and human behavior.
8. stakeholder
A person or group of people who will be affected by a decision or action.
9. scientific method
Methods that would be used in economics to examine problems using observation, experimentation, and logical reasoning.
10. economy
The sum of all production, distribution and consumption activities in an area.
11. anlytical (or positive) economic
Describe the facts objectively.
12. normative (or policy) economics
Express what economists think should be the case, based on their value judgements.
13. utility
The satisfaction a person gets from consuming a good or service.
14. util
The unit used to measure utility.