1. Effective (use of resources) Achieving a goal or a desired result, regardless of the cost or resources used.
2. Priority Something that is considered more important than other things and should be dealt with first.
3. Consequence The result or effect of an action or decision.
4. Efficient (use of resources) Using resources in the best way possible to avoid waste. It means getting the most output from the least input.
5. Economize To save money or resources; to reduce expenses or waste.
6. Economics The social science that studies how individuals, businesses, and societies make choices about allocating scarce resources to satisfy their unlimited wants.
7. Social Science The study of human society and social relationships (e.g., economics, psychology, sociology).
8. Stakeholder Any person or group who is affected by or has an interest in a project, company, or system.
9. Scientific Method A systematic process for investigating questions and discovering new knowledge through observation, experimentation, and analysis.
10. Economy A system for producing, distributing, and consuming goods and services within a society or region.
11. Analytical (or Positive) Economics The branch of economics that uses facts and data to describe what is or what will be happening in the economy. It is objective and based on evidence.
12. Normative (or Policy) Economics The branch of economics that makes recommendations and judgments about what ought to be. It is subjective and based on values and opinions.
13. Utility The satisfaction or benefit a person gets from consuming a good or service.
14. Util A hypothetical unit of measurement used to represent the amount of utility or satisfaction a consumer receives.