1. Effective (use of resources): Achieving a goal with the available resources
2. Priority: The most important choice during limited resources
3. Consequence: The result of a choice or action
4. Efficient (use of resources): Getting the maximum output with the least cost or waste
5. Economize: Use resources carefully to avoid waste.
6. Economics: The study of how people and societies use limited resources to meet their
needs and wants
7. Social science: A branch of study about people and society, including economics.
8. Stakeholder: Anyone affected by business or economic decisions.
9. Scientific method: A way of finding answers by observation and testing.
10. Economy: The system of how money, goods and services are made and used in a country.
11. Analytical (or positive) economics: Studying facts about the economy without opinions.
12. Normative (or policy) economics: Gives value-based opinions about what the economy
should do.
13. Utility: The satisfaction or happiness gained from consuming goods or services.
14. Util: A unit used to measure the amount of utility.