effective (use of resources)
To be effective means to do the right things so that goals are achieved
priority
Priorities involve favouring one thing in place of another when both are not possible.
consequence
Economic thinking requires careful analysis of all cause-and-consequence relationships.
efficient (use of resources)
It means achieving the maximum possible output, benefit, or result from the available resources (such as time, money, labor, or materials) with minimal waste.
economize
To economize means to use resources such as money, time, or materials carefully and efficiently, avoiding waste.
economics
A practical science dealing with the production, distribution, and use of goods, services, resources, and wealth.
social science
It is the systematic study of human society and social relationships, using scientific methods to understand how people interact, organize, and influence one another.
stakeholder
Is any individual, group, or organization that has an interest in or is affected by the activities, decisions, or outcomes of a business, project, or organization.
scientific method
It is a systematic, logical process that scientists use to investigate natural phenomena, acquire new knowledge, or correct and integrate previous knowledge.
economy
Is the system by which goods and services are produced, distributed, and consumed within a society or geographic area.
analytical (or positive) economic
Positive economics deals with objective analysis and describes how
the economy actually works. It focuses on factual statements and
cause-and-effect relationships.
normative (or policy) economics
Normative economics involves value judgments about what the
economy should be like or what particular policy actions should be
recommended to achieve a desirable goal.
utility
The satisfaction a person gets from consuming a good or service.
util
The unit used to measure utility.