effective (use of resources)
To be effective means doing the right things so that goals can be achieved.
priority
Priorities mean choosing one thing instead of another when both cannot be done.
consequence
Economic thinking requires studying all cause-and-consequence relationships carefully.
efficient (use of resources)
It means getting the most output, benefit, or result from resources (time, money, labor, materials) with the least waste.
economize
To economize means using resources like money, time, or materials carefully and efficiently, avoiding waste.
economics
Economics is the practical science of producing, distributing, and using goods, services, resources, and wealth.
social science
Social science is the systematic study of society and human relationships, using scientific methods to understand interaction and organization.
stakeholder
A stakeholder is any person, group, or organization that has an interest in or is affected by the actions, decisions, or results of a business or project.
scientific method
The scientific method is a systematic, logical process used to study natural events, gain knowledge, or improve existing knowledge.
economy
The economy is the system where goods and services are produced, distributed, and consumed in a society or region.
analytical (positive) economics
Positive economics studies the economy as it is. It focuses on facts and cause-and-effect relationships.
normative (policy) economics
Normative economics makes value judgments about how the economy should be and what policies should be used to reach goals.
utility
Utility is the satisfaction a person gets from using a good or service.
util
A util is the unit used to measure utility.