1.Effective (use of resources)
Achieving a desired goal or outcome using available resources, regardless of waste.
2.Priority
Something that is considered more important than other things and should be dealt with first.
3.Consequence
The result or outcome of an action or decision.
4.Efficient (use of resources)
Achieving a goal while using the least possible amount of resources or waste.
5.Economize
To reduce spending or use resources carefully to save money or materials.
6.Economics
The study of how people, businesses, and governments use limited resources to satisfy unlimited wants.
7.Social Science
The study of human society and behavior, including subjects like economics, sociology, and political science.
8.Stakeholder
Any person or group that is affected by or has an interest in a decision, project, or organization.
9.Scientific Method
A process of investigating questions using observation, hypothesis, experimentation, and analysis to reach conclusions.
10.Economy
The system by which a country or region organizes the production, distribution, and consumption of goods and services.
11.Analytical (or Positive) Economics
The branch of economics that deals with facts, cause-and-effect relationships, and testable statements.
12.Normative (or Policy) Economics
The branch of economics that involves opinions, value judgments, and recommendations about what should be.
13.Utility
The satisfaction, usefulness, or benefit a person receives from consuming a good or service.
14.Util
A hypothetical unit used to measure utility or satisfaction.