- Effective (use of resources) – Using resources in a way that reaches the goal.
- Priority – Something more important than other options.
- Consequence – The result of a choice or action.
- Efficient (use of resources) – Getting the most output with the least input.
- Economize – To save or use resources carefully to avoid waste.
- Economics – The study of how people use limited resources to satisfy unlimited wants.
- Social Science – The study of people, behavior, and society.
- Stakeholder – Anyone affected by or interested in a decision or business.
- Scientific Method – A step-by-step process of observing, testing, and proving ideas.
- Economy – The system of production, distribution, and consumption in a society.
- Analytical (Positive) Economics – Economics that explains facts and cause-and-effect (“what is”).
- Normative (Policy) Economics – Economics that gives opinions or judgments about “what should be.”
- Utility – The satisfaction or happiness gained from goods or services.
- Util – A unit used to measure utility.
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