Effective (use of resources) - A particular use of resources that achieves a desired end, such as consumption., Priority - The favouring of one available option over another in making a decision or choice., Consequence - The result, effect, or outcome of an action taken or the refusal to take an action., Efficient (use of resources) - The use of a bare minimum of resources to achieve a desired end, such as consumption., Economize - To use limited resources efficiently in production., Economics - The study of the way society makes decisions about the use of scarce resources., Social science -  Sciences, such as economics, history, and sociology, that study some aspect of human behaviour., Stakeholder - A person with a vested or personal interest (or stake) in an economic decision., Scientific method - A method of study used to make discoveries in natural science and social sciences (such as economics) that has four steps: observation, data collection, explanation, and verification., Economy - A self-sustaining system in which many independent transactions in a society create distinct flows of money and products or services., Analytical (or positive) economics - The branch of economics that deals with facts and direct observation of the world., Normative (or policy) economics - The branch of economics that deals with value judgements about economic subjects rather than facts and observations., Utility - The usefulness, satisfaction, or benefit derived from each available option to help make a rational choice among them., Util - A theoretical unit of satisfaction that a person gains from consuming an item.,

Economics Chapter 1

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