Satisfice

Coined by the American social scientist Herbert A. Simon in the 1950s. Simon used the term to describe how people make decisions in complex and uncertain situations, and argued that satisficing was a more realistic and practical approach than trying to maximize outcomes. The term has since been widely used in fields such as psychology, economics, and decision theory, and has become a recognized concept in the study of human behavior and decision-making. The etymology of the term is based on the Latin word "satis," meaning "enough," and the English word "suffice," meaning "to meet a need or requirement."