Verb: To aim for or achieve that which will suffice.
Imagine you're out buying a new computer. You could get the 700MHz one with 265MB of RAM for $1,500 or the 400MHz one with 126MB of RAM for $1,000. You'd prefer the $1,500 one, but you only have $1,000. That one's Good Enough. It will satisfice.
When the word was introduced to the students in my ethics class two people had heard of it before but most were skeptical, to say the least. One girl said she didn't believe it was really a word. The next day she said she had asked twenty of her friends and none of them had heard the word before.
It's a common term in economics. | 
