Verb: To aim for or achieve that which will suffice.
Imagine you're out buying a new computer. You could get the 3GHz one with 8GB of RAM for $2 000 or the 1GHz one with 2GB of RAM for $5 000. You'd prefer the $5 000 one, but you only have $2 000 to spare. The cheaper one is 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 allegedly a common term in economics. So claimed my ethics professor.