Final answer:
The principle that advocates acting in a way that maximizes the overall amount of good in the world, with a priority on reducing pain/suffering over increasing happiness, is known as the greatest happiness principle or utilitarianism.
Step-by-step explanation:
The principle that advocates acting in a way that maximizes the overall amount of good in the world, with a priority on reducing pain/suffering over increasing happiness, is known as the greatest happiness principle or utilitarianism. It was formulated by philosophers such as Jeremy Bentham and John Stuart Mill. Utilitarianism states that the right action is the one that maximizes happiness or produces the most net happiness. It focuses on the overall well-being of the greatest number of people, taking into account factors such as intensity, duration, certainty, and extent of pleasure or pain.