Social Studies skills: Difference between revisions

Social Studies skills (view source)

614 bytes added , 26 May 2021

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 * Pareto Principle
 * 80/20 rule
+=== Milton Friedman's "Four ways to spend money" ===
+* late 20th century Economist Milton famously defined the "Four ways to spend money":
+• Table format
+{| class="wikitable" style="width: 50%;"
+! Who spends the money
+! Money is spent on whom
+! Efficiency of Outcome
+|-
+| '''You'''  || '''Yourself'''
+||
+* seek highest value
+* with lowest cost
+* = maximum efficiency
+|-
+|-
+| '''Someone else''' || '''You'''
+||
+* seek highest value
+* no concern for cost
+* = lower efficiency
+|-
+| '''Someone else''' || '''Someone else'''
+|| * seek lowest value
+* no concern for cost
+* = lowest efficiency
+|-
+| ||
+|-
+|}
 == Logic ==