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Social Studies skills: Difference between revisions
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→Other useful Economics and "Political Economy/-ics" terms and concepts
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* Regression to the Mean (return to the mean) | * Regression to the Mean (return to the mean) | ||
* Diminishing Returns | * Diminishing Returns | ||
* Sunk cost / "sunk cost fallacy" | |||
* Pareto Principle | * Pareto Principle | ||
* 80/20 rule | * 80/20 rule | ||
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*** i.e., the buyer and the seller gain equal value | *** i.e., the buyer and the seller gain equal value | ||
*** thus the "sum" of the transaction is "zero" | *** thus the "sum" of the transaction is "zero" | ||
=== Milton Friedman's "Four ways to spend money" === | === Milton Friedman's "Four ways to spend money" === | ||
* late 20th century Economist Milton famously defined the "Four ways to spend money": | * late 20th century Economist Milton famously defined the "Four ways to spend money": | ||