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Social Studies skills: Difference between revisions

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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":