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Social Studies skills: Difference between revisions
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→Pareto Principle
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* also known as the "80/20 rule" or "law of the vital few" | * also known as the "80/20 rule" or "law of the vital few" | ||
* = the idea that 80% of consequences come from 20% of causes | * = the idea that 80% of consequences come from 20% of causes | ||
* the early Italian economist Vilfredo Pareto observed that | * the early Italian economist Vilfredo Pareto (1848-1923) observed that | ||
** in Italy 80% of the land was owned by 20% of the population | ** in Italy 80% of the land was owned by 20% of the population | ||
* other observers have found that many natural and human systems follow this distribution pattern<br /> | * other observers have found that many natural and human systems follow this distribution pattern<br /> | ||
=== Other useful Economics and "Political Economy/-ics" terms and concepts === | === Other useful Economics and "Political Economy/-ics" terms and concepts === | ||
* 80/20 rule (see the "Pareto Principle" above) | * 80/20 rule (see the "Pareto Principle" above) | ||