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Pareto Principle
What does it mean?
A concept devised by economist Vilfredo Pareto specifying an unequal relationship between outputs and inputs.
In Other Words...
This principle serves as a reminder that the relationship between inputs and outputs is not balanced. For instance, a 20% effort by one person will relate to 80% of their results. Also referred to as the Pareto rule or the 80/20 rule, it can be applied to manufacturing, management and people.
Related Links
Economics Basics Tutorial - Learn economics principles such as the relationship of supply and demand, elasticity, utility, and more!
Related Terms
Dismal Science | Economics | Economies of Scale | Economies of Scope | Productivity
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