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Pareto

Description:

Pareto, named after the Italian economist Vilfredo Pareto, refers to the concept of a distribution following the Pareto principle or Pareto distribution. It is used in various fields to explain a phenomenon where a small proportion of causes or inputs can generate a significant majority of results or outputs. Additionally, Pareto may also refer to Pareto efficiency, a state in economic theory where resources are allocated in the most efficient manner.

Part of Speech:

• Noun
• Adjective

Senses:

Sense 1:

Noun - Statistics and Economics

a) In statistics, Pareto refers to a frequency distribution characterized by a small number of extreme values or outliers.

Example sentence: The Pareto distribution demonstrated that 20% of the customers were responsible for 80% of the company's sales.

Related products: Pareto Statistics Books

Sense 2:

Adjective - General

b) As an adjective, Pareto describes something that exhibits or follows the Pareto principle.

Example sentence: The Pareto principle suggests that focusing on the vital few actions can yield the most significant results.

Related products: Pareto Principle Books

Sense 3:

Noun - Economics

c) In economics, Pareto refers to Pareto efficiency, a state where resources are allocated in a way that no individual can be made better off without making someone else worse off.

Example sentence: The Pareto efficient allocation of resources ensures that society's overall welfare is maximized.

Related products: Pareto Efficiency Books