The idea of supply and demand is often misunderstood as solely an economic concept, that only applies to the economic and financial areas. But this is not so. Ways to establish equilibrium of supply and demand are a fundamental driver of much else. Stags fight for does in the deer rut. There is a shortage … Continue reading Supply & Demand Equilibrium
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Pareto’s Law
Pareto's Law claims that 80% of the outputs come from 20% of the inputs. Also known as the Pareto Principle, the "80/20 Rule", the "Law of the Vital Few" or the "Principle of Factor Sparsity". The idea encapsulated in Pareto's Law is that in many situations around 20% of the effort contributes around 80% of … Continue reading Pareto’s Law
