Examlex
Retailers often find the 80-20 principle evident within the ABC analysis. What does the 80-20 principle imply?
Exchange Theory
A social theory that views interactions and relationships as transactions where individuals seek to maximize rewards and minimize costs.
Decision-Making
The cognitive process of choosing a course of action among multiple alternatives, often involving considerations of risk and reward.
Coveted Rewards
Highly desired benefits or prizes that individuals or groups seek to obtain, often driving competition and motivation.
George Homans
An influential American sociologist known for his work in developing social exchange theory, which views social interactions in terms of cost-benefit analyses.
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