Describe the Function of a Pareto Chart

question 52

Essay

Describe the function of a Pareto chart. How does the 80/20 rule apply?

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Definitions:

Invisible Hand

A metaphor introduced by economist Adam Smith to describe the self-regulating behavior of the marketplace, where individuals acting in their own self-interest inadvertently benefit society at large.

Petty Bourgeoisie

Class of small business owners and employees who own some means of production but do not exploit large labor forces, often seen as part of the middle class.

Middle Class

A social group between the upper and working classes, including professionals, business people, and others with a moderate to high standard of living.

Post-1789

The period following the year 1789, significant for marking the beginning of the French Revolution and the subsequent changes in European political and social structures.