Questions and Answers
What is another name for Pareto's Principle?
What does Parkinson's Law state?
Work expands so as to fill the time available for its completion.
What is the Pomodoro Technique?
A time management method that uses a timer to break down work into intervals traditionally 25 minutes in length, separated by short breaks.
What does the Fermi Paradox describe?
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What does Occam's Razor state?
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Study Notes
Pareto's Principle
- Also termed the 80-20 rule or the law of the vital few.
- Suggests that 80% of effects stem from 20% of causes.
- In a business context, signifies that 80% of sales often originate from just 20% of clients.
Parkinson's Law
- States that work will expand to fill the time allocated for its completion.
- Highlights how time management influences productivity and efficiency.
Pomodoro Technique
- A popular time management strategy utilizing intervals of focused work, usually 25 minutes long.
- Intervals are called "pomodori" and are alternated with short breaks.
- Emphasizes frequent breaks to enhance mental agility and maintain focus.
Fermi Paradox
- Illustrates the discrepancy between the high likelihood of extraterrestrial life and the absence of contact or evidence for such beings.
- Raises questions about the existence of intelligent life beyond Earth and the factors affecting communication.
Occam's Razor (Law of Parsimony)
- A heuristic used to evaluate competing hypotheses.
- Asserts the best hypothesis is often the simplest, requiring the fewest assumptions.
- Encourages critical thinking by favoring simplicity in problem-solving and explanations.
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Description
Test your knowledge on key economic principles with these flashcards. This quiz covers foundational concepts such as Pareto's Principle and Parkinson's Law, providing insight into how these ideas apply to business and productivity. Perfect for students of economics or anyone interested in improving their understanding of these concepts.
