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Some problems do not have a definitive solution, but have to consider trade-offs. eg. hardware design: It's easy to build small-and-slow or big-and-fast computers for the same money, but costly to build small-and-fast ones. All three alternatives are ParetoOptimal: no solution exists which is better in all aspects.
The concept is often used in connection with game-theory. The result of a game is Pareto optimal in case there is no other outcome that makes every player at least as well off and results in a better result for a mininimum of one player (group).