Almost the complete opposite of prioritisation.

The Pareto points are where you sacrifice the least of anything to get the most of everything.

There's the saying about buying computers. Good, Cheap, Fast, pick any two. That's where you would prioritise.

If someone makes something that better, cheaper, and faster, or even pretty close to the best on two of those and clearly better on the other. It's a Pareto point.

Over time computers are getting better, cheaper and faster (software notwithstanding). The leading edge of that advance of all of the things is the Pareto front.

No, it's more about maximizing the utility function and finding the "shield" where you'd start getting diminishing return beyond that

you have confused me