Class Notes (836,148)
Canada (509,657)
Economics (1,296)
ECN 340 (202)
Lecture 12

Lecture 12

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Department
Economics
Course
ECN 340
Professor
Thomas Barbiero
Semester
Fall

Description
The Economic Value of Failure Failure arises because of: 1. Basic human condition of scarcity 2. Human search for greater rewards Trying sets up failure (i.e. Saying I am going to be richer than Bill Gates) 3. Because of market system Failures of Scarcity: Choices have to be made, some of which will not work out Some producers will not be able to get the necessary resources they need o o Others already in production will fail to retain the resources they have o Employees leave o Investors pull out money invested Choices
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