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ECN 340 (200)

Economics of Failure

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Ryerson University
ECN 340
Thomas Barbiero

Economics of Failurey Failure arises because of Basic human condition of scarcity scarcity of means in relation to what we desire What we want we cant get cause of the scarcity human search for greater rewards and because of the market system the more things that are moving quickly the more likely people or firms are to failScarcity y Some people and producers may not be able to getkeep and retain the resources they wanthave Some choices may not work out y Pervasiveness of scarcity ensures failureFailure causesy A release of resources that can be reemployed and a decrease of abundant goodsservices produced that can be sold at higher prices y As some things fail others will start and growSearching for greater rewardsy Even efficient firms should fold if more efficient firms exist y If you aim far and high the likelihood of you failing is much higher that aiming for something smally No such thing as ABSOLUT
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