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List and Briefly Explain Five Types of Market Failures

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List and briefly explain five types of market failures.


Definitions:

Human Resource Forecasting

The process of predicting an organization's future human resource needs based on current data and trends to ensure it meets its objectives with the right number of employees having the necessary skills.

Organizational Competencies

The combination of skills, knowledge, and behaviors that are critical for an organization to achieve its goals and be successful.

Core Capabilities

The essential skills, knowledge, and abilities that a company possesses, which give it a competitive advantage in its industry.

Competitive Advantage

The unique attributes or circumstances that allow a company to produce goods or services better or more cheaply than its competitors.

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