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This essay sheds light on what are economic inefficiencies, explicates what causes economic inefficiencies to emerge in an economy, and expounds upon the problems with economic inefficiencies emerging in an economy. Succinctly stated, economic inefficiencies are the underpinnings of an inefficient economy. An inefficient economy is often replete with economic inefficiencies. Economic inefficiencies are the inefficacious usage of resources in an economy. Resources in an economy can include the tangible resources and intangible resources in an economy. Some of the tangible resources in an economy encompass raw materials, equipment, facilities, artificial intelligence-powered robots, and vehicles. Some of the intangible resources in an economy encompass labor, fiat currency, intellectual properties, software programs, brand equity, brand reputation, product development knowledge, and research findings. Another intangible resource in an economy is a person's precious time. It is detrimental to an economy when a person's sacrosanct time is misused. A person's sacrosanct time should be utilized in a prudent manner. The pervasive presence of economic inefficiencies in an economy can adversely undermine the economic growth potential of an economy. Economic inefficiencies are the antitheses of economic efficiencies. In stark contrast to economic inefficiencies that are the underpinnings of an inefficient economy, economic efficiencies are the underpinnings of an efficient economy. Economic efficiencies are the efficacious usage of resources in an economy. The prevalence of economic efficiencies in an economy can render it less cumbersome for a person who works a real private sector job based on voluntary demand to be able to afford to augment his standard of living. Furthermore, the prevalence of economic efficiencies in an economy can also help to cultivate economic growth in an economy.
