Question
Download Solution PDFWhat is a group of industries that tend to come together to make use of the advantages offered by the urban centers known as ?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is agglomeration economies.Key Points
- Agglomeration economies refer to the benefits that arise from the clustering of industries in urban centers. These benefits include:
- Economies of scale: Firms can share infrastructure and resources, reducing costs and increasing efficiency.
- Access to skilled labor: A concentration of industries in one area can attract a skilled workforce, making it easier for firms to find and hire qualified employees.
- Innovation: Proximity to other firms can lead to knowledge spillovers and collaboration, fostering innovation and growth.
- Reduced transportation costs: By locating near other firms and suppliers, firms can reduce transportation costs and increase speed of delivery.
Additional Information
- Rural economies refer to economies that are based on agriculture and natural resources.
- Amalgamation economies refer to the benefits that arise from the consolidation of firms in a particular industry.
- Urban economies refer to the overall economic activity and growth of urban areas.
Last updated on Jun 6, 2025
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