What is a group of industries that tend to come together to make use of the advantages offered by the urban centers known as ?

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SSC GD Constable (2022) Official Paper (Held On : 24 Jan 2023 Shift 2)
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  1. rural economies
  2. amalgamation economies
  3. urban economies
  4. agglomeration economies

Answer (Detailed Solution Below)

Option 4 : agglomeration economies
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Detailed Solution

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The 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.

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