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AGGLOMERATION ECONOMIES: A reduction in production cost the results when related firms locate near one another. Firms can be related as competitors in the same industry, by using the same inputs, or through providing output to the same demographic group. The fashion industry, for example, experiences agglomeration economies because they can share specialized inputs (photographers, models) that would be too expensive to employ full time. Retail stores have agglomeration economies when located in shopping malls because they have access to a large group of potential customers with lower advertising cost. Agglomeration economies is given as one of the primary reasons for the emergence of urban areas.

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Lesson 13: Aggregate Demand | Unit 1: The Concept Page: 3 of 22

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  • How, first and foremost, aggregate demand represents expenditures made by all members of all sectors of our economy.
  • Aggregate demand is one side of the aggregate market (the AD/AS model) that's used to analyze national economic problems such as recessions, unemployment, and inflation, that might plague our economy.
  • How aggregate demand and the aggregate market are related to the circular flow model of the economy.

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PLANNING HORIZON

Another term for the long-run average cost curve. The long-run average cost curve is termed the planning horizon or planning curve because it provides information that a firm can use to plan factory construction and expansion in the long run.

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Today, you are likely to spend a great deal of time at the confiscated property police auction seeking to buy either a flower arrangement for that special day for your mother or a New York Yankees baseball cap. Be on the lookout for slow moving vehicles with darkened windows.
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
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