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AGGLOMERATION: The clustering of several similar or related activities at the same location. Many industries have firms that tend to agglomerate, that is, locate very close to one another, leading to geographic concentration. For example, the motion picture industry is concentrated in California, the fashion industry is concentrated in New York, and the petroleum industry is concentrated in Texas. Agglomeration can be caused by accessibility to a concentrated natural resource (such as petroleum or sunny weather), but if often feeds upon itself through agglomeration economies. Firms in the same industry often have lower production cost when the located near their competitors.

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Lesson 4: Production Possibilities | Unit 3: The Curve Page: 9 of 24

Topic: Plot <=PAGE BACK | PAGE NEXT=>

We can transform the schedule of production possibility numbers into a graph.
  • Each bundle can be represented by a point in two dimensional production possibilities space.
  • The two dimensions of the space are clock calibrators on the horizontal axis and jogging shoes on the vertical axis.
  • The horizontal axis is measured between 0 and 11 calibrators.
  • The vertical axis is measured between 0 and 500 jogging shoes.
  • The two axis are joined at the origin.
  • The plotted bundles form a semi-circle pattern.
  • If these were stars in the night sky we might name it the arc of production. But it's not, so we won't.

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WHOLESALE PRICE INDEX

An index of the prices paid by retail stores for the products they ultimately resell to consumers. The Wholesale Price Index (WPI) was the forerunner of the modern Producer Price Index (PPI) and was discontinued in 1978. Other noted price indexes used to track economic activity are the Consumer Price Index (CPI) and the GDP price deflator.

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APLS

GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time flipping through mail order catalogs trying to buy either a remote controlled World War I bi-plane or a wall poster commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for slightly overweight pizza delivery guys.
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This isn't me! What am I?

The word "fiscal" is derived from a Latin word meaning "moneybag."
"Always remember that striving and struggle precede success, even in the dictionary. "

-- Sarah Ban Breathnach, writer

CABEI
Central American Bank for Economic Integration
A PEDestrian's Guide
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