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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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CLASSICAL ECONOMICS: A body of economic thought originating with the work of Adam Smith based on the idea that the operation of unrestricted markets generates aggregate or national production that fully utilizes the economy's resources and maintains full employment. The three primary assumptions of classical economics are flexible prices, Say's law, and the saving-investment equality.

     See also | Adam Smith | The Wealth of Nations | flexible prices | Say's law | saving-investment equality | full employment | Keynesian economics | macroeconomics | invisible hand | laissez faire |


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PERFECT COMPETITION, PROFIT MAXIMIZATION

A perfectly competitive firm is presumed to produce the quantity of output that maximizes economic profit--the difference between total revenue and total cost. This production decision can be analyzed directly with economic profit, by identifying the greatest difference between total revenue and total cost, or by the equality between marginal revenue and marginal cost.

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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius looking to buy either a combination CD player, clock radio, and telephone (with answering machine) or a revolving spice rack. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
"Every man must decide whether he will walk in the light of creative altruism or in the darkness of destructive selfishness."

-- Martin Luther King, Jr., clergyman

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