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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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POTENTIAL REAL GROSS DOMESTIC PRODUCT The total real output (real gross domestic product) that the economy can produce if resources are fully employed. In theory this means that the economy is operating ON the production possibilities frontier. Full employment is generally indicated by achieving what is termed the natural unemployment rate. If the economy is at full employment then actual real gross domestic product is equal to potential real gross domestic product and the actual unemployment rate is equal to the natural unemployment rate. The macroeconomy is thus living up to its potential.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time at a flea market trying to buy either a how-to book on fine dining or a coffee cup commemorating the first day of winter. Be on the lookout for celebrities who speak directly to you through your television.
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Two and a half gallons of oil are needed to produce one automobile tire.
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"I have no expectation of making a hit every time I come to bat. What I seek is the highest possible batting average." -- President Franklin Delano Roosevelt
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NTB
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