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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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RATIONAL BEHAVIOR: The notion that people make decisions based on the desire to obtain the greatest amount of satisfaction. Rational behavior essential means that people prefer more to less. The presumption of rational behavior underlies most economic analyses, especially those applied to consumer demand theory.

     See also | economic thinking | economic analysis | consumer demand theory | utility | utility maximization | economics | scarcity | satisfaction | second rule of subjectivity | normative economics | assumption | unlimited wants and needs |


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RATIONAL BEHAVIOR, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: December 12, 2018].


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SUPPLY CURVE

A graphical representation of the relation between the supply price and quantity supplied, holding all ceteris paribus supply determinants constant. A supply curve graphically illustrates the law of supply, the direct relation between supply price and quantity supplied for a particular good. It is one half of the standard market model. A demand curve is the other half.

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Today, you are likely to spend a great deal of time lost in your local discount super center seeking to buy either clothing for your kitty cats or a set of luggage without wheels. Be on the lookout for vindictive digital clocks with revenge on their minds.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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