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January 18, 2020 

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SPATIAL DIFFERENTIATION: The notion that economic activity is not evenly dispersed across the land. That is, goods, services, resources, production, and consumption are more concentrated at some locations and less concentrated at other locations due to natural endowments and human activity. The result is that no two location points have exactly the same access to inputs or outputs. This is a fundamental principle underlying the study of urban and regional economics and implies that firms and households must include transportation cost and location in production and consumption decisions.

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Fact 7: Our Circular World

Our little excursion through the economy has had, thus far, its ups and downs. My cable bill remains permanently confused and my checking account has a large property-tax created imbalance, but at least the pain in my tooth stops before hitting my toes. I think we deserve a little rest and relaxation at the Shady Valley's own tourist mecca, Happy-Time Gala-World Fun-Land Extravaganza Amusement Park. Let's take a brief respite from our pedestrian trek and give the soles of our jogging shoes a well-deserved rest.

The Happy-Time Gala-World Fun-Land Extravaganza Amusement Park has the world famous Monster Loop Death Plunge roller coaster, guaranteed to make riders yearn for the pleasures of a Siberian forced labor camp. There's also the Enchanted Haunted Horror House filled with serial killers, chainsaw murders, and IRS auditors. For the more timid, and fortunately, for those more interested in the workings of our economy, the merry-go-round is the ride of choice.

Two familiar faces are enjoying the circular trip on their fiberglass ponies. The slender guy with the bushy mustache is Dan Dreiling, the drywall man. I had him repair a hole in my living room wall caused by an over-excited vacuum cleaner a few months back. The disgusted look on his dusty face tells me that I must have overlooked his $100 bill. The other recognizable rider is Pollyanna Pumpernickel a precocious pet store owner who has somehow neglected to pay me the $100 due for hamster-sitting services which I rendered a few weeks ago. Her furtive glances suggest that she is well aware of her liability.
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Today, you are likely to spend a great deal of time at a going out of business sale seeking to buy either software that won't crash your computer or any book written by Stephan King. Be on the lookout for small children selling products door-to-door.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
"Twenty years from now you will be more disappointed by the things that you didn't do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover."

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