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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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Lesson 7: Market Equilibrium | Unit 5: Efficiency
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Page: 17 of 22
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Efficiency is one of the five basic goals of the economy. It's nice to have, if you can.- Efficiency is getting the most satisfaction of wants and needs from available resources.
- Scarcity is less of a problem when resources are used efficiently.
- Economists like markets because they can achieve efficiency under the right conditions. And because markets are self-correcting, they can achieve this efficiency without intervention.
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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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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store wanting to buy either a T-shirt commemorating the first day of winter or software that won't crash your computer. Be on the lookout for slow moving vehicles with darkened windows.
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North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
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"The secret of getting ahead is getting started. The secret of getting started is breaking your complex, overwhelming tasks into small manageable tasks, and then starting on the first one. " -- Mark Twain, writer
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