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Location theory has become an integral part of economic geography, regional science, and spatial economics. Location theory addresses questions of what economic activities are located where and why. Location theory or microeconomic theory generally assumes that agents act in their own self-interest. Firms thus choose locations that maximize ...
In economics, the economics of location is the study of strategies used by firms and retails in a monopolistically competitive environment in determining where to locate. [1] Unlike a product differentiation strategy, where firms make their products different in order to attract customers, an economics of location strategy is consistent with ...
In economics, the new international division of labour (NIDL) is an outcome of globalization.The term was coined by theorists seeking to explain the spatial shift of manufacturing industries from advanced capitalist countries to developing countries—an ongoing geographic reorganisation of production, which finds its origins in ideas about a global division of labor. [1]
In political philosophy, the means of production refers to the generally necessary assets and resources that enable a society to engage in production. [1] While the exact resources encompassed in the term may vary, it is widely agreed to include the classical factors of production (land, labour, and capital) as well as the general infrastructure and capital goods necessary to reproduce stable ...
BMW automotive manufacturing In 1992, BMW announced the company would invest over $620 million to develop a new manufacturing facility in Spartanburg, South Carolina . [ 5 ] The factory was the first by a European car manufacturer in the United States since Volkswagen had closed its Pennsylvania facility in 1992. [ 6 ]
In the Marxist theory of historical materialism, a mode of production (German: Produktionsweise, "the way of producing") is a specific combination of the: . Productive forces: these include human labour power and means of production (tools, machinery, factory buildings, infrastructure, technical knowledge, raw materials, plants, animals, exploitable land).
Cluster theory is a theory of strategy.. Alfred Marshall, in his book Principles of Economics, published in 1890, first characterized clusters as a "concentration of specialized industries in particular localities" that he termed industrial districts.
A factory, manufacturing plant or production plant is an industrial facility, often a complex consisting of several buildings filled with machinery, where workers manufacture items or operate machines which process each item into another.