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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 ...
Carl David Alfred Weber (German:; 30 July 1868 – 2 May 1958) was a German economist, geographer, sociologist, philosopher, and theoretician of culture whose work was influential in the development of modern economic geography. His other work focused on the sociology of knowledge and the role of intellectuals in society.
When 25 percent or more of the total earnings in an urban region derive from manufacturing, that urban area is arbitrarily designated as a manufacturing center. The location of manufacturing is affected by myriad economic and non-economic factors, such as the nature of the material inputs, the factors of production, the market and ...
Industrial inertia (geographical) describes a stage at which an industry prefers to run in its former location although the main alluring factors are gone. For example, the raw material source is depleted or an energy crisis has emerged.
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 ...
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]
Most economists believe that there are four compositions of clusters which can be identified: Geographical cluster – a cluster of businesses in a geographical location where enough resources have accumulated to give a competitive advantage to businesses in a given economic branch e.g. the California wine cluster or the flower cluster in the Netherlands.