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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 his book "The Location of Economic Activity", Hoover compiled crucial criteria of industrial site selection as early as 1948 that still apply today. There were, however, some quite early attempts to combine theories of international trade with nationally oriented site theories in order to develop a site theory with an international perspective.
In economics, factors of production, resources, or inputs are what is used in the production process to produce output—that is, goods and services. The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function .
Volkswagen factory in Wolfsburg, Germany. 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.
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.
At the basis of economies of scale, there may be technical, statistical, organizational or related factors to the degree of market control. Economies of scale arise in a variety of organizational and business situations and at various levels, such as a production, plant or an entire enterprise.
Plant layout design has become a fundamental basis of today’s industrial plants which can influence parts of work efficiency. It is needed to appropriately plan and position employees, materials, machines, equipment, and other manufacturing supports and facilities to create the most effective plant layout.