Who do cities exist? - Agglomeration economies
9 important questions on Who do cities exist? - Agglomeration economies
What is meant by external returns to scale?
If we look at external returns to scale. What is the difference between the graph of a large city an a small city?
y = productivity
What are the 3 sources for agglomeration economies Marshall defined?
- Input and output sharing (goods)
- Labour market pooling (people)
- Knowledge spillovers (ideas)
- Higher grades + faster learning
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What is input/output sharing? And explain both sides
- Input sharing, a cluster will attract input suppliers. Due to competition input prices will be lower
- Output sharing lead to more potential customers
Is input/output sharing as important today as it was in the past?
Is input/output sharing equally important for all firms?
What is labor market pooling?
- Varying demand for labor
- Varying supply of labor
- easier to find ideal worker (moviestars in Hollywood)
What is knowledge spillover?
- Formal and informal exchange of information:
- Labor mobility between firms
- Network events
- Cooperation with nearby firms
- This leads to new ideas (Silicon Valley)
Name 4 things/benefits that determine urban size?
- Amenities (pubs/shops/cinemas)
- Joint labour supply of families
- 2 workers (mum&dad) may look for different industries
- Relatively more power couples in bigger cities
- Greater learning opportunities
- Wider variety of role models
- Social opportunities
- Higher chance of meeting someone who shares the same interests
--> Sorting of people
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
