Question

Difference between agglomeration economies and urbanization economies

Answer 1

Agglomeration economies are the benefits that come when firms and people locate near one another together in cities and industrial clusters.Urbanization economies refer to the cost savings associated with producing in a large city, more due to inexpensive intermediate goods and services, extensive knowledge spillovers, and large labor pool.

Answer 2

Explanation:

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What is Agglomeration economy?

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A localized economy in which a large number of companies, services, and industries exist in close proximity to one another and benefit from the cost reductions and gains in efficiency that result from this proximity

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