Question

Explain the development of agglomeration economies. (Write the answer in two complete points).

Answer 1

Answer:

Answered

Explain the development of agglomeration economies. (Write the answer in two complete points).

The term agglomeration is an economic term used to refer to the phenomenon of firms being located close to one another. There are a number of components we'll explore later in this lesson, but for now just remember that agglomeration relates to clusters of population or business activity.

Agglomeration economies or external economies of scale refer to the benefits from concentrating output and housing in particular areas. If an area specialises in the production of a certain type of good, all firms can benefit from various factors such as: Good supply networks. Supply of trained workers.

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Answer 2

Explanation:

$\huge\green{QUESTION}$

What is Agglomeration economy?

$\huge\blue{ANSWER}$

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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