Question

why is least cost known as a decision making factor for ideal location of an industry

Answer 1

Alfred Weber first introduced his famous theory of industrial location in 1909, in his book entitled, Uber den Standort der Industrien and its English translation was published in 1929 as The Location and Theory of Industries. His theory is known as ‘Least-Cost Location Theory’ or ‘Least-Cost Minimisation Approach’. The basic objective of the Weber’s theory is to find out the minimum cost location of an industry.