2019-02-16T10:55:55+00:00 Essays

SP16 BWE: Agglomeration and its Implication in Economics

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SP16 BWE: Agglomeration and its Implication in Economics

Instructions:

Explain how agglomeration works, and discuss its implications for the international economy. No bibliography,appendix,footnote please.

Content:

Student’s Name Course Instructor Date Institution How Agglomeration Works Agglomeration is a term referring to clustering of firms in one geographical location for mutual benefits CITATION Cha10 l 1033 (Karlsson, 2010). Agglomeration occurs when firms are set up in the same geographical location due to the favorable business environment. Many companies located in a central location tap into many benefits that create an enabling business environment by having good infrastructural facilities, large skilled labor pool, proximity to production materials, favorable government policies among others. When companies are located in a common geographical location, they enjoy urbanization, industrialization and localization economies. Urbanization economies refer to the advantages the companies located in the same geographical location enjoy from the population and infrastructural developments. The agglomeration of companies gives them ability to share resources and enable the consumers to discover others in the same area. When one client visits one of the companies in the area, he/she is likely to notice another one for another purpose and either visit it or do business with it. Localization economies help the firms in the same geographical area to enjoy labor-pooling benefits, information sharing among other business benefits. K

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