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AGGLOMERATION: The clustering of several similar or related activities at the same location. Many industries have firms that tend to agglomerate, that is, locate very close to one another, leading to geographic concentration. For example, the motion picture industry is concentrated in California, the fashion industry is concentrated in New York, and the petroleum industry is concentrated in Texas. Agglomeration can be caused by accessibility to a concentrated natural resource (such as petroleum or sunny weather), but if often feeds upon itself through agglomeration economies. Firms in the same industry often have lower production cost when the located near their competitors.
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MARGINAL RETURNS The change in the quantity of total product resulting from a unit change in a variable input, holding all other inputs fixed. Marginal returns is an older and more generic term for marginal product. While marginal product has largely replaced marginal returns in most discussions of short-run production, the phrase does persist in a few terms like the law of diminishing marginal returns.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store hoping to buy either yellow cotton balls or a set of steel-belted radial snow tires. Be on the lookout for the last item on a shelf.
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
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"Defeat is simply a signal to press onward. " -- Helen Keller, author, lecturer
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DOL
Department of Labor
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