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AGGLOMERATION ECONOMIES: A reduction in production cost the results when related firms locate near one another. Firms can be related as competitors in the same industry, by using the same inputs, or through providing output to the same demographic group. The fashion industry, for example, experiences agglomeration economies because they can share specialized inputs (photographers, models) that would be too expensive to employ full time. Retail stores have agglomeration economies when located in shopping malls because they have access to a large group of potential customers with lower advertising cost. Agglomeration economies is given as one of the primary reasons for the emergence of urban areas.
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PROTECTIONISM The view that the domestic sector of an economy, its consumers, and its producers should be protected from imports by imposing barriers to foreign trade. This is based on the notion that imports are detrimental to the economy and to its citizens. Protectionism is intended to secure domestic jobs, increase domestic wages, promote domestic production, and create a balance of trade surplus. It usually takes the form of tariffs, import quotas, and assorted non-tariff regulatory barriers.
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
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"You can't use up creativity. The more you use, the more you have. " -- Maya Angelou, poet
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IBS
International Bank for Settlements
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