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ACCESSIBILITY: The location of economic activity (especially in terms of land) relative to other activities. As real estate agents are prone to say, "The three most important factors in real estate are 'location, location, location.'" Accessibility determines how easy or difficult (read this as costly) it is to allocate good, services, and resources. Transportation is a key factor in accessibility. Efficient, low cost transportation systems improve accessibility.
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CONSTANT RETURNS TO SCALE A given proportional change in all resources in the long run results in the same proportional change in production. Constant returns to scale exists if a firm increases ALL resources--labor, capital, and other inputs--by 10 percent, and output also increases by 10 percent. This is one of three returns to scale. The other two are increasing returns to scale and decreasing returns to scale.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex seeking to buy either a coffee cup commemorating last Friday (you know why) or a wall poster commemorating the first day of spring. Be on the lookout for the happiest person in the room.
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This isn't me! What am I?
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"Defeat is not the worst of failures. Not to have tried is the true failure." -- George E. Woodberry, Author
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MPP
Marginal Physical Product
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