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URBAN ECONOMICS: The economic study of cities and urban areas based on the consideration of space, transportation cost, and location in production and consumption decisions. Urban economics studies a wide variety of topics, how and why cities are formed, how land is used within cities, the location of one city relative to another, and the relative size of cities. A closely related area of study that focuses on economic activity in larger regions is termed regional economics.

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ECONOMY

The system of production, distribution, and consumption of goods and services that a society uses to address the problem of scarcity.

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ORANGE REBELOON
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Today, you are likely to spend a great deal of time wandering around the downtown area trying to buy either an ink cartridge for your printer or a rechargeable battery for your camera. Be on the lookout for neighborhood pets, especially belligerent parrots.
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Two and a half gallons of oil are needed to produce one automobile tire.
"It is the mark of an educated mind to be able to entertain a thought without accepting it."

-- Aristotle

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Bank of Japan
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