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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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FLEXIBLE PRICES The proposition that prices adjust in the long run in response to market shortages or surpluses. This condition is most important for long-run macroeconomic activity and long-run aggregate market analysis. In particular, flexible prices are the key reason for the vertical slope of the long-run aggregate supply curve. This proposition is also central to the original classical theory of macroeconomics and to modern variations, including rational expectations, new classical theory, and supply-side economics.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction wanting to buy either a weathervane with a chicken on top or a flower arrangement with daisies and carnations for your uncle. Be on the lookout for defective microphones.
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This isn't me! What am I?
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Al Capone's business card said he was a used furniture dealer.
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"Anyone who has never made a mistake has never tried anything new. " -- Albert Einstein, physicist
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ADV FRT
Advance Freight
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