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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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VALUE ADDED The increase in the value of a good at each stage of the production process. The "value" part of this phrase means the ability of a good to satisfy wants and needs either directly as a consumption good or indirectly as a capital good. The "added" part means that resources have transformed the good in the course of production, to make it more valuable. A good that provides greater satisfaction has greater value.
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GRAY SKITTERY
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Today, you are likely to spend a great deal of time strolling through a department store wanting to buy either a bottle of blackcherry flavored spring water or a travel case for you toothbrush. Be on the lookout for small children selling products door-to-door.
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Lombard Street is London's equivalent of New York's Wall Street.
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"Carpe diem! Rejoice while you are alive; enjoy the day; live life to the fullest; make the most of what you have. It is later than you think." -- Horace, Ancient Roman poet
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