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•Trading centers and factory hubs •Comparative advantage of regions –Based on productivity •Specialization –leads concentration of economic activity
Firm Location and Where Cities Develop
Urban Economics Text: Economics Meets Geography
Greatest invention Economics aspects: Natural advantage; Created advantage; Productivity; Surplus; Public goods; Innovation; Exchange and specializtion.
Adam Smith and the Productivity Argument of Absolute Advantage
Six Key Concepts of Urban microeconomics: 1. Opportunity Cost 2. Marginal Principle 3. Nash Equilibrium 4. Comparative Statics 5. Pareto Efficiency 6. Self-Reinforcing Changes
Porter’s Competitive Advantage: Clusters
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