The Segment in the Text on "Worldwide Urbanization" Paints a Very

question 35

Essay

The segment in the text on "Worldwide Urbanization" paints a very bleak picture of urban life for many of the world's population in LDC cities. Briefly describe those conditions, and explain how developed nations prevent those conditions from occurring.

---

Definitions:

Market Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity of that good that all consumers in the market are willing to purchase at each price point.

Individuals' Demands

A reference to the total quantity of a good or service that an individual consumer is willing and able to purchase at various prices.

Consumer Surplus

The economic benefit derived by consumers from being able to purchase a product for a price that is less than the maximum price they are willing to pay.

Equilibrium Price

The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers, resulting in a stable market condition.