Economists Have Noted That Businesses of a Certain Type Tend

question 82

Essay

Economists have noted that businesses of a certain type tend to congregate geographically, attracting workers with skills in those fields.This, in turn, lures more firms seeking employees with those skills.Some examples include commercial banking, software development, and the automobile industry.What mechanism is at work here? Briefly explain how the mechanism works to the advantage of employers and employees.

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Definitions:

Human Resource Planning

The strategic approach to forecasting, planning, and meeting the current and future human capital needs of an organization.

Declining Farm Prices

A situation where the market prices for agricultural products decrease over time, often leading to economic strain for farmers and the agricultural community.