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.

Comprehend the relationship between consumption, saving, and income.

Identify the determinants of investment and the concept of the investment demand curve.

Recognize how shifts in the aggregate demand and aggregate expenditure curves affect the economy.

Understand the dynamics of the consumption function, including the marginal propensity to consume (MPC) and save (MPS).

---

Definitions:

John Stuart Mill

John Stuart Mill was a British philosopher, political economist, and civil servant, known for his contributions to liberal thought, ethics, and the theory of utilitarianism.

Socrates

An ancient Greek philosopher who is considered a founder of Western philosophy and is known for his Socratic method of question and answer.

Cultural Relativists

Adherents to the view that moral or ethical systems, which vary from culture to culture, are all equally valid and no one system is really "better" than any other.

Moral Absolutism

The thesis that at least some moral values and rules are universal. See absolutism.