Chapter 5 Key Terms & Questions
Terms in this set (16)
The attractions or important access needs that one land use has for other land uses
Economic efficiencies due to multiple local industries
The emergence of specialized resources in response to demand from multiple industries
Convert percentage rate to Mills
14.5 Mills equals 1.45%
115 Mills equals 11.5%
60 Mills Equals 6%
Economies of scale
Growth of an industry within a city can create special resources and cost advantages for that industry leading to savings per unit
Bid Rent Model
Model of how land users bid for location that reveals the influences on how density of land use is determined, how competing urban land uses sort out their locations, how urban land value is determined and why land uses change over time.
The central business district
Is used in the calculation of the bid-rent model. It is the point zero at which all employment and exchange takes place.
The "gravity" that draws economic activity into clusters is
Demand for access or proximity
Spatial or distance relationships that are important to a land use are called
Cities have tended to grow where
Transportation modes intersect or change
The economic base multiplier of a city tends to be greater if the city is
The best example of a base economic activity would be a
Regional Sales office
Important supply factors affecting a city's growth or growth potential include
Business Leadership, Presence of any industry economies of scale, Labor force characteristics, Education system
True things about agglomeration economies
They result from demand created by multiple industries
They create a readily available supply of highly specialized goods and labor
They tend to reduce risks in real estate
They occur in larger cities
WHich of these influences will decrease the level of a bid rent curve at the center of the city?
Faster Travel Time
In a system of bid-rent curves, assuming that households are identical except for the feature noted, which of these prospective bidders will bid successfully for the sites nearest to the CBD?
Households with the greatest number of commuting workers
A large university is an example of what kind of economic phenomenon?
Industry economies of scale
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