REM 520 Chapter Notes - Chapter 1: Externality, Spatial Mismatch, Social Cost
18 Nov 2017
School
Department
Course
Professor
Document Summary
Urban economics is defined by the intersection of geography and economics: economics explores the choices people make when resources are limited, households make choices to maximize their utility, firms want to maximize profit. Urban economics explores geographical choices of utility-maximizing households and profit maximizing firms. As a geographical area that contains a large number of people in a relatively small area: a population density that is high relative to the density of the surrounding area. Urban area: a densely settled area with a minimum population of 2,500 people and a minimum density of 500 people per square mile, Urban population: people living in urban areas. Metropolitan area: a core area with a substantial population nucleus, together with adjacent communities that are integrated, in an economic sense with the core area. Micropolitan area: smaller version of a metropolitan are with a concentration of 10,000 to 50,000 people. Principal city: the largest municipality in each metropolitan or micropolitan area.
