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Midterm

URBS 240 Midterm: Urbs 380 Midterm study guide 2017

8 Pages
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Department
Urban Studies
Course Code
URBS 240
Professor
norma rantisi

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Description
URBS 380 Midterm Study Guide: For multiple choice, true/false questions and short answer, you may be asked about the following concepts or issues: Know the key neo-classical assumptions about markets (as discussed in class) Some key neoclassical assumptions: i. fully-informed, rational actors (producers, users) ii. constant returns to scale (in production) increase in outputs proportional to increase in inputs iii. isotropic plane What is overlooked: Geographic unevenness - how the properties of places can shape their economic evolution Limits to neoclassical assumptions: Increasing Returns to Scale (scale economies): increase in outputs is greater than increase in inputs Know the three different kinds of agglomeration economies what is the difference between them? Which one is significant for innovation? agglomeration economies (localization, urbanization & activity-complex) Localization Economies: benefits that arise from spatial concentration of firms in the same industry. i) shared intermediate inputs ii) labour pooling iii) knowledge spillovers Urbanization Economies: benefits that arise from spatial concentration of a diversity of industries iv) shared intermediate inputs v) diversified labour pool vi) exposure to different ways of doing things Diseconomies of scale increase in outputs is less than increase in inputs. 1/2 Human capital: practical knowledge, acquired skills and learned abilities of that make an individual potentially productive and enhances their value in the marketplace. Comparative advantage - determines which industry serves as export base - definition: the ability of a party to produce at lower opportunity cost than a competitor - differs from absolute advantage: the ability of a party to produce more than a competitor. Know the three assumptions that inform the monocentric city perspective (refer to Kloosterman & Musterd article). Kloosterman, R.C. & Musterd, S. (2001). The Polycentric Urban Region: Towards a Research Agenda. Urban Studies, 38, pp. 623-633. Four key assumptions: central export node (railroad terminal or port) horse-drawn wagon hub-and-spoke streetcar system agglomeration economies As a supply-side strategy for influencing the location choices of firms, tax policy is used to address what kind of costs? Do taxes influence location decisions? Tax Policies - tax subsidies (grant) - tax abatements (reduction in tax) Tax policies - most popular BUT not influential for choice of region Why? Processing costs not so significant. Staples theory vs. 'economic base theory each reflects an export-oriented approach but know the difference between them 2/2If provided with the location quotients, know how to differentiate between non-base and base industries If LQ > 1, then industry is base If LQ < 1 or = 1, then industry is non-base If provided with data, know how to calculate a multiplier effect (know the formula!) & know what the number represents. Multiplier Effect = Non-Base Employment/Base Employment The multiplier effect represents how many non-base workers are employed by the income of base workers. Every base worker creates income that is then spent in the local economy to employ 2.305 non base workers. Multiplier Effect = Base Multiplier 1. Know what a leakage is (as discussed in class and in the Loxley and Lamb reading), and what effect it has on the multiplier.Loxley, J. and Lamb, L. (2007) Export Base Approach In J. Loxley, J. Silver & K. Sexsmith (Eds). Doing Community Economic Development (pp. 19
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