Least Cost Theory
Alfred Weber's theory of industrial location, explaining and predicting where industries will locate based on cost analysis of transportation, labor, and agglomeration factors.
Bulk-gaining industry
An industry in which the final product weighs more or comprises a greater volume than the inputs
Bulk-Reducing Industry
An industry in which the final product weighs less or comprises a lower volume than the inputs.
Agglomeration
A process involving the clustering or concentration of people or activities. The term often refers to manufacturing plants and businesses that benefit from close proximity because they share shilled-labor pools and technological and financial amenities.
Alfred Weber's theory of industrial location, explaining and predicting where industries will locate based on cost analysis of transportation, labor, and agglomeration factors.
Bulk-gaining industry
An industry in which the final product weighs more or comprises a greater volume than the inputs
Bulk-Reducing Industry
An industry in which the final product weighs less or comprises a lower volume than the inputs.
Agglomeration
A process involving the clustering or concentration of people or activities. The term often refers to manufacturing plants and businesses that benefit from close proximity because they share shilled-labor pools and technological and financial amenities.