Agglomeration Effect

Agglomeration Economies:

A localized economy in which a large number of companies, services, and industries exist in close proximity to one another and benefit from the cost reductions and gains in efficiency that result from this proximity.
If an area specialises in the production of a certain type of good, all firms can benefit from various factors such as:
- Good supply networks
- Supply of trained workers
- Infrastructure built specifically for the industry
- Good transport links

Source: TH

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