Economics Lecture Series Overview

The division of labor, where individuals or groups specialize in specific tasks, leading to increased efficiency and production on a larger scale.

The minimum number of sales a business needs to make a profit.

The maximum distance a customer is willing to travel to purchase a product.

A theory stating that businesses are located at optimal points to minimize transportation costs for both resources and finished products.

A model that explains the hierarchical arrangement of settlements based on their size and the range of goods and services they offer.

Improvements made to existing products, making them better or more efficient.

A completely new idea or solution that changes how we think about a problem.

An innovation that changes the way entire industries operate, impacting different sectors.

The process of new ideas replacing old ones, leading to economic changes and advancements.

The idea that technology reduces costs for transportation and transactions, making the world feel smaller and more interconnected.

A combination of technological progress, increased tradability of goods, and improved organization of systems.

The benefits that come from having businesses and industries clustered together in a particular location.

Benefits to individual firms within a cluster, like access to specialized labor or suppliers.

Benefits to all firms and individuals in a region, like access to infrastructure or a skilled workforce.

The idea that companies in a cluster benefit from relationships between inputs and outputs, skilled labor, and knowledge sharing.

Knowledge that is difficult to transfer, often gained through experience or practice.

The difference in knowledge and experience between two individuals or groups.

The idea that diversity leads to innovation by exposing people to new ideas and perspectives.

The study of how people make choices with limited resources and the impact those choices have on society.

Individuals or organizations that make economic choices, such as consumers, businesses, and governments.

Resources that are limited in supply, such as land, labor, and capital.

The process of extending economic activities across national borders and integrating these activities.

Costs associated with trading goods or services, such as transportation, communication, and legal fees. Reducing these costs is a key driver of globalization.

An organization that aims to reduce trade barriers and increase international trade, promoting free and fair trade globally.

Rules that encourage equal treatment of imported goods from different countries. They ensure that no country is favored over another.

Rules that ensure imported goods are treated the same as domestic goods once they enter a country. This prevents discrimination against foreign products.