Comprehensive Study Guide for USP 15 Final Exam at Anderson University

Agglomeration Economies

Economic benefits from firms clustering in urban areas

Labor Markets

System where employees find jobs and employers find workers

Housing Prices

Cost of residential properties in a specific area

Mobility

Ability to move or be moved freely and easily

Market Failures

Situation where the market does not efficiently allocate resources

Role of Government

Government's involvement in correcting market failures

SWOT Memo

Document analyzing Strengths, Weaknesses, Opportunities, Threats

Equity vs. Efficiency

Tradeoff between fairness and productivity in economics

Arthur Okun

Economist known for the equality-efficiency tradeoff concept

Productivity Growth

Increase in output per unit of input

Income Distribution

How income is allocated among individuals in a population

CEO Compensation Ratio

Ratio of CEO pay to average worker wage

Social Equity

Fairness and justice in society

Poverty Data

Statistics on the percentage of people below the poverty line

Planners' Influence

Areas where urban planners have significant impact

Sustainability

Balancing environmental, economic, and social aspects for long-term well-being

Health Determinants

Factors influencing individuals' health status

Quality Jobs

Employment opportunities that provide good pay and benefits

Shared Opportunity

Equal access to resources and opportunities for all

Environmental Justice

Ensuring fair treatment and involvement in environmental decisions for all communities

U.S. Census 2010 Completion Rate

74% nationally, 73% in California

Underserved Communities

Groups with significantly lower response rates in the U.S. Census 2010

American Community Survey

Data collection on various population demographics

Linguistically Isolated

Communities with language barriers affecting census response

Low Mobility

Communities with limited movement capabilities

Environmental Justice Analysis

Incorporating EJ considerations in planning, design, construction, and operation

Triple Bottom Line

Evaluating projects based on financial, environmental, and social value

Green New Deal

Policy for sustainable economic development and environmental protection

Structuring the Plan

Organizing focus areas, targets, milestones, and initiatives

Co-Benefit Analysis

Assessing job creation, air quality, carbon savings, and cost benefits

SSIM™

Decision support framework for sustainability planning

Triple Bottom Line Approach

Considering equity, environment, and economy in decision-making

Urban Ecosystem & Resilience

Focus on sustainable urban development and adaptability

Agglomeration Economies

Economic benefits from firms clustering in urban areas.

Comparative Advantage

Producing goods at a lower opportunity cost than others.

Two Products/Two Backyard Economy

Illustrates opportunity cost and specialization in production.

Trade Creates Wealth

Exchanging goods leads to increased prosperity.

Constant Returns to Scale

Production output remains proportional to input changes.

Metro

Urban area with a core city and surrounding communities.

Core Based Statistical Areas

Regions with a central county and outlying areas.

Agglomeration Economics

Lower production costs from firms sharing resources and labor.

Intermediate Input Producers

Suppliers reducing costs for final goods producers.

Common Labor Pool

Shared workforce benefits employers and workers.

Skills Matching

Matching worker skills to job requirements efficiently.

Gaining Knowledge

Clusters foster innovation and industry growth.

Intra-Industry Economies

Economic benefits within the same industry.

Inter-Industry Economies

Economic benefits across different industries.

Localization Economies

Economic advantages from geographic concentration of firms.

Incentive to Cluster

Motivation for firms to locate near each other for benefits.

Start-ups

Newly established companies aiming for innovation and growth.

IDEA District

Real estate area in San Diego promoting innovation.

Intra-Industry Examples

Companies within the same industry benefiting from clustering.

Inter-Industry Examples

Companies from different industries benefiting from proximity.

Industry Clusters

Groups of interconnected companies in a specific field

Agglomeration Diseconomies

Negative effects of over-concentration of industries in one area

Equilibrium

Balanced state in an industry cluster

Diminishing Marginal Returns

Decrease in additional benefits from increasing inputs

Productivity Growth

Percentage change in output per worker relative to industry output change

Knowledge Spillover

Transfer of knowledge between firms in close proximity

Patent Elasticity

Relationship between employment density and patent creation

Localisation Economies

Economic benefits from firms concentrating in a specific area

NAICS

North American Industry Classification System

Location Quotients

Measure of industry concentration in a specific area

Transport-Intensive Firms

Companies heavily affected by transportation costs

Resource Oriented Firms

Businesses with high costs of transporting raw materials

Market Oriented Firms

Companies with high costs of transporting output to market

Principle of Median Location

Concept of locating to best serve clients based on distribution

Labor, Energy, & Agglomeration

Factors influencing location decisions in business

Agglomeration Economies

Benefits firms obtain by locating near each other

Labor Markets

Where workers sell their labor to employers

Land & Workplaces

Study of land use and employment locations

Housing Prices

Cost of residential properties in an area

Mobility

Ability to move freely in a region

Market Failures

Situation where resources are not allocated efficiently

Elasticity

Measure of responsiveness of quantity demanded to price changes

Pareto Optimality

State where no one can be made better off without making someone worse off

Nash Equilibrium

Situation where no player has an incentive to change their strategy

Central Place Theory

Explains how services are distributed and why settlements exist

Hierarchy of Retail

Arrangement of retail establishments by size and type

Smart Growth

Planning approach to urban development that minimizes environmental impact

Pareto Inefficiency

Situation where resources can be reallocated to make at least one person better off without making anyone worse off

Transaction Efficiency

Ability to conduct transactions quickly and easily

Pareto Efficient

Allocation where no one can be made better off without making someone else worse off

External Costs

Negative effects of economic activities on third parties

External Benefits

Positive effects of economic activities on third parties

Perfect Information

Complete and accurate knowledge available to all market participants

Economic Base Memo

Document analyzing the economic foundation of a region

SWOT Memo

Analysis of strengths, weaknesses, opportunities, and threats in a given context

Superior Goods

Products whose demand increases with income

Inferior Goods

Products whose demand decreases with income

Shortage

Situation where quantity demanded exceeds quantity supplied at a given price

Surplus

Situation where quantity supplied exceeds quantity demanded at a given price

Quantity Demanded

Amount of a good or service consumers are willing to buy at a specific price

Quantity Supplied

Amount of a good or service producers are willing to sell at a specific price

Market Equilibrium

Point where quantity supplied equals quantity demanded

Clusters

Create critical mass for comparison shopping

Transportation

Influences factors in urban planning

Los Angeles General Plan

Urban planning document from 1970

SANDAG Regional Plan

Regional planning document from 2016

Smart Growth Concept Map

Illustrates urban development strategies