Economics Question

Description

Select 1 of the economic concentrations (clusters) below:

Seattle-Tacoma-Olympia, WA aerospace and defense industry

Central California winemaking industry

Hollywood movie industry

• Silicon Valley technology hub
• Texas renewable energy cluster
• U.S. auto and light truck production (pre-1994 vs. post-1994)
• Global AI innovation hubs
• Advanced logistics and supply chain hubs in the U.S.
• Write a paper evaluating economists’ assessments of the role the 4 factors of production played in determining how the economic concentration you selected has evolved. Complete the following in your paper:
• Analyze how the economic concentration in the area you chose was influenced by competition and pricing.
• Analyze how the economic concentration in the area you chose influenced the supply chain.

Analyze which of the 4 factors of production were the most and least important in determining the economic concentration of the area you chose.

Predict changes you anticipate for the area of economic concentration you chose. Support your predictions.