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Economic Concentration Evaluation

Select 1 of the economic concentrations (clusters) below:

Seattle-Tacoma-Olympia, WA aerospace / defense industry
Central California winemaking industry
Hollywood movie industry
Silicon Valley Technology hub
Texas / Louisiana Gulf Coast crude oil and natural gas production and refining
Pre-1994 vs Post-1994 US auto and light truck production and the reasons for the change in economic concentration
Write a 700- to 1,050-word 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.
Consider the resources provided and other academically appropriate sources. The use of charts and tables to illustrate data is highly encouraged.

Sample Solution

in leaving the EU will affect employment level in an adverse way, since there are some European businesses based in the UK. For example, Metro bank is a bank based in Russia but they also have a branch based in London so if the Metro bank was to close down, this will affect the economy and environment because as there would be an increase in unemployment if they decide to move their business out of the UK. This will lead in to people having less disposable income which will lead to them not having enough money to spend which would not boost the economy. The more the British economy does well, the more people would be attracted to migrate to the UK as it appealing for them to come settle here as Britain is a rich country and we have a lot to offer and help people. Another example is NatWest which is a European bank so if NatWest closes, the unemployment rates would increase as there would be a reduction in jobs if a business closes which leads to less people having a disposable income. Moreover “There were 31.81 million people with jobs in the three months to August, 106,000 more than the previous quarter and 560,000 more than a year earlier. The employment rate remained at its highest ever level of 74.5 per cent. At the same time, the jobless rate was frozen at 4.9 per cent but the number of people unemployed crept up by 10,000 between quarters. There are 118,000 fewer people out of work than the same period last year”. (Clements, 2016) According to “the forecast for GDP growth falling to 1.0% in 2016 and -1.0% in 2017, we can expect the unemployment rate to jump up to 6.5% by the end of 2017 as Credit Suisse analysts said. This expected rise in unemployment is likely to squeeze nominal household incomes as wage growth takes a hit”. (Rodionova, 2016) (Statistics, 2016b) Furthermore, if Britain leaves the EU it would reduce the number of foreign workers which will make the country less broad for example in skills. If people decide to leave, this would mean we are losing people with different abilities and skills. All this will result into people having less disposable income to spend. However, a benefit outcome is, more jobs available to the British citizens if foreigners decide to leave. The Housing market has also been affected by the Brexit as overseas property buyers are buying London properties after the shocking decision for the UK leaving the EU. In the UK, it is mostly foreigners buying properties, so the UK leaving the EU the housing market has fallen. For example, Estate agents in the UK have been swamped with calls from Chinese, Middle Eastern, Italian and Spanish buyers looking for a bargain after the pound tumbled to more than 30-year lows.

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