{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Chapter Reading Notes - production and exchange that seem...

Info icon This preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter Reading Notes: Chapter One: Urban Area: a densely settled geographical area with a minimum population of 2500 people and a minimum density of 500 people per square mile. In 2000, there were 3,765 urban areas in the unit states. Urban Population: people living in urban area. Metropolitan Are: a core are with a substantial population nucleus, together with adjacent communities that are integrated, in an economic sense, with the core area. Metropolitan area: a smaller version of a metropolitan. Principal city: the largest municipality in each metropolitan or micropolotan statistical area. A municipality is defined as an area over which a municipal corporation exercises political authority and provides local government services such as sewage service, crime protection, and fire protection. Cities exist because human technology has created systems of
Image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: production and exchange that seem to defy the natural order. 3 condition to be a city: Agricultural Surplus: people outside cities must produce enough food to feed themselves and city dwellers. Urban Production: city dwellers must produce something—goods or services to exchange for food grown by rural workers. Transportation for exchange: there must be an efficient transportation system to facilitate the exchange of food and urban products. 5 Axioms of Urban Economics 1) Prices Adjust to Achieve Location Equilibrium: equilibrium occurs when no one has an incentive to move. (Beach house vs. house on a noisy highway) Location equilibrium requires a higher price for the beach house. To eliminate the incentive to move, the price of the beach house must be high enough to fully compensate for the better environment. 2) Externalities...
View Full Document

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern