Respond to the following in a 200 to 250 words:
- Innovation and physical capital are 2 of the 4 factors of production. Discuss some specific ways that 1 of the following laws increased the productivity of 1 or both of these factors of production:
- 1862 Pacific Railway Act
- 1956 Federal Aid Highway Act
- 1946 Federal Airport Act
- What other examples of economic concentration can you share?
- What are the risks and advantages to economic concentration?
- How has economic concentration influenced the facilities management – real state industry?
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 1000-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. (250 word count)
- Analyze how the economic concentration in the area you chose influenced the supply chain. (250 word count)
- Analyze which of the 4 factors of production were the most and least important in determining the economic concentration of the area you chose. (250 word count)
- Predict changes you anticipate for the area of economic concentration you chose. Support your predictions. (250 word count)
Please include a chart and a table for part two.
Explanation & Answer length: 1000 words.
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