FINC 371 Midterm Exam 1 - Chapter 14 Questions And Correct Detailed Answers.

urban and regional economics - Answer the discipline of studying real estate markets at the urban and regional level comparative advantage - Answer -rapid economic and population growth generally results because one locale has this over another -this may be a result due to advantages in transportation facilities, quality or quantity of other factors in the created environment, or because of natural resources, a favorable climate, or the quality or quantity of the labor force. transportation facilities - Answer -the most important factor that gives a community comparative advantage -most of the ports along rivers were located at important river junctions or at the fall line fall line - Answer the point at which the rivers cease to be navigable because their waters, descending from the uplands to the lowlands, form rapids and falls. educational facilities - Answer is of great importance, both in providing centers for technological development and in increasing the educational quality of the labor force. created environment - Answer consists of such things as utilities, public services and tax levels, housing, cultural activities, and transportation and educational facilities. -quality and quantity of these items may create either a comparative advantage or disadvantage analysts often classify employment into 2 categories: - Answer (1) export activities, or basic activities (2) population-serving activities, or nonbasic activities export activities (basic activities) - Answer produce goods and services for sale or consumption outside the area's borders -agriculture, mining, manufacturing, and wholesale trade population-serving activities (nonbasic activities) - Answer produce goods and services for sale or consumption within the community itself