Combined statistical area - Essay Example

(Source www.policom.com) Combined Statistical Areas in Utah Brigham City Salt Lake City Weber Morgan Summit Utah Metropolitan Statistical Areas Franklin Cache David Salt Lake Tooele Juab Washington Micropolitan Statistical Areas Box Elder Wasatch Uintah Carbon Iron Counties that are Neither Metropolitan or Micropolitan Areas Rich Daggett Duchesne Millard Sanpete Sevier Emery Grand Beaver Piute Wayne Garfield San Juan Kane Part II Economic Concepts: i) Business Clusters: Business clusters can be described as geographic concentrations of the same type of businesses, suppliers, manufacturers etc.

Clusters play an important role in increasing a business’s productivity. Cluster development is an important paradigm of economic development that governments should concentrate on along with companies, organizations and institutions. They safeguard all types of businesses ranging from conglomerates to small and medium enterprises and give them a collective direction to compete with external competition. According to the Institute for Strategy and Competitiveness, business clusters provide an opportunity to reduce overall costs of doing business, encourage privatization and economic stability.

In United States, International Cluster Competitiveness Project and Cluster Mapping Projects are undergoing to collect data geographically with primary aim to study “the linkages and externalities across industries that create business clusters” (1). The article by Mr. James Surowiecki, highlights the merits of the cluster system that are in practice in New York. For example, opening a restaurant on Smith Street has ensured productivity and equal business opportunities for all restaurants that are operating in that particular area.

The concept of clustering guarantees a business’s profitability if not success, and it is easier for these restaurants to find and employ suitable work- force. Those who are interested in such type of work automatically approach the cluster that holds the highest number of employment opportunities in their preferred industry. ii) Competition: Competition within the economic or business framework refers to a rival involved in the same type of business. Business owners, whether manufacturers, sellers or buyers, all compete with businesses that offers the same types of products or services.

The perfect sort of competition is seen between businesses that are roughly the same size and neither of them can affect the market or prices on their own. Competition can be eliminated or controlled with the help of government regulations such as copyrights, fair-trade laws, patents etc. The article by Mr. James Surowiecki is trying to portray competition within a positive light, and how clusters help in the economic development of businesses that are competing in the same geographical area like restaurants.

Where every business would like to be the only one of its kind to enjoy monopoly, many different social and economic problems arise from such a situation. Hence, the article tries to show the merits of competition from the consumer point-of-view. After all, all businesses depend on consumer choice in order to generate profits. iii) Supply: Within the economic framework the term “supply” can be defined as the essential link between a commodity or “want” that is offered by consumers and the price charged for it.

Supply can also be understood as that commodity or service that