ECONOMICS
ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Iron ore is shipped from Montana to Duluth, Minnesota by railroad where it is loaded on ships. The iron ore then traverses through the Great Lakes and across the Atlantic Ocean to ports in Germany. The transfer of the iron ore in Duluth is an example of which of the following?
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break-of-bulk point
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central place theory
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Weber’s least cost theory
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just-in-time delivery
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Explanation:
Detailed explanation-1: -Clustering is the phenomenon whereby firms from the same industry gather together in close proximity. It is particularly evident in industries like banking.
Detailed explanation-2: -Manufacturing is a thriving industry in Duluth. Our skilled workers make everything from house products to personal jets.
There is 1 question to complete.