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15 May, 08:37

Cities such as New York are able to host a variety of complex industries because of the development of specialized resources that support their growth. When specialized resources emerge in response to demand from multiple industries, this is referred to as:

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  1. 15 May, 09:02
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    Agglomeration economies.

    Explanation:

    Agglomeration economies, also known as external economies of scale, consist of the advantages of focusing output and residence in some specific areas. If some particular area produces certain kinds of goods, all firms can take advantage of many factors like networks for the supply of goods, workers, transport, and a proper infrastructure for the industry.
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