ECON 3500 Chapter Notes - Chapter 1: Externality, Micropolitan Statistical Area
5 Dec 2017
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Chapter 1: introduction & axioms of urban economics. Urban economics: the intersection of geography and economics: exploring the geographical or location choices of utility-maximizing households & profit-maximizing firms. Identifies inefficiencies in location choices: examines other alternative public policies to promote efficient choices. 6 areas of urban economics: market forces in the development of cities, land use within cities, urban transportation, crime & public policy, housing & public policy, local government expenditures and taxes. City: many definitions of a city, key census definitions include: Economic city: interchangeable with urban area or metropolitan area refer to the economic city: an area with relatively high population density that contains a set of closely related activities. Urban area: densely settled geographical area with a minimum population of 2,500 people + minimum density of 500 people per square mile. In 2000, urban population was 79% of total population.
