Select 1 of the economic concentrations (clusters) below:
- Seattle-Tacoma-Olympia, WA aerospace / defense industry
- Central California winemaking industry
- Hollywood movie industry
- Silicon Valley technology hub
- Texas / Louisiana Gulf Coast crude oil and natural gas production and refining
- Pre-1994 vs Post-1994 US auto and light truck production and the reasons for the change in economic concentration
Write a 700- to 1,050-word paper evaluating economists assessments of the role the 4 factors of production played in determining how the economic concentration you selected has evolved. Complete the following in your paper:
- Analyze how the economic concentration in the area you chose was influenced by competition and pricing.
- Analyze how the economic concentration in the area you chose influenced the supply chain.
- Analyze which of the 4 factors of production were the most and least important in determining the economic concentration of the area you chose.
- Predict changes you anticipate for the area of economic concentration you chose. Support your predictions.