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Question
When many small firms specialise in one sector and operate in close geographical proximity, they form a/an
When many small firms specialise in one sector and operate in close geographical proximity, they form a/an
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Solution
The correct option is C industrial district
A group of small firms is said to be an industrial cluster when they share common markets, technologies, and skill requirements. These small firms in the cluster specialise in the production of certain parts of the final goods and supply those as inputs to bigger firms.
In the 1920s, a famous British economist named Alfred Marshall observed the efficiency of industrial districts in the metal-working and textile regions.
A group of small firms is said to be an industrial cluster when they share common markets, technologies, and skill requirements. These small firms in the cluster specialise in the production of certain parts of the final goods and supply those as inputs to bigger firms.
In the 1920s, a famous British economist named Alfred Marshall observed the efficiency of industrial districts in the metal-working and textile regions.
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