The advantage of producing goods in an area where other companies are producing the same thing and there are a trained labor force, assembly and distribution systems of transportation, and support by financial and other services is called

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Agglomeration economies refer to the benefits that firms obtain by locating near each other. This concept explains how businesses gain advantages such as a skilled labor pool, efficient supply chains, and comprehensive support services by being situated in a cluster where similar production activities occur.

The Advantage of Producing Goods in an Area Where Other