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Business & Marketing
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English (U.S.)
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Topic:

Clustering: A pervasive characteristic of innovative industries

Essay Instructions:

Respond to the following questions, in an essay that addresses the topics covered in the readings. Remember, from the syllabus, you must use at least one source in addition to the readings; bibliographies are not required; cite readings in footnotes or in the text.
Prepare a a short introductory paragraph outlining the topics and purpose of your brief, the body of which responds to the questions (address all of them), and a conclusion which states your own thoughts on the topic and its relevance, in the context of the economy.
FIRMS (3) QUESTIONS:
Explain why and how clustering is a pervasive characteristic of innovative industries.
What are the advantages and disadvantages to the supply side and demand side of clustered industries?
Is there a role for government policy associated with industry clusters?

Essay Sample Content Preview:
Economics of Innovation.
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Economics of innovation
The continuous advancing technologies and the rapid evolution of customer needs necessitate the importance of innovation. Industrialization generates opportunities for both employment and education, factoring the need for research and development. Enhancing economic growth entails the efficient utilization of resources for continuous production. Industrial clustering involves the collaboration of industries within the same competition sphere and region through increased production (Bondarenko et al. 2016). Different firms share ideas and develop innovative solutions to take advantage of available market opportunities. Clustered industries may include competitors, but complementary operations inhibit conflict of interest.
Clustering is essential for innovative industries because of the enhanced geographical proximity of small enterprises. Inter-industry collaboration generates sectoral specialization, therefore increasing efficiency in operations (Gereffi & Lee 2016). Achieving a highl...
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