Agglomeration economy
1. A localized economy in which a large number of companies, services, and industries exist in close proximity to one another and benefit from the cost reductions and gains in efficiency that result from this proximity
2. Agglomeration economies are the benefits that come when firms and people locate near one another together in cities and industrial clusters.
Definition of Agglomeration economy. Merriam-Webster: America's Most Trusted Dictionary. Retrieved from: https://www.merriam-webster.com/dictionary/agglomeration%20economy
The Thinking Student's Guide to College: 75 Tips for Getting a Better Education. (2010). University of Chicago Press.