WAEC Economics 2010 Theory — Question 16
Question 16 of 23 from the West African Examinations Council (WAEC) Economics 2010 Theory paper, with the correct answer and a full explanation.
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7(a) Distinguish between location of industries and localization of industries. (5 marks)
Model answer
Location of industry refers to where an industry or firm sites due to the availability of favourable factors and it may be for political reasons. Localization of industry, on the other hand, refers to the concentration of firms of the same industry in an area - these firms are usually in the same industry but at times they may belong to different industries.
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