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The five axioms of urban economics are:

  1. The Importance of Location: Economic activities are influenced by their geographical location, which affects transportation costs and accessibility.
  2. The Role of Agglomeration: Businesses and individuals benefit from being close to one another, leading to increased productivity and innovation.
  3. Land Use Competition: Different uses of land compete for the same space, driving up prices and influencing urban development patterns.
  4. Spatial Structure of Cities: Cities develop in a hierarchical manner, with central areas typically being more economically productive and desirable.
  5. Market Dynamics: Urban economies are shaped by supply and demand, impacting housing, employment, and services, which in turn affects urban growth and decline.
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1d ago

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