20 lines
704 B
Markdown
20 lines
704 B
Markdown
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# Market-Based Economic Identity
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## Definition
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The way in which the characteristics and extent of local markets shape the economic activities, specialisations, and development patterns of different regions and communities. Market-based economic identity determines what types of production and trade are viable in different locations.
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## Source Chapter
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Book I, Chapter 3
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## Context
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Smith shows how different regions develop distinct economic identities based on their market access: coastal areas become trading centres, river regions develop industries supported by inland navigation, while isolated inland areas remain focused on subsistence agriculture.
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## Economic Domain
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General Theory
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---
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