ExternalityIn economics, an externality or external cost is an indirect cost or benefit to an uninvolved third party that arises as an effect of another party's (or parties') activity. Externalities can be considered as unpriced goods involved in either consumer or producer market transactions. Air pollution from motor vehicles is one example. The cost of air pollution to society is not paid by either the producers or users of motorized transport to the rest of society. Water pollution from mills and factories is another example.
Urban renewalUrban renewal (also called urban regeneration in the United Kingdom and urban redevelopment in the United States) is a program of land redevelopment often used to address urban decay in cities. Urban renewal involves the clearing out of blighted areas in inner cities to clear out slums and create opportunities for higher class housing, businesses, and other developments. A primary purpose of urban renewal is to restore economic viability to a given area by attracting external private and public investment and by encouraging business start-ups and survival.
Variable costVariable costs are costs that change as the quantity of the good or service that a business produces changes. Variable costs are the sum of marginal costs over all units produced. They can also be considered normal costs. Fixed costs and variable costs make up the two components of total cost. Direct costs are costs that can easily be associated with a particular cost object. However, not all variable costs are direct costs. For example, variable manufacturing overhead costs are variable costs that are indirect costs, not direct costs.
Streetcar suburbA streetcar suburb is a residential community whose growth and development was strongly shaped by the use of streetcar lines as a primary means of transportation. Such suburbs developed in the United States in the years before the automobile, when the introduction of the electric trolley or streetcar allowed the nation’s burgeoning middle class to move beyond the central city’s borders. Early suburbs were served by horsecars, but by the late 19th century cable cars and electric streetcars, or trams, were used, allowing residences to be built farther away from the urban core of a city.
Urban designUrban design is an approach to the design of buildings and the spaces between them that focuses on specific design processes and outcomes. In addition to designing and shaping the physical features of towns, cities, and regional spaces, urban design considers 'bigger picture' issues of economic, social and environmental value and social design. The scope of a project can range from a local street or public space to an entire city and surrounding areas.
Social isolationSocial isolation is a state of complete or near-complete lack of contact between an individual and society. It differs from loneliness, which reflects temporary and involuntary lack of contact with other humans in the world. Social isolation can be an issue for individuals of any age, though symptoms may differ by age group. Social isolation has similar characteristics in both temporary instances and for those with a historical lifelong isolation cycle.
DetroitDetroit (dɪˈtrɔɪt , ˈdiːtrɔɪt) is the most populous city in the U.S. state of Michigan. It is the most populous U.S. city on the United States–Canada border, and the seat of government of Wayne County. Detroit had a population of 639,111 at the 2020 census, making it the 27th-most populous city in the United States. The metropolitan area, known as Metro Detroit, is home to 4.3 million people, making it the second-largest in the Midwest after the Chicago metropolitan area, and the 14th-largest metropolitan area in the nation.
English Poor LawsThe English Poor Laws were a system of poor relief in England and Wales that developed out of the codification of late-medieval and Tudor-era laws in 1587–1598. The system continued until the modern welfare state emerged after the Second World War. English Poor Law legislation can be traced back as far as 1536, when legislation was passed to deal with the impotent poor, although there were much earlier Plantagenet laws dealing with the problems caused by vagrants and beggars.
PovertyPoverty is a state or condition in which one lacks the financial resources and essentials for a certain standard of living. Poverty can have diverse social, economic, and political causes and effects. When evaluating poverty in statistics or economics there are two main measures: absolute poverty compares income against the amount needed to meet basic personal needs, such as food, clothing, and shelter; relative poverty measures when a person cannot meet a minimum level of living standards, compared to others in the same time and place.
Poor reliefIn English and British history, poor relief refers to government and ecclesiastical action to relieve poverty. Over the centuries, various authorities have needed to decide whose poverty deserves relief and also who should bear the cost of helping the poor. Alongside ever-changing attitudes towards poverty, many methods have been attempted to answer these questions.
Income distributionIn economics, income distribution covers how a country's total GDP is distributed amongst its population. Economic theory and economic policy have long seen income and its distribution as a central concern. Unequal distribution of income causes economic inequality which is a concern in almost all countries around the world. Classical economists such as Adam Smith (1723–1790), Thomas Malthus (1766–1834), and David Ricardo (1772–1823) concentrated their attention on factor income-distribution, that is, the distribution of income between the primary factors of production (land, labour and capital).
Chicago metropolitan areaThe Chicago metropolitan area, also colloquially referred to as Chicagoland, is the metropolitan area containing the City of Chicago, which includes its surrounding suburbs and satellite cities. Encompassing 10,286 square mi (28,120 km2), the metropolitan area includes the city of Chicago, its suburbs and hinterland, that span 14 counties across northeast Illinois, northwest Indiana, and southeast Wisconsin. The MSA had a 2020 census population of 9,618,502 and the combined statistical area which spans up to 19 counties had a population of nearly 10 million people.
