WK 2- Apply_assessment_economic

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WK 2 – Apply: Summative Assessment: Economic Concentration Evaluation University of Phoenix Ismanuela Morange Class: ECO/535: The Digital Economy Prof: Maria Hamideh Ramjerdi Due: 05/27/2024

The economic concentrations topic that I chose for this paper is the Silicon Valley technology hub. Silicon Valley is one of the most significant economic centers within the United States and is located in California Silicon Valley. In this paper, we will be analyzing the why and how the powerhouse of technological innovation, Silicon Valley, is also a key focus for investment of venture capital within the United States. Silicon Valley is a global hub for technological innovation, where hundreds of companies call it home. Major technology, software, and internet companies, such as Apple, Google, Meta, etc... The Silicon Valley technology hub is also known for being the center for their innovation, creativity, and for having some of the best of entrepreneurial spirited individuals, and a lifestyle founded on technologically based wealth. The economic concentration in the Silicon Valley technology hub is heavily influenced by competition and pricing by using natural resources, such as land, labor and capital. Due to the Silicon Valley standing as an innovation hub, they have been able to draw a sizable number of talented employees inside their webs. The Silicon Valley innovation center has always been largely driven by entrepreneurship, as numerous startups are based in the area. The economic concentration in the Silicon Valley technology hub area also influenced the supply chain by impacting pricing and market competition. Some of their biggest tech businesses in the world have their headquarters stationed in the area; therefore, due to the success of the businesses, the Silicon Valley technological hub draws in a sizable quantity of capital every year. The American technology hub of Silicon Valley can be expected to remain a key engine for innovation and job creation for a long while to come, therefore, making the technological epicenter of Silicon Valley a significant hub for venture capital financing.

Although, in recent years, the Silicon Valley technological hub has seen an incredible amount of success, does not mean that it is not devoid of any difficulties. Due to the high cost of living within the area, it can become extremely challenging for workers to find proper accommodation that is within their price range. Therefore, like everything, the technological hub of Silicon Valley, would require restructuring to meet proper accommodations.

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References: Kunkel, T. A. (2019). The high cost of living. Trends in Genetics, 15(3), 93-94. OUP Academic. https://academic.oup.com/jah/article-abstract/88/3/898/746928?redirectedFrom=fulltext Rauchway, E. (2021). The high cost of living in the progressives' economy. The Journal of American History, 88(3), 898-924. 1. Segal, T. (2023). "Silicon Valley: Definition, where it is, and what it’s famous for." (“Is Twitter Really Worth A Third of What It Was Before Musk Bought It?”) Investopedia. https://www.investopedia.com/terms/s/siliconvalley.asp#:~:text=Silicon%20Valley%20is%20kno wn%20as,of%20the%20world’s%20richest%20people .

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