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bid rent theory
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BID RENT THEORY
definition
what is the bid rent theory?
- a geographical economic theory that refers to how the price and demand for real estate changes as the distance from the central business district increases
- states that land users will compete with each other for the land closest to the center
visual depiction
the role it plays in intensive and extensive farming
The bid rent theory plays a major role in intensive and extensive farming. For intensive farming, farmers have to be close to the city's center so that they can have a constant access to fertilizer and pesticides. For extensive farming, farmers would rather be close to the city senter so that they can transport their goods easily.
Each farmer would rather pay more to be close to the city's center than spend less to be further away. Most urban farmers would rather be closer because of convinience to their trading partners.
connections to the real world
von thunen's reflection of the theory
According to the Von Thunen model, many farmers would rather be close to the center of a city. It is more convinient for the trade of crops. It is also more efficient for the consumers.
visual depiction
Overall, the bid rent threory is an important aspect to agriculture. It helps farmers determine the most efficient and productive location for their farms.