Central Place Theory proposes that settlements are arranged in a hexagonal hierarchy based on their population and the goods/services provided. It was developed by Christaller in the 1930s to explain the spatial distribution of towns. While its assumptions do not reflect reality perfectly, it provides a basic framework for understanding how populations access goods and services based on the size of settlements. It remains significant for regional planning by showing how a hierarchy of central places can plan for equitable access to socioeconomic resources, though its model is not ideal given modern transportation and industry changes.