Introduction to Economic Development - CEcD Exam 2023
Complete
Define: Job Creation
The traditional objective of economic development. It is a quality issue not a quantity
issue. Jobs created should support a desired standard of living, offer stability, and
decent working conditions. The practitioner should focus on creating quality jobs that
will support and sustain a community. The goal of job creation is to boost the local
income. - Job creation should never occur one community at the expense of another,
instead programs such as "economic gardening" should be implemented to assist small
businesses expand locally.
Define: Job Retention
Job retention (Business Retention and Expansion) focuses economic development
resources on maintaining the current employment levels in a community through
outreach campaigns. - It is a customer service mechanism that provides constant
feedback to community leaders about private sector growth and development. Most net
new jobs will come from existing businesses within a community; therefore, existing
businesses are a critical focus for local economic development efforts.
Define: Quality of Life
It is represented by many factors including safety, education quality and opportunity,
poverty reduction, environmental quality, and cultural and recreational amenities. It is
what makes living, working, and conducting business in a community worthwhile.
Conversely, detractors from the quality of life in a place (e.g. crime) often deserve
attention by economic development organizations. Quality of life is difficult to measure
but can be a critical to the success or failure of an Economic Development organization.
Econ Dev Players - LOCAL GOVERNMENTS
The primary initiator of economic development programs through their use of state and
federal funds. They have taxing, zoning, and eminent domain authority and can provide
infrastructure, support commercial revitalization, and promote small business
development. These actions can be carried out by local governments through their
economic development departments. they can also be implemented through private and
public-private entities.
Econ Dev Players - STATE GOVERNMENTS
Have broader authority than local governments. They are a main provider of economic
development through state funds and receipt of federal dollars. their powers include
taxing and setting compensation levels such as unemployment insurance, education,
infrastructure, and transportation. States are involved in technology development,
university linkages, special funding for business development, and export assistance.
Econ Dev Players - FEDERAL GOVERNMENT
Assists economic developers by providing funding and technical assistance through its
various agencies. It also affects economic development through its regulatory powers,
including the location of federal buildings and offices through legislation (e.g.
Community reinvestment Act "CRA"). The federal government also has specific
programs that focus on both rural and urban issues. These programs can be a much
Complete
Define: Job Creation
The traditional objective of economic development. It is a quality issue not a quantity
issue. Jobs created should support a desired standard of living, offer stability, and
decent working conditions. The practitioner should focus on creating quality jobs that
will support and sustain a community. The goal of job creation is to boost the local
income. - Job creation should never occur one community at the expense of another,
instead programs such as "economic gardening" should be implemented to assist small
businesses expand locally.
Define: Job Retention
Job retention (Business Retention and Expansion) focuses economic development
resources on maintaining the current employment levels in a community through
outreach campaigns. - It is a customer service mechanism that provides constant
feedback to community leaders about private sector growth and development. Most net
new jobs will come from existing businesses within a community; therefore, existing
businesses are a critical focus for local economic development efforts.
Define: Quality of Life
It is represented by many factors including safety, education quality and opportunity,
poverty reduction, environmental quality, and cultural and recreational amenities. It is
what makes living, working, and conducting business in a community worthwhile.
Conversely, detractors from the quality of life in a place (e.g. crime) often deserve
attention by economic development organizations. Quality of life is difficult to measure
but can be a critical to the success or failure of an Economic Development organization.
Econ Dev Players - LOCAL GOVERNMENTS
The primary initiator of economic development programs through their use of state and
federal funds. They have taxing, zoning, and eminent domain authority and can provide
infrastructure, support commercial revitalization, and promote small business
development. These actions can be carried out by local governments through their
economic development departments. they can also be implemented through private and
public-private entities.
Econ Dev Players - STATE GOVERNMENTS
Have broader authority than local governments. They are a main provider of economic
development through state funds and receipt of federal dollars. their powers include
taxing and setting compensation levels such as unemployment insurance, education,
infrastructure, and transportation. States are involved in technology development,
university linkages, special funding for business development, and export assistance.
Econ Dev Players - FEDERAL GOVERNMENT
Assists economic developers by providing funding and technical assistance through its
various agencies. It also affects economic development through its regulatory powers,
including the location of federal buildings and offices through legislation (e.g.
Community reinvestment Act "CRA"). The federal government also has specific
programs that focus on both rural and urban issues. These programs can be a much
