Introduction to Economic Development - CEcD Exam
Question 1.
Define: Job Creation
ANSWER
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.
Question 2.
Define: Job Re-tention
ANSWER
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.
Question 3.
Define: Quality of Life
ANSWER
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.
Question 4.
Econ Dev Players - LOCAL GOVERNMENTS
ANSWER
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.
Question 5.
Econ Dev Players - STATE GOVERNMENTS
ANSWER
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.
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, Question 6.
Econ Dev Players - FEDERAL GOVERNMENT
ANSWER
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 needed source of both technical and
financial assistance for communities with limited resources.
Question 7.
Econ Dev Players - SPECIAL AU- THORITIES
ANSWER
Usually legislated by state government to construct or operate major public pro-jects such as an airport, stadium, port, or redevelopment authority. Their
boards are appointed by State & Local Officials. Their powers typically include the ability to incur debt and acquire and develop property.
Question 8.
Econ Dev Players - PUBLIC PRI- VATE PARTNERSHIPS (P3)
ANSWER
Can have an economic development mission. These organizations have greater flexibility than the public sector to conduct economic development activities.
since they do not have to answer to such a broad constituency. they are typically established as non-profit corporations with public and private
representatives on their board of directors. Funding is provided from both the private and public sectors. In general they are formed around specific
development projects such as workforce training, venture capital, marketing, technology development, and technical assistance.
Question 9.
Econ Dev Players - CHAMBERS & OTHER BUSINESS ASSOCIATIONS
ANSWER
Chambers of Commerce are a traditional leader in local business recruitment, attraction and retention, and tourism. In these fronts, chambers of commerce
provide a variety of economic development programs and services such as job creation, job training, neighborhood revitalization, and regulatory reform.
Industry associations and councils (e.g. technology
Question 10.
Econ Dev Players - UNIVERSI- TIES & OTHER RE- SEARCH INSTITUTIONS
ANSWER
These groups work in cooperation with government and industry to promote economic development. Research institutions are major producers of business
and scientific research, new technologies and innovations, educated human capital, and problem solving capabilities. many universities are linked to or run
science/re-search parks or business incubators. Often their research supports the creation of new companies whose growth provides jobs and assist
existing companies. Universities can also contribute to economic development through neighborhood revitalization efforts.
Question 11.
Econ Dev Players - COMMUNI- TY COLLEGES
ANSWER
Community Colleges are a major provider of workforce and vocational training and technical assistance to local businesses. Many institutions have
developed on-site manufacturing laboratories to train workers to assist small and medium sized businesses in applying new technologies. Community
colleges also sometimes house offices that are geared towards providing technical assistance to support local businesses, either through a business
assistance center or through a local business school. Community colleges have also begun to enter into technology transfer activities and entrepreneurship.
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Question 1.
Define: Job Creation
ANSWER
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.
Question 2.
Define: Job Re-tention
ANSWER
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.
Question 3.
Define: Quality of Life
ANSWER
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.
Question 4.
Econ Dev Players - LOCAL GOVERNMENTS
ANSWER
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.
Question 5.
Econ Dev Players - STATE GOVERNMENTS
ANSWER
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.
1/5
, Question 6.
Econ Dev Players - FEDERAL GOVERNMENT
ANSWER
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 needed source of both technical and
financial assistance for communities with limited resources.
Question 7.
Econ Dev Players - SPECIAL AU- THORITIES
ANSWER
Usually legislated by state government to construct or operate major public pro-jects such as an airport, stadium, port, or redevelopment authority. Their
boards are appointed by State & Local Officials. Their powers typically include the ability to incur debt and acquire and develop property.
Question 8.
Econ Dev Players - PUBLIC PRI- VATE PARTNERSHIPS (P3)
ANSWER
Can have an economic development mission. These organizations have greater flexibility than the public sector to conduct economic development activities.
since they do not have to answer to such a broad constituency. they are typically established as non-profit corporations with public and private
representatives on their board of directors. Funding is provided from both the private and public sectors. In general they are formed around specific
development projects such as workforce training, venture capital, marketing, technology development, and technical assistance.
Question 9.
Econ Dev Players - CHAMBERS & OTHER BUSINESS ASSOCIATIONS
ANSWER
Chambers of Commerce are a traditional leader in local business recruitment, attraction and retention, and tourism. In these fronts, chambers of commerce
provide a variety of economic development programs and services such as job creation, job training, neighborhood revitalization, and regulatory reform.
Industry associations and councils (e.g. technology
Question 10.
Econ Dev Players - UNIVERSI- TIES & OTHER RE- SEARCH INSTITUTIONS
ANSWER
These groups work in cooperation with government and industry to promote economic development. Research institutions are major producers of business
and scientific research, new technologies and innovations, educated human capital, and problem solving capabilities. many universities are linked to or run
science/re-search parks or business incubators. Often their research supports the creation of new companies whose growth provides jobs and assist
existing companies. Universities can also contribute to economic development through neighborhood revitalization efforts.
Question 11.
Econ Dev Players - COMMUNI- TY COLLEGES
ANSWER
Community Colleges are a major provider of workforce and vocational training and technical assistance to local businesses. Many institutions have
developed on-site manufacturing laboratories to train workers to assist small and medium sized businesses in applying new technologies. Community
colleges also sometimes house offices that are geared towards providing technical assistance to support local businesses, either through a business
assistance center or through a local business school. Community colleges have also begun to enter into technology transfer activities and entrepreneurship.
2/5
