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Intro & Data

Lesson 5 Quantitative Analysis (Economics)

TermDefinition
Economic Base Analysis Looks at basic and non-basic economic activities To identify economic base industries, a location quotient is calculated for each industry Total = basic + non-basic
Basic Activities Those that can be exported Brings in money from outside
Non-Basic Activities Those that are locally oriented Local/service, recirculates the outside money
Location Quotient Ratio of an industry's share of local employment divided by its share of the nation < 1 indicates an importing economy >1 indicates an exporting economy
Shift-Share Analysis Analyzes a local economy in comparison with a larger economy Looks at differential, proportional shift and economic growth Uses employment information by sector for two points in time
Input-Output Analysis Quantitative method that links suppliers and purchasers to determine the economic output of a region Uses an economy's structure to determine the economy in the future Analysis requires a very high quantity of data
Depreciation Allocating the cost of a tangible asset over its useful life
Acquisition Cost The cost that a company recognizes on its books for property or equipment after adjusting for discounts, incentives, closing costs, and other necessary expenditures
Fair Market Value Selling price for an item to which a buyer and seller can agree
North American Industry Classification System (NAICS) Standard used by the federal statistical agencies in classifying business establishments for the purpose of collecting, analyzing, and publishing statistical data about the US economy
Data Sources Census.gov (county business patterns & employment by sector) bea.gov (bureau of economic analysis & regional economic data) lehd.ces.census.gov/research (longitudinal employer - household dynamics & micro-data)
Economic Analytical Methods Used in Planning Economic base analysis Location Quotient Shift-share analysis Input-Output Analysis Economic Models
Main Principals of Economic Analysis Follow money/jobs Direct and Indirect Effects (multiplier analysis) Economic Impact Analysis (cost-benefit analysis)
Economic Base Multiplier Multiplier = total/basic The indirect effect of $1 additional basic (direct) activity on the economy
General Equilibrium Model of an Economy (Leontieff) Starts as a accounting device Total population = intermediate production + final demand
Input-Output Tables Transaction tables = inter-industry flows (who buys from whom) Technical Coefficients table = proportion of inputs
Created by: amshinn18