Save
Upgrade to remove ads
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Economic Development

QuestionAnswer
Economic Development Improving Community Wellbeing Through: -Job creation -Business growth -Income growth Improving wider social & natural environment to strengthen economy.
Economic Development Interested Agencies/Parties Federal, State, Local Government Economic Development Organizations Workforce Development Agencies Chambers of Commerce Private Businesses Anchor Institutions - Universities or Hospitals
Economic Agglomeration Theory Alfred Marshall 1890's Dense urban areas = greater efficiency due to: - Lower transportation costs - Greater productivity - Higher wages
Creative Destruction Incessant product and process innovation is the mechanism by which new production units replace old ones. Leads to concentration and consolidation - Monopoly.
Economic Base Theory Regional Industries in 2 categories - Basic (export) --- Drives regional growth, has higher multiplier effect on regional economy --- - Non-Basic (local) Base Multiplier Calculation Total Employment Year 1 / Basic Employment Year 1
Industry Cluster Theory Dr. Michael Porter 1990's Geographic concentration of interconnected firms and institutions. Result = development of synergies that lead to competitive advantage and economic stabilization.
Economic Gardening Instead of competing to attract new companies, cities grow their own. Focus on rapid/high growth companies Support startups and small businesses through: -Accelerators -Business Incubators -Coworking Spaces
Creative Class Theory Richard Florida 3 T's Shift from Manufacturing to Creative Industry Success determined by regions ability to attract innovators. Criticized for exacerbating inequality and rising costs in urban areas.
3 T's Technology Talent Tolerance Related to Creative Class Theory
Innovation Districts Dense Mixed Use areas Space for leading edge anchor institutions, startups, innovation, and collaboration.
Economic Structure Analysis Ec Dev measurement tool Identifies distribution of industries in a region. Classifies firms based on production processes and activities.
North American Industry Classification System NAICS Codes Economic Structure Analysis Tool Used by Canada, US, and Mexico. Classifies firms based on production processes and activities. 20 Industy Sectors Additional digits indicate greater specificity in classification.
Location Quotient Analysis Ratio of local and reference economy. LQ = (local employment/total local employment) / (national employment/total national employment) LQ=1 employment proportion same as national LQ<1 imports (less than national) LQ>1 exports (more than national)
Shift Share Analysis Analyzing growth/decline between local/national economy 3 Components of Change -National Share: Growth/decline nationally -Industry Mix: How national growth/decline impacts regions economy -Regional Share: Industry expanding more/less than national
Shift Share Analysis - Proportionality Shift Industry Mix, influence of the national industry growth/decline on the local industry.
Shift Share Analysis - Differential Shift Regional Share, indicates if industries are expanding more or less in a region than nationally. Shows if those industries are specializing.
Economic Forecasting Process of predicting future economic conditions, using: -Historical Data -Statistical Models -Key Indicators Not an exact science, only a model.
Cost Benefit Analysis Future Benefits & Costs of alternative projects - in present value Relies on assumptions and forecasts Compares alternatives. Opportunity Cost = potential benefits a business misses out on when choosing one alternative
Opportunity Cost Cost Benefit Analysis Represents potential benefits a business misses out on when choosing one alternative over another.
Fiscal Impact Analysis / Cost Revenue Analysis Determine if development will generate tax/revenue to pay for public service Average Cost: assume each new resident/employee generates costs = to current average cost Marginal Cost: assess if specific project will exceed capacity for service
Input Output Modeling Estimate economic impact of investment or policies - Uses industry multipliers - Trace spending by determining linkages between industries - Estimates Direct, indirect, or induced effects.
Retail Market Analysis Estimate how much retail activity required by a community in the future (estimate acres/bldg) Variables Household Income Consumer Spending Current Retail Inventory Trade Area Capture Percentage(potential clients)/Penetration Rate(market adoption)
Gini Coefficient Gauge distribution of income/wealth within a population Scale of 0-100, larger # indicates greater wealth inequality.
Created by: Hwstaal
 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards