Economic Development Overview
24 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

Which initiative focuses on improving the community's infrastructure and services?

  • Tax incentives for large corporations
  • Job training programs for unemployed individuals
  • Programs providing bigger highways and parks (correct)
  • Regulatory measures for business operations

    • What characterizes economic growth?

  • Reduction of poverty levels
  • Improvements in literacy rates
  • A rise in gross domestic product (correct)
  • An increase in life expectancy

    • What is a primary role of economic developers in a local context?

  • Decreasing unemployment by attracting businesses (correct)
  • Implementing environmental regulations
  • Promoting foreign investment exclusively
  • Conducting nationwide economic policies

    • Which factors are commonly associated with economic development?

    <p>Improvements in literacy rates and life expectancy</p> Signup and view all the answers

    Which of the following is NOT typically a concern of economic development?

    <p>Low interest rates for personal loans</p> Signup and view all the answers

    What is a key component of job creation strategies mentioned?

    <p>Workforce development programs</p> Signup and view all the answers

    Which of the following measures is NOT associated with economic growth?

    <p>Expansion of community parks</p> Signup and view all the answers

    What is one implication of economic growth not accounting for?

    <p>Changes in environmental quality</p> Signup and view all the answers

    Which economic factor is most directly influenced by the availability of credit?

    <p>Growth rate</p> Signup and view all the answers

    What aspect of infrastructure is primarily concerned with communication and internet capabilities?

    <p>Internet infrastructure</p> Signup and view all the answers

    Which of the following is NOT a common job creation strategy used by economic developers?

    <p>Government spending on social programs</p> Signup and view all the answers

    Which of the following social factors can heavily influence buying habits in a community?

    <p>Wealth distribution</p> Signup and view all the answers

    What role do economic developers play in community profiling?

    <p>Assessing population demographics</p> Signup and view all the answers

    How does technological awareness contribute to a community's economic development?

    <p>By fostering innovation and adaptation</p> Signup and view all the answers

    What is a significant environmental factor that influences community planning?

    <p>Climate change</p> Signup and view all the answers

    Which economic objective is primarily focused on achieving low inflation rates?

    <p>Maintaining economic growth</p> Signup and view all the answers

    What is a significant factor that economic developers must ensure for businesses to achieve their goals?

    <p>Sufficient economic and community development programs</p> Signup and view all the answers

    What is the primary responsibility of economic developers in job creation?

    <p>Facilitating processes for existing businesses and start-ups</p> Signup and view all the answers

    Which of the following measurement tools is commonly used to assess the impact of economic development?

    <p>Economic output</p> Signup and view all the answers

    In a competitive economic landscape, what is an important activity for economic development organizations?

    <p>Attracting and retaining businesses through economic incentives</p> Signup and view all the answers

    What tool is highlighted as important for measuring community assets against other communities?

    <p>Community profiling tools</p> Signup and view all the answers

    How does heightened competition affect economic development projects?

    <p>Intensifies the struggle to attract and retain new businesses</p> Signup and view all the answers

    What aspect of economic development organizations is often overstated in evaluations?

    <p>Their direct job creation capabilities</p> Signup and view all the answers

    What do economic policies typically aim to create within communities?

    <p>Sustainable growth through community development programs</p> Signup and view all the answers

    Study Notes

    Economic Development Actors

    • The economic development profession spans diverse entities like local, regional, state, and international organizations.
    • Chambers of commerce, technology agencies, utilities, educational institutions, consultants, and redevelopment authorities also participate.

    Competition in Economic Development

    • Intense competition exists between communities, states, and nations for economic development projects due to globalization.
    • Economic incentives play a crucial role in attracting and retaining businesses.

    Economic Development Measurement

    • Community profiling tools and database templates are used to compare community strengths.
    • Job creation, economic output, and increased tax base are common measurement tools.
    • Emphasis on job creation is a misconception, as economic developers facilitate job creation, not directly create jobs.

    Emerging Jobs in the Philippines

    • Data Scientist
    • Application Development Analyst
    • Back End Developer
    • Full Stack Engineer
    • Sales Development Representative
    • Marketing Specialist
    • Recruitment Specialist
    • Administration Manager
    • IT Consultant
    • Accountant

    Supporting Business Through Economic Development

    • Economic development programs focus on assisting businesses in achieving their goals.
    • These programs are policy-driven and can be operated at local, regional, state, and national levels.

    Environmental Factors in Economic Development

    • The environmental factors include understanding threats and opportunities to gain and maintain a competitive edge.

    Economic Factors in Economic Development

    • Growth rate
    • Interest rate
    • Inflation rate
    • Exchange rate
    • Availability of credit
    • Level of disposable income
    • Propensity to spend
    • Federal government budget deficits
    • Gross domestic product trend
    • Unemployment trend
    • Stock market trends
    • Price fluctuations

    Social Factors in Economic Development

    • Population size and growth rate
    • Birth rates
    • Death rates
    • Number of marriages
    • Number of divorces
    • Immigration and emigration rates
    • Life expectancy rates
    • Age distribution
    • Wealth distribution
    • Social classes
    • Per capita income
    • Family size and structure
    • Lifestyles
    • Health consciousness
    • Average disposable income
    • Attitude towards government
    • Attitude towards work
    • Buying habits
    • Ethical concerns
    • Cultural norms and values
    • Sex roles and distribution
    • Religion and beliefs
    • Racial equality
    • Use of birth control
    • Education level
    • Minorities
    • Crime levels
    • Attitudes towards saving
    • Attitude towards investing
    • Attitudes towards retirement
    • Attitudes towards leisure time
    • Attitudes towards product quality
    • Attitudes towards customer service
    • Attitudes towards foreign people

    Technological Factors in Economic Development

    • Technology incentives
    • Automation
    • Research and Development activity
    • Technological change
    • Access to new technology
    • Level of innovation
    • Technological awareness
    • Internet infrastructure
    • Communication infrastructure
    • Life cycle of technology

    Environmental Factors in Economic Development

    • Weather
    • Climate
    • Environmental policies
    • Climate change
    • Pressures from Non-Governmental Organizations (NGOs)
    • Natural disasters
    • Air and water pollution
    • Recycling standards
    • Attitudes towards green products

    Economic Development Programs

    • Economic development programs are implemented through written laws, industry regulations, tax incentives or collections.
    • Programs encompass infrastructure and services like highways, parks, schools, libraries, swimming pools, hospitals, and crime prevention initiatives.
    • Economic development programs focus on job creation and business retention through workforce development and small business support programs.

    Economic Growth vs. Development

    • Economic growth refers to the increase in measures like real national income, gross domestic product (GDP), and per capita income.
    • Economic development encompasses a broader meaning, including improvements in literacy rates, life expectancy, and poverty rates.
    • GDP only measures economic welfare and excludes aspects like leisure time, environmental quality, freedom, and social justice.

    Local Development

    • The term "economic development" often relates to regional development efforts.
    • Local economic development focuses on attracting, retaining, and assisting businesses within a region.
    • Constituency group needs influence economic developer actions, such as decreasing unemployment through attracting businesses requiring large labor forces.

    Studying That Suits You

    Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

    Quiz Team

    Related Documents

    Unit 2: Organization's Environment PDF

    Description

    Explore the various actors involved in economic development, the competition that arises from globalization, and how communities measure economic progress. This quiz delves into the roles of organizations and the emerging job market, particularly in the Philippines.

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser