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There are numerous other organizations whose primary function is not economic development that work in partnership with economic developers. They include the news media, foundations, utilities, schools, health care providers, faith-based organizations, and colleges, universities, and other education or research institutions.
Non-connected diversification – creating a new area. The process is slow, because it is needed to create a whole infrastructure, but the profit would be higher. Connected diversification is based on an economical mechanism for expanding the available potential.
Development economics is a branch of economics that deals with economic aspects of the development process in low- and middle- income countries. Its focus is not only on methods of promoting economic development, economic growth and structural change but also on improving the potential for the mass of the population, for example, through health, education and workplace conditions, whether ...
The United Nations Committee of Experts on Public Administration in 2006 offered an additional term, "community capacity building". [18] It is defined as a long-term continual process of development that involves all stakeholders as opposed to practices which limit oversight and involvement in interventions with governments.
Other barriers are extrinsic to the concept of sustainability. This means it is possible to overcome them. One way would be to put a price tag on the consumption of public goods. [71]: 84 Some extrinsic barriers relate to the nature of dominant institutional frameworks. Examples would be where market mechanisms fail for public goods. Existing ...
Economic development has existed even at a basic level since the earliest recorded communities. However, in the US and several other countries, the concept of community economic development emerged "in response to tenacious poverty and the need for affordable housing, good jobs, affordable health care and quality of life matters needed for human existence."
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
International development projects or national government projects can help to establish or enhance LED locally, but should not replace or displace local effort. As a consequence, the aim of an externally support should be to establish an effective LED process locally, not to solve the problems of the locality with regards to its economy.