Use page-in-series buttons to move through this resource. Select about-this-page
for more information. Page two in this series is a collection of various
definitions which, when taken all together, give you a
most complete view of what economic development is about. This series may
help answer
questions regarding an official definition of economic development.
.network glossary terms that begin with the word ...
economic
... that which pertains to all interacting functions
of the management and production of material wealth; everything
pertaining to a local
economy that produces, develops, and manages material wealth
and making community vitality possible. There are other
meanings of economic but here the focus is on the
one that fits within the context of the development process
that must continuously take place in a location
in order to have a sustainable community.
economic developer:
... someone engaged in the
practice of economic development; someone who makes
arrangements for an economic
development opportunity to be accommodated; therefore,
a change
agent working on behalf of a location(s) and
who is most likely to be its most reliable data
supplier. It should be noted that area
developers and local
development representatives are often the
best choices for members of the .network user
group to turn to when they
want information about places
of interest for starting
up new ventures, for which
to relocate, or for expanding the operations of enterprises.
The notation is especially worth consideration by those
who want information closest to the source coupled
with assistance in arranging incentives as
well as in cutting red
tape and anticipating problems.
economic development:
... a process that begins when a community makes
itself ready to accommodate the retention, startup, location,
or expansion of an enterprise. See the answer to questions
often asked about where
to find an official definition of economic development.
The .network library has an economic
development section. It has learning tools, for example,
there you can access A
Summary of Economic Development Terms which
was organized by a local practitioner.
economic development agency:
... an enterprise organized
to represent a location or
an area;
an economic
development organization
operated by a government; an EDA, for example Economic
Development Administration, operated by government;
an economic development
marketing organization.
economic development basics:
... the essential things that an economic
developer needs to know in order to get his or
her job done as a practitioner. For
example, an economic developer needs to know what definition(s)
of the practice frames his
or her job description. Also, a practitioner needs to have
marketing skills
and understand that networking with
allies, prospects and others in control of economic development
opportunities is crucial. Political
involvement is basic
to working at economic development; therefore, savvy practitioners
learn what latitude they have to get their jobs done properly.
Economic development basics are discernable through access
to the body
of knowledge about the subject coupled with
a perception of what is applicable moving forward with
specific opportunities to make something happen in a location.
economic development contact:
... a resource
supplier or service
provider working as a duly
appointed representative of a location who
is available to manage or assist with economic
development opportunities; someone called upon
by enterprise
developers or site
selectors because he
or
she is in position to provide information
about a location and follow up
by assisting as needed.
economic development data
... statistics and facts about a location that promote its economic development.
economic development data standards:
... so called, site
selection standards defined from
the standpoint of economic
development marketing.
If you are interested in economic development marketing
and want to download, for free from the International
Economic Development
Council, 25 spreadsheets
with 1,200 plus informational elements for
organizing
economic development information presented as Site
Selection Data Standards, CLICK
HERE.
economic development data supplier:
... a person or organization in position
to provide information that directly or indirectly relates
to moving the
process forward; a location
data supplier.
See the definition of economic development
data. Economic
development data suppliers throughout the world can publish
links and list locations in .network websites for free.
economic development directory:
... a published list of members of
an economic
development network that either shows or links
to contact
data; a list of names and addresses of contacts
interested or involved in economic
development; an economic development contacts
directory, for example, the Global
Registry of Contacts. Many organizations with a
membership made up people interested or engaged in
economic development have free-access
directories published online because of their high
priority commitment of service to those who
are prospects or
who otherwise have control of or influence over
opportunities.
economic development essentials ... see
a
list of 10 elements of economic development.
economic development marketing:
... planning and executing
the conception, promotion, and distribution
of information about the
process in order to create
and maintain awareness of economic development as
a practice as well as to draw
the attention of enterprise
developers,
site
selectors and others in position to bring opportunities
to locations, thus satisfying community growth
and vitality objectives. Two .network resources may be
worth reviewing to gain more understanding of this definition:
(1) Economic
Development Marketing; (2) Best
Practices.
economic development network ... appendix
b has the definition with comments.
economic development organization:
... EDO;
an enterprise or agency dedicated
to economic
development; an area or local development organization see definition of area
and local development representatives.
economic development practitioner:
... a person recognized as being in the
business of marketing one or more locations that
want prospects and opportunities
for growth and development; a person engaged in bringing
about economic
development as a resource
provider or service provider.
economic development profile:
... a format for presenting facts about
a location so
as to attract the attention of economic
development prospects. See the definitions of country
profile and community
profile.
economic development project:
... any planned undertaking that offers
the possibility of bringing about economic
development. Experienced area
developers and
local
development representatives know to ask for project
profiles and specifications before
beginning to work with enterprise
developers and site
selectors. They want
to know what the potential accrued economic
benefits for the locations they represent will be before
committing resources and services. Generally
the first indication
of an economic
development project comes with a request for information.
See the definition of economic development data.
economic development prospect:
... someone having an influence
on the occurrence of economic
developmentsee suspect;
an enterprise developer offering
a project profile with selection
criteria or similar specifications and requesting
assistance. The Site
Selection Directory is an example of a excellent Internet
tool that prospects can use to request information, such
as location
data, and assistance.
economic development region:
... a defined geographic area having
one or more organizations or agencies and allies working
together for the common good which is generally seen in
a unified economic development marketing
front; a location, as defined as defined in this glossarylocation
(1),
having a group that seeks to attract prospects and
identify opportunities that would bring about economic
development which shared
and is beneficial within the overall community.
See the definitions of region and city-region.
Also, for your information, regions within countries throughout
the
world that seek economic development and have location
data suppliers in place are provided the
opportunity to list in Site Location
Assistance.com for free. Countries have
the
opportunity to list contacts in position to supply
economic development data in
Economic Development.net for
free. Resource suppliers and
service providers who
see themselves as members of
the .network target
audience,
are provided records in the Global
Registry of Contacts for free. You
can anonymously
request the listing of an economic development
region or other
place
of interest for free.
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economic development representative ... CLICK
HERE for
a definition of an ED rep.
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what is an economic development
representative / economic development rep defined
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economic development resource:
... something wanted a member of
the
.network target
audience that is useful
when placed in position or drawn upon to provide assistance,
service
or support
in moving forward with specific plans, projects, or opportunities
for economic
development. You are using an
economic development resource. The website in
which this glossary page
is published is an economic development resource. The
Network is an economic development
resource.
economic development service:
... assistance or help provided as a
resource for moving forward with specific
plans, projects, or opportunities for economic
development. The enterprise that owns and operates
The Network is named Economic
Development Services. The
Network is an online
information service; i.e., it is an
online economic development information service.
Economic Development Services:
... Economic Development Services, Inc.
See the about us link at the bottom of this
page.
economic development technology:
... defined in the .network library under a general explanation of technology along with its
specific application to
the enterprise
and economic development process.
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definition of economic development
technology
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economic development terms and expressions:
... jargon used with a body
of knowledge for working with or operating
as a practitioner.
economic enterprise:
... an enterprise that
contributes to the vitality of a community ... that is
a contributor to the economic well
being of the place(s) in
which it operates; a business
enterprise.
economic profit ... an expression used in The
Strategic Alignment Handbook, a publication of the IDRC
Foundationsee
the .network glossary definition of profit and
the definition of economic above. For
your information IDRC stands for International Development Research Council,
at one time an association of corporate
real estate executives, enterprise
developers, site
selectors and their resource
suppliers and service
providers.
economic value added:
... EVA;
that which is of monetary
value and accounted for at
the end of an time period minus that
which existed at its beginning, for
example a measure of how much more
valuable an economic
enterprise became during a
given time period.
economic vitality ... see Area
and Local Economic Development
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what is economic vitality / definition
of economic development vitality
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