Commonly used terms in Community Economic Development
Community- A group of people in the same geographic location with specific geographic, demographic or social boundaries.
Community Economic Analysis- "examines how a community is put together economically and how it responds to external and internal stimuli". (Shaffer)
Development- is a fluid concept that incorporates the existing resources base of the local economy and its level of change over time. Another term, closely linked to development is "vitality" which is used to describe the ability of a communities level of development to adapt to outside change.
Economic Development- "is the sustained, progressive attempt to attain individual and group interests through expanded, intensified and adjusted use of available resources." (Shaffer)
Economic Growth- is more economic activity, but that does not always mean that the activity is sustainable. Economic growth can occur with less economic activity.
Resources- Inputs or commodities used production to be transformed into outputs. Resources can be social, political, economic or physical.
References
Pulver, Glen C., "Community Economic Development Strategies" University of Wisconsin Extension, Cooperative Extension Service, Madison, Wisconsin, Bulletin G3366
Shaffer, Ron. "Community Economics, Economic Structure and Change in Smaller Communities", Iowa State University Press, Ames, Iowa, 1989
U.S. Dept. of Commerce, Bureau of Economic Analysis, Regional Economic Information System (REIS) 1969-1997 on CD-ROM.
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