IEDC Intro Manual
2 key roles of the ED practitioner - ANSWER-1) provide leadership in policy making
2) administer policy, programs & projects
Assessing the local economy determines what 6 factors - ANSWER-1) economic challenges
2) community's competitive advantages & comparison to other communities
3) obstacles to attaining goals
4) impacts of regional, national, & international environments on local economy and likely changes
5) local resources for plan implementation
6) opinions & perceptions that may help or hinder results
Define clusters - ANSWER-concentrations of firms related through various business activities
Define economic development - ANSWER-a program, group of policies, or activity that seeks to improve
the economic well-being and quality of life for a community by creating and/or retaining jobs that
facilitate growth and provide a stable tax base
Describe a marketing plan - ANSWER--provides a guide for all marketing activities
-outlines strategy for achieving marketing goals, activities & timetables
-identifies financial resources & staff needed to support activities
-evaluates effectiveness of those activities
Describe employment readiness workshops - ANSWER-teach basic job readiness concepts such as time
management, communication skills, dressing appropriately, constructing resumes & job interviews
Describe Even Start - ANSWER-family literacy program that helps to break the cycle of poverty &
illiteracy by improving & increasing educational opportunities for low-income families. Integrates
childhood education, adult literacy, adult basic education & parenting education. Must have at least one
child 7 or younger & one parent in need of adult ed
Describe horizontal and vertical linking of clusters - ANSWER-vertical: buyers/suppliers
horizontal: market competitors or shared resources
Describe HUD's Youthbuild program - ANSWER--provides funding assistance for activities & services for
economically disadvantaged youth
-helps develop leadership skills & commitment to community development
-expands supply of permanent affordable housing (youth work & gain experience in construction)
Describe marketing for economic development - ANSWER-1-providing accurate, up-to-date info to
potential prospects
, IEDC Intro Manual
2-attracting new business & investments (increases employment opportunities & raises tax revenue)3-
community rebranding
Differentiate between high-road & low-road strategies - ANSWER-High-Road: aim to improve business
competitiveness by improving jobs, skills, & opportunities, usually thru improved processes & products
& application of new technologies
Economic Base Theory - ANSWER-"Economies are divided into export/import goods & services (basic)
and non-export goods & services (non-basic)"
-assumes export firms have higher job multipliers
-can lead to less diversified economies
-dismisses need to improve internal factors (workforce skills)
Explain a way of calculating incentive costs /loss of revenue from tax abatements and tax credits -
ANSWER-difference between expected tax revenue stream with incentives and current revenue stream
without
Explain Title I of WIA (9) - ANSWER-1-authorized the new Workforce Investment System
2-established state Workforce Investment Boards (WIBs)
3-required development of 5-year strategic plans
4-governors designate local workforce investment areas & oversee local WIBs
5-set up youth councils under WIBs
6-"one-stop" delivery system at career centers for employment services, job training, education, etc
7-required establishment of standards for success and outlined a system for determining initial eligibility
to receive funds
8-established funding mechanism for states & local areas, specified participant eligibility criteria &
authorized services
9-authorized statewide activities & a system of accountability to ensure that needs are met
How are population characteristics used in economic profiles? - ANSWER-provide insights into potential
workforce pool, demographics of local market, and the need for local goods & services
How is the information and analysis generated from economic studies used? - ANSWER-1) identifies
local assets and potential liabilities affecting local ED
2) projects or forecasts local economic trends
3) monitors economic performance over time
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