Introduction to Economic Development – CecD UPDATED Exam Questions and CORRECT Answers
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Module
CEcD
Institution
CEcD
Introduction to Economic Development –
CecD UPDATED Exam Questions and
CORRECT Answers
Define: Job Creation - Correct Answer- The traditional objective of economic development. It
is a quality issue not a quantity issue. Jobs created should support a desired standard of living,
offer stab...
Introduction to Economic Development –
CecD UPDATED Exam Questions and
CORRECT Answers
Define: Job Creation - Correct Answer- The traditional objective of economic development. It
is a quality issue not a quantity issue. Jobs created should support a desired standard of living,
offer stability, and decent working conditions. The practitioner should focus on creating
quality jobs that will support and sustain a community. The goal of job creation is to boost the
local income. - Job creation should never occur one community at the expense of another,
instead programs such as "economic gardening" should be implemented to assist small
businesses expand locally.
Define: Job Retention - Correct Answer- Job retention (Business Retention and Expansion)
focuses economic development resources on maintaining the current employment levels in a
community through outreach campaigns. - It is a customer service mechanism that provides
constant feedback to community leaders about private sector growth and development. Most
net new jobs will come from existing businesses within a community; therefore, existing
businesses are a critical focus for local economic development efforts.
Define: Quality of Life - Correct Answer- It is represented by many factors including safety,
education quality and opportunity, poverty reduction, environmental quality, and cultural and
recreational amenities. It is what makes living, working, and conducting business in a
community worthwhile. Conversely, detractors from the quality of life in a place (e.g. crime)
often deserve attention by economic development organizations. Quality of life is difficult to
measure but can be a critical to the success or failure of an Economic Development
organization.
Econ Dev Players - LOCAL GOVERNMENTS - Correct Answer- The primary initiator of
economic development programs through their use of state and federal funds. They have
taxing, zoning, and eminent domain authority and can provide infrastructure, support
commercial revitalization, and promote small business development. These actions can be
carried out by local governments through their economic development departments. they can
also be implemented through private and public-private entities.
Econ Dev Players - STATE GOVERNMENTS - Correct Answer- Have broader authority
than local governments. They are a main provider of economic development through state
funds and receipt of federal dollars. their powers include taxing and setting compensation
levels such as unemployment insurance, education, infrastructure, and transportation. States
are involved in technology development, university linkages, special funding for business
development, and export assistance.
, Econ Dev Players - FEDERAL GOVERNMENT - Correct Answer- Assists economic
developers by providing funding and technical assistance through its various agencies. It also
affects economic development through its regulatory powers, including the location of federal
buildings and offices through legislation (e.g. Community reinvestment Act "CRA"). The
federal government also has specific programs that focus on both rural and urban issues.
These programs can be a much needed source of both technical and financial assistance for
communities with limited resources.
Econ Dev Players - SPECIAL AUTHORITIES - Correct Answer- Usually legislated by state
government to construct or operate major public projects such as an airport, stadium, port, or
redevelopment authority. Their boards are appointed by State & Local Officials. Their powers
typically include the ability to incur debt and acquire and develop property.
Econ Dev Players - PUBLIC PRIVATE PARTNERSHIPS (P3) - Correct Answer- Can have
an economic development mission. These organizations have greater flexibility than the
public sector to conduct economic development activities. since they do not have to answer to
such a broad constituency. they are typically established as non-profit corporations with
public and private representatives on their board of directors. Funding is provided from both
the private and public sectors. In general they are formed around specific development
projects such as workforce training, venture capital, marketing, technology development, and
technical assistance.
Econ Dev Players - CHAMBERS & OTHER BUSINESS ASSOCIATIONS - Correct
Answer- Chambers of Commerce are a traditional leader in local business recruitment,
attraction and retention, and tourism. In these fronts, chambers of commerce provide a variety
of economic development programs and services such as job creation, job training,
neighborhood revitalization, and regulatory reform . Industry associations and councils (e.g.
technology
Econ Dev Players - UNIVERSITIES & OTHER RESEARCH INSTITUTIONS - Correct
Answer- These groups work in cooperation with government and industry to promote
economic development. Research institutions are major producers of business and scientific
research, new technologies and innovations, educated human capital, and problem solving
capabilities. many universities are linked to or run science/research parks or business
incubators. Often their research supports the creation of new companies whose growth
provides jobs and assist existing companies. Universities can also contribute to economic
development through neighborhood revitalization efforts.
Econ Dev Players - COMMUNITY COLLEGES - Correct Answer- Community Colleges are
a major provider of workforce and vocational training and technical assistance to local
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