4 pillars of development

- Equity
- Productivity
- Empowerment
- sustainability

Golden rule of economic development

- the Government will borrow only to invest and not to fund current spending.

Economic Development strategies

- Creating more jobs and more job variety
- Keeping businesses and getting new ones
- A better quality of life
- More people and businesses paying taxes
- More productive use of property
- Promoting your community’s assets
- Making and selling more local products
- Getting more skilled workers living in your community

Another word for Economic development

- Modernization, westernization, industrialization
- Boom, prosperity, economic development, economic upswinging, economic upsurge,
buoyancy of the economy

5 Levels of Economic development / 5 Dimensions of Economic Development

- Traditional society
- Preconditions for take-off
- Take-off
- Drive to maturity
- Age of high mass consumption

3 Main Types of Development

- Physical
- Cognitive development
- psychosocial

Classification of Economic Development

- Low Income
- Middle Income (Lower middle and Upper Middle)
- High Income

Responsible for Economic development work

- Many people doing economic development work are economic development
practitioners or Economic Development Officers or “EDOs” for short.
 Lots of different groups can work in economic development, including:
● Local Indigenous and non-Indigenous governments
● Chambers of commerce
● Technology or business incubators
● Regional development agencies
● Community colleges, universities and research institutions
● Provincial and Federal governments
● Special authorities (like airports, ports, etc.)
● Not-for-profits & humanitarian organizations
● Business and industry associations
● Workforce development organizations
● Neighbourhood groups
● Utilities providers (help with business attraction and growth)
Their role in a community can include:
● Leading economic development planning
● Working toward the community’s mandate or vision for economic development
● Supporting sector relationships
● Communicating and responding to economic development concerns and
opportunities
● Leading projects to enhance economic development
● Providing accountability, ensuring economic development isn't an
afterthought

Difference between Economic Growth and Economic Development

- Economic growth refers to an increase in the production of goods and services within an
economy, typically measured by the Gross Domestic Product (GDP).
- Economic development goes beyond the quantitative aspect of growth and
encompasses improvements in various social and economic factors.

Basic Indicator of Economic development

1. Gross Domestic Product (GDP)
2. Gross National Product (GNP)
3. Per Capita Income
4. Employment Rate and Labor Force Participation
5. Income Inequality
6. Poverty Rate
7. Human Development Index (HDI)
8. Infrastructure Development
9. Savings and Investment Rates
10. Trade Balance and Exports/Imports

Foundation for Successful Economic development

- Community Support
 - Partnerships
- Preparedness

4 Pillars of economic development

- Labor
- Benefit
- Protection
- Equity

4 Pillars of sustainable development

- Economic sustainability
- Environmental sustainability
- Social sustainability
- Cultural sustainability

4 Levels of Economic development/Economic activity

- Primary economic Activity
- Secondary economic Activity
- Tertiary economic Activity
- Quaternary economic Activity

4 Dimensions of Economic development

- Increasing national wealth
- Improving the well-being of the majority of the population
- Ensuring people’s freedom
- Increasing their social and economic security

Elements of Economic development

- Investment in infrastructure
- Human capital development
- Technological progress and innovation
- Access to financial resources
- Sound governance and institutions
- International trade and globalization
- Access to markets and entrepreneurship
- Natural resources and sustainable development

4 Factors of Economic development/ Factors of Production

- Land
- Labor
- Capital
- Entrepreneurship
4 Key Factors to Economic Development and Growth
- Human resources
- Natural resources
- Establishment of physical capital and
- Technology

3 Principles of economic development

- Scarcity
- Efficiency
- Sovereignty

Principles and Concepts: Economic Development

- Economic development consists of the reduction or elimination or POVERTY,
INEQUALITY and UNEMPLOYMENT within the context of a growing economy.

Objectives of Economic Development

- The aim of economic development is to improve the material standards of living by
raising the absolute level of per capita incomes. Raising per capita incomes is also a
stated objective of policy of the governments of all developing countries.

Examples of Economic development Activities

- Loans and grants to businesses, Job training, Infrastructure improvements to
commercial districts, and other efforts to attract or retain workers.

Meaning of Economic Development

- Economic development is programs, policies or activities that seek to improve the
economic well-being and quality of life for a community.

4 types of economic development

- Traditional economy
- Command economy
- Market economy
- Mixed economy

Main Aim of Development

- Aim of Human Development:
- Long and healthy life
- Enhancing knowledge of people
- Creating a decent standard of living
- Creating conditions for participating in political and community life.
- Environmental sustainability
- Human security and rights
- Gender equality
 - Purpose and aim of Development: Improve the quality of people’s lives in various
societal dimensions, including economic, social, environmental, cultural, and political
aspects

3 Transitions / Stages of Economic Growth and Economic development

- A structural transformation of the economy
- Demographic transition
- Process of urbanization

4 stages of economic development

- Expansion
- Peak
- Contraction
- Trough

3 Ts of Economic development
- Talent
- Technology
- Tolerance

3 major roles of economic development

- Income
- Jobs
- Quality of Life

5 Aspects of Economic Development (5 pillars model or indicator categories that measure long
term economic success)
- Health
- Education
- Environmental quality and recreation
- Social and cultural amenities
- Information and transportation access

4 Elements of Economic Development

- Human resources
- Natural Resources
- Capital Formation
- Technology

3 Major types of Economic System

- Command economy
- Market economy
- Mixed economy
Economic development Practitioner are:
- Plans, designs, and delivers economic development strategies.
- Acts as an important connection between public and private sectors and the community.
- Takes part in economic development planning and sometimes leads or gives input into
the policy-making process.
- Administers policy, programs, and projects.

Example of Economic Development

- improve infrastructure, enhance our education system, better our public safety, improve
parks, and foster endless ways to incentivize and attract new businesses and jobs.

3 Main types of economic development

- Free market economy
- Command economy
- Mixed economy

4 Common theories of development economic

- Mercantilism
- Economic nationalism (Nationalism)
- Linear stages of growth model
- Structural-change theory

3 Theories of Economic growth

- Classical Growth Theory
- Neo-Classical Theory of growth
- Modern Growth theory of economics

4 Main development / 4 Major areas of development

- Motor development
- Cognitive development
- Emotional development
- Social development

Most Common Method of Measuring Economic Development

- Gross Domestic Product (GDP)
- Income per Capita

4 Main Sources of Economic Growth

- Natural Resources
- Human Resources
- Capital
- Institutional Factors
Economic Development Organization
- Economic Development Organization deliver programs, policies, and activities to
improve the economic well-being of their communities

Problems of Economic Development

(1) the problem of population
(2) the problem of inflation
(3) the problem of local capital
(4) the problem of transfer
(5) the problem of government

Nature and Challenges of Economic Development

- Among the problems facing low-income nations are low living standards, inequality,
inadequate health care and education, high unemployment, and the concentration of the
labor force in low-productivity agricultural work.

Economic Development
- process of improving the economic well-being and quality of life of a community, region, or
nation. It involves a shift from a simple, low-income economy to a more modern, industrialized
one