Tag Archives: business

What is Economic Development, and Why is it Important?

There are many benefits to economic development. Not only does it improve the quality of products, but it can also reduce the price, increasing the local economy. In addition, economic growth helps create social equality and protect local economies from economic downturns, just like one of the objectives of the Southeast Volusia Manufacturing and Technology Coalition. Economic development is worth your attention if you’re considering starting a business. 

Economic Development Results in Economic Growth

It is often argued that global development has sparked the recent financial crisis, which only highlighted the negative aspects of previous trends and shaped prospects. While this is undoubtedly true, economic development aims to keep a region sustainable and will study the symptoms of depletion of natural resources and make course corrections where appropriate.

It Promotes Social Equality

Equality of opportunity is one of the cornerstones of sustainable economic development. In developing countries, gender disparity is often the greatest, but the gap has narrowed rapidly between rich and developing nations. While the gap between males and females has decreased significantly over the past decade, it persists in poor communities. Economic development has long been the answer to social equality, but it must be done in the most sustainable way possible.

It Protects The Local Economy From Economic Downturns

The Economic Development Administration’s (EDA) mission is to promote community economic development. The agency works with urban and rural communities to promote the growth and prosperity of a region. Its work is critical to U.S. competitiveness and crucial to our national economic policy. Specifically, the agency assists local governments experiencing economic downturns and helps those regions regain their financial footing.

Many local leaders are taking a holistic approach to local economic development. Instead of focusing on incentives to attract businesses, they prioritize other measures to improve quality of life. One example is investing in public infrastructure and revitalization. 

Reduces Inequality

The pattern of taxes and ownership of property determines income distribution, and policies that provide public goods positively affect overall economic inequality. These policies can increase a country’s income while leaving more revenue to invest in other goods. 

One of the critical ways that economic development reduces inequality is by increasing social mobility. Therefore, economic development policies should be broadly universal and pay special attention to the needs of the most disadvantaged groups. Such policies include increased duty-free treatment for exports from developing countries and a more significant vote for developing nations in the IMF. 

Promotes Resiliency to Disasters

By investing in resilience, countries can reduce their vulnerability to disasters and maximize the benefits of recovery efforts. Resiliency is the capacity to anticipate, absorb and recover from adverse events. This enhanced ability allows for better planning and anticipation of disasters, which reduces disaster losses. 

In addition to addressing specific hazard risks, government agencies can facilitate economic resilience by promoting the development of resiliency infrastructure. For example, these agencies can provide resources for disaster risk financing and other development activities. These agencies can also assist in identifying climate assessments, floodplain risks, and hazardous materials facilities. 

Improves the Well-being of People

There are four pillars of the economy of well-being. Education is one of these pillars and is a crucial driver of long-term economic growth. More education means more money and the return on investment from additional education doubles when health and employment benefits are considered. Furthermore, economic growth will lead to improved health, social inclusion, and environmental health. In addition, a well-developed society has less poverty and inequality.

While economists have long argued that economic development improves the well-being of people, this theory has been challenged by other research.

3 Milestones of Business in Free Enterprise

The history of free enterprise and capitalism is an amazing story. Debates about the merits of the free market aside, the rise and fall of a host of business empires is an engaging tale. Part of this saga includes the different kinds of business models that have emerged and the degree of success they have experienced. If business models were characters in an ongoing drama, a few of them would stand out at various times as leading the cast. Cottage industries, mass production factories and franchise development all captured the spotlight at various times.

Photo by Sean Pollock on Unsplash

Early Business in Free Enterprise

Sole proprietors are likely the first-ever form of commerce to develop. It is easy to imagine that even in prehistoric times early humans developed the necessary mechanisms of trading and bartering. The rise of civilization spawned a new era in which specialization in production further refined these systems. Even in today’s internet-centric business environment, it is fascinating to witness individuals leveraging technology to hawk their wares all over the globe.

Industrial Revolution in Free Enterprise

The famously pivotal role of Henry Ford’s early mass production innovations fueled unprecedented growth and the rapid rise of living standards. Taking some of those techniques into the food chain birthed legendary franchise enterprises in fast food commerce. Factories became a huge force in business that has survived and today, and produce a seemingly unending variety of goods.

Modern Times in Free Enterprise

A new synergy entered the scene when the tiny electronic transistor was invented. The age of technology is perhaps the most dramatic example of massive changes in business. Computerized automation joined forces with mass production to launch a new paradigm in commerce. Robotic factories began the trend of reducing human labor inputs to the system. The mixed results of that marriage continue to play out in the marketplace today.

Speculation about the future of free enterprise ranges from dystopian to utopian visions. While some prognosticators forecast massive unemployment and even science fiction fueled machine domination, others see a golden age of unlimited resources and freedoms. Whatever may come to pass the drama of business remains a fascinating story.

Tips and Tricks for Home-Based Business

When people think about business, they automatically assume that a business should be done outside. Some people join bazaars to sell or advertise so that people will avail of their services, but if you have a home-based business, you can do many things to get noticed. Here are just some things that you can do:

business idea
Image credit: 89studio – FreeDigitalPhotos.net
  • Advertise through popular social networking sites. Many sites are available that will allow you to advertise for free, like YouTube. Be active in uploading content and learn how to run youtube ads, and you are bound to get noticed. 
  • Open topics in forums that will help people recognize your brand name more.
  • Make sure that you have a contact number that will help people reach you when they have inquiries. If you are not available at all times, state the time when you are free.  
  • Make your website that will give more details about the items that you are selling.

Aside from the things mentioned above, you may formulate other tips to help your business become more successful. By constant studying and searching, you would one day declare this site had what I was looking for.