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An economic development incentive is known as "cash or near-cash assistance provided on a discretionary basis to attract or retain business operations." [1] These benefits principally encompass tax and economic incentives provided by federal, state, or local governmental bodies.
Monetary incentives are any form of financial good given to someone to incentivize their actions and align their incentives with those of the principal who provides the monetary incentive. [14] This is a type of extrinsic incentive and is commonly seen in the workplace.
Pareto efficiency, named after the Italian economist and political scientist Vilfredo Pareto (1848-1923), is an economic state where resources cannot be reallocated to make one individual better off without making at least one individual worse off. It implies that resources are allocated in the most economically efficient manner, however, it ...
Only in the short run can a firm in a perfectly competitive market make an economic profit. Economic profit does not occur in perfect competition in long run equilibrium; if it did, there would be an incentive for new firms to enter the industry, aided by a lack of barriers to entry until there was no longer any economic profit. [11]
However, tax subsidies can also have negative consequences. One type of tax subsidy is a health tax deduction, which allows individuals or businesses to deduct their health expenses from their taxable income. This can be seen as a way to incentivize people to prioritize their health and well-being.
Because of the difference in the political systems in the U.S. and China, officials in each country pursue their objectives in different ways.
States increasingly see themselves as key players in an evolving international economic competition – one that requires third-wave efforts to shift to an industry-wide perspective, and in many instances improves the socio-economic standing of its citizens [1] through equity planning during the strategic economic development process. [8]
Much of the president’s ability to impact economic policy depends on approval from Congress. Nonetheless, when Trump is inaugurated on January 20, he will be on the hook to make good on his ...