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When the local economy is strong, it contributes to the larger, broader economy in a positive way. Gabe Krajicek, CEO of Kasasa , said small business success means more local money and tax dollars ...
Local economic development (LED) is an approach to economic development, of note in the developing world that, as its name implies, places importance on activities in and by cities, districts and regions. Local economic development combines economic development activities, urban planning, infrastructure development and social development ...
The local multiplier effect (sometimes called the local premium) is the additional economic benefit accrued to an area from money being spent in the local economy. The concept has been taken up by advocates for "spend local" campaigns in addition to more formal treatments in the area of regional economic development .
For communities, spending at local independent businesses also generates more jobs and wealth in the local economy compared to spending at absentee-owned businesses, including corporate chains. [3] The goal of localisation is to reduce unnecessary transport, support entrepreneurism and to strengthen and diversify community economies. [4]
The economics of location refers to the study of the factors that influence the location of economic activity and the spatial distribution of economic phenomena. This includes the study of how businesses and industries choose where to locate, how the location of economic activity affects the local economy and society, and how government ...
One study showed that small, local businesses are better for a local economy than the introduction of new chain stores. By opening up new national level chain stores, the profits of locally owned businesses greatly decrease and many businesses end up failing and having to close. This creates an exponential effect.
The notion of community business is linked to the notion of community ownership, and more widely co-operative models of ownership.. In his History of Community Asset Ownership, [1] Steve Wyler argues that community ownership represents a strain of English socio-political thoughts and activism that can be traced back to the progressive removal of common land from the Norman Conquest and ...
A local exchange trading system (LETS) is composed of local members that want to trade goods and services with other members in the group. These LETS use a unique local currency on which all trade is based upon. Those who are in LETS believe that they benefit both the members and the local community due to the organized nature of these LETS.