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Here’s why keeping the doors at a small business open matters for the U.S. economy and local communities. ... “One of the best ways we can support small businesses is to encourage our ...
Community-based economics or community economics is an economic system that encourages local substitution. It is similar to the lifeways of those practicing voluntary simplicity, including traditional Mennonite, Amish, and modern eco-village communities. It is also a subject in urban economics, related to moral purchasing and local purchasing. [1]
To strengthen local economy: Studies have shown that buying from an independent, locally owned business, significantly raises the number of times your money is used to make purchases from other local businesses, service providers and farms—continuing to strengthen the economic base of the community.
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 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 ...
Businesses and industries tend to locate in areas where these inputs are abundant and inexpensive, as this can help to reduce production costs and increase profits. For example, a manufacturing company may choose to locate near a large pool of skilled labor, or a resource-based industry such as mining or forestry may choose to locate near ...
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 .
Economic development research has currently identified five phases, or "waves" of economic development practice.The differences between these waves are shaped by historical factors, the economic climate during historical periods, and leaders' response to these forces, which over time have created five strategies that differ from their predecessors.