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This question is about employer.
What is economic development?
Economic development refers to a process in which the creation of wealth benefits a specific community or population of people. It can come in the form of job programs instituted by a government, but can also include more complex and comprehensive investments in the growth of a specific area's economy.
Economic development benefits the citizens of a specific country, state, or region by enhancing the prosperity of the area and increasing the quality of life for all of its residents. In broad terms, it can refer to anything a community does to help create a healthy and growing economy.
Economic development can include one, serval, or all of the following resources:
Land
Labor
Capital
Entrepreneurship
The allocation of these limited resources then must have a positive effect on the level of commercial activity, employment, and income distribution qualities of a specific community.
The process of economic development is a thought-out and deliberate one. It is an intervention taken on the normal economy of a particular community.
Here are the three most common approaches to economic development:
Business retention and business expansion (this enhances existing businesses)
Business expansion in attracting new businesses to a country, state, region, or community
Business creation through the encouragement of increasing the growth rate of new businesses to a country, state, region, or community
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