Economic Development Planning

Question 1

Economic development planning

Answer 1

focuses on expanding the economic base within a community or region

Question 2

Economic Development Administration

Answer 2

designates Economic Development Districts (EDDs) and makes them eligible for federal assistance.

Question 3

Business development programs

Answer 3

include incentives in exchange for a business adding jobs in the area or expanding locally

Question 4

workforce development programs

Answer 4

train people for local jobs

Question 5

Tax Increment Financing (TIF)

Answer 5

used to fund community revitalization in areas designated by a local government as stressed or blighted. Funds are a result of increased tax revenue due to increased property values as a result of community revitalization

Question 6

Economic resiliency

Answer 6

economy’s ability to recover quickly from an economic shock, withstand an economic shock, and avoid an economic shock