Economics & Finance 1 Flashcards
(50 cards)
NAICS
The North American Industry Classification System used by business and government to classify and measure economic activity in Canada, Mexico and US, six digit code
UDAG
Urban Development Action Grant 1978 - 1989 grants to cities and urban counties which are experiences severe economic distress to help stimulate economic activity needed to aid in economic recovery
Economic base analysis
looks at basic and non basic economic activities
Location quotient formula
local employment in industry x divided by total employment in area / national employment in industry x divided by total national employment
basic activities
economic activity that can be exported such as automotive manufacturing
non-basic
economic activity that can not be exported…hair salon
Four main parts of Economic Development
- Retaining existing business and industry
- Attracting business
- Nurturing small and start up business
- Developing and financing facilities that help capture business or recycle local funds
Economic focused on (blank) through the 70s but now focuses on (blank)
Manufacturing jobs; service sector, smaller business, and entrepreneurial business
10 leading economic indicators
unemployment, housing starts, Consumer Price Index, industrial production, bankruptcies, Gross Domestic Product, broadband internet penetration, retail sales, stock market prices, and money supply changes
major geographic shifts based on economic activity
Move from older manufacturing towns to sunbelt; move from urban core to suburbs and exurbs - now in the midst of the back to the city movement; Large metro areas to non metro communities
Small Business Administration
makes loans directly to businesses and acts as a guarantor on bank loans. Also makes loans to victims of natural disasters, works to get government procurement contracts for small businesses, assists small business with management, technical and training issues.
Grant Thornton
business climate ratings of the 48 states - NC rated top business climate
Push analysis
determines sales capacity of a market area; it determines if the introduction of a new business will generate additional customers
If the location quotient is greater than 1
area is exporting this good or service
If the location quotient is less than 1
area is importing this good or service
Shift-share technique
allocates a portion of the projected expansion to sub-regions or population centers based on the center’s present share of employment
Title 32 District
metro district to provide ambulance services, fire protection, hospital, mosquito control, park and recreation, safety protection, sanitation, street improvements, television. General Improvement District.
Gross National Product and Gross Domestic Product
value of final goods and services produced in a country in one year (gross domestic product) plus income that residents have received from abroad, minus income claimed by non residents
Operating budget
everyday expenditures, keeping the lights on, employees, utility bills, etc
Capital budget
Long term purchases - buildings, infrastructure, etc
Capital Improvements Program
5-10 years - things that will be completed over time, how they will be financed, etc.
Line-Item budgeting
basic budget, cost of activities projected and inflation added
PPBS Budgeting
Planning, Programming, Budgeting, Systems based on accomplishing goals set by each department
ZBB
Zero Based Budgeting - department starts with zero , and every request for funds is evaluated for it’s impact on “the mission”. Decision packages are created
