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Appendix A Definitions: What is Economic Development? No single definition incorporates all of the different strands of economic development. Typically, economic development can be described in terms of objectives. These are most commonly described as the creation of jobs and wealth, and the improvement of the quality of life. Economic development can also be described as a process that influences growth and restructuring of an economy to enhance the economic well-being of a community. The main goal of economic development is to improve the economic well-being of a community through efforts that entail quality job creation, job retention, tax base enhancements and quality of life. It is therefore worthwhile to define economic base, good job, and quality of life as it will relate to the recommendations of this document. As there is no single definition for economic development, there is no single strategy, policy or program for achieving successful economic development in Washington County. Thus, the plan laid out in this document is developed from a comprehensive and broad -based perspective. What is an Economic Base? The basic component of an economic base, is the production of goods and/or services that are exported, bringing outside wealth into the area. The economic base theory argues that economic development occurs when there is an expansion of the economic base, producing direct, indirect and induced benefits. Economic development organizations (including the Washington County CDA) strive to expand the economic base, producing direct economic benefits. As the export base grows, bringing more wealth into a community, a portion of these receipts is spent on local consumption creating a multiplying effect. The rounds of spending create indirect and induced economic benefits, thereby creating an expansion of jobs, income, value- added — in short, economic development. What is a Good Job? A good job is one that is stable and safe, with sufficient work hours, a predictable schedule and has wages and benefits that can support households, families and communities.