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