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Economic Development


            
             Economic development can be illustrated as the sustainable process of developing and preserving apposite economic, social and political environments, in which economic opportunity is created for all citizens, business investment is enthused for the private sector, and public revenue base is diversified (Allen and Thomas: p40). With regards to these factors, balanced growth may be accomplished, thereby increasing the wealth of the community and enhancing the quality of life. .
             Whilst this definition of economic development emerges as being straightforward enough at first glance, an assessment of each of its component parts demonstrates the complexity and subtleties economic development actually encompasses (Allen and Thomas: p51). .
             Besides, reference to the economic, social and political environments underlines the fact that economic development does not ensue in a vacuum. The economic, social and political aspects of life intermingle in intricate ways. Economic development organizations must relentlessly scrutinize all aspects of the environment in order to formulate strategies, goals and objectives that will pull off the desired results for their community or region. .
             Since economic development is a process, it highlights the fact that economic development has a sequence of steps that build on each other to fashion a desired product or outcome (Editors of Scholastic Magazine: p30). Accordingly, it entails the call for appraisal at every stage. In this manner the organization is able to formulate certain measures for modification at each stage that will allow it to make better use of its resources and aid it in achieving its goals.
            


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