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ECONOMIC DIVERSITY IN APPALACHIA

By Jaxon Smith

The vast number of Economics Assignment Help assignment need to review economic case studies linked to a specific region, country of business. Intricate information linked to the market, therefore, needs to be previous and discussed in the report to ensure relevancy. An Economics Assignment Help service must be able to deliver value insight linked to a topic thus allowing you to score high grades. Below we shall review an economics case study to highlight what needs to be covered on economics assignments.

This report investigates economic diversification in Appalachia. Over the last years, mills and mines have taken more denomination in Appalachian communities. Regularly, Appalachian leaders tend to employ economic development as a tool aimed at achieving their development goals. The University of Illinois has analyzed the principal strategies that have led to increased economic growth and diversity especially in diverse communities. This case review summarizes the key motivations that can be pursued by communities aiming to reach diversification point. These strategies include;

Establishment of collaborative regional planning and executions system focused on economic diversification

Well planned regional planning processes can offer a systematic way of implementing economic expansion strategies. Creating relationships is a key factor that triggers the development of economic advancement goal. In this situation, local leaders play a significant role in establishing and maintaining such relationships. Eventually, these relationships make it easy to react to state and international opportunities as they arise.

Building local economic ecosystems that boost diversification

These strategies aim at creating a wide range of operation that supports business development and growth. The most applied strategy is enhancing the ecosystem to become more supportive for entrepreneurs. For instance, provision of technical assistance and infrastructural facilities can promote entrepreneurial activities. New entrepreneurial businesses may finally replace businesses that might have dissolved due to the economic cycle.

Linking regional assets to external markets

An Economics Assignment Help service must look beyond individual needs and must focus on the larger picture so as to harness the most benefit. There are many aspects to cover in economics making it imperative for the economics homework help service to have good control over the topic so as to report on it accurately. This strategy aims at maximizing the available assets, especially from the neighboring countries. This strategy affirms that assets produced from other countries can create economic value locally.

Advancement of skills and capacity of the area workforce

A wide range of regional skills is significant in supporting and developing a diverse economy. As a consequence, regions need to expand their local skills to cover other working fields. To achieve this, local leaders should invest more in education and creating new employment opportunities aimed at training employees.

Encouraging reinvestment of wealth within the region

Growing local regional wealth is a vital factor into ensuring sustainable and firm economy. These are several strategies for encouraging local reinvestment such as infrastructural improvement and workforce improvement. Such reinvestment strategies are also aimed at increasing the amount of money circulation within the community by linking local suppliers with local demand for goods.  Your Economics Assignment Helper must include these points to the report to ensure the assignment delivers the highest grades.

To analyze the relative economic diversity and growth patterns for most US counties, the research team studied three principle data inputs that include; Assessment of county-level economic diversity allowed the researchers to discover individual counties that that either had above –average or exhibited increase in economic diversity, After obtaining data from Bureau of Economic Analysis’s Regional Economic Accounts, the data was used to categorize these counties based on fluctuation in employment and per capita between the years 2002 and 2011 and eventually, to discover locations consistent to conditions in Appalachia, the research teach considered data on location, industry dependence and rural and urban features.

During selection of different case studies, the criterion used was based on; whether county elected leaders had participated in any type of economic development, whether was engaging in recent development initiatives such as federal funding opportunities and whether the county had any development strategy. After consulting with ARC staff, the research team selected 10 counties for the research such as Knott, Washington, and Tioga County among others. After performing the research, the team concluded that external decision making was less effective in shaping local economic future; communities tend to adapt activities based on their budget, diversifying industrial base of the community also assists in diversifying income sources and also regional perceptive establishes border opportunities.

This research also enabled Penn College to identify and venture in new programs that support the needs of gas industry among other economic industries. During their research, they discovered that to meet all industry needs, it is significant to consider applying skills used by many industries, common industries are capable of replacing other industries and research can guide strategy efforts of all industries efficiently. This involves the application of a given set of diversification strategies. Implementing strategies to achieve development and diversification has little implication if such concepts are not utilized properly. In most counties, natural resources remain key drivers of economic development. More exploitation and application of improved technological facilities has led to increase in the number of jobs to these counties over years.

Almost all Appalachian communities tend to perceive economic diversity as a key measure to achieving economic prosperity. This case study also clarifies other strategies that can be implemented to achieve higher economic diversification. To achieve broader economic advancement, diversity is perceived as a crucial factor to consider. Places that have encountered economic crisis consider economic diversity as a viable solution. After enquiring about their diversification efforts, economic development practitioners gave a wide range of strategies. For instance, some practitioners identify their retention efforts and business attraction as the principle plank for their diversification campaigns. Other practitioners gave aimed at targeted efforts like those in tourism and agricultural sector as their strategies of strength. In most instances, this may not be consistent with their traditional Economics Assignment Help efforts, thus you must ensure the points are covered to ensure relevancy.

Other counties perceive diversification as a more comprehensive work than just encouraging wide range of industries. In such counties, communal leaders tend to target the development of local talents and available skills without primarily focusing on specific industries. This case study also reveals that diversity is a level reliant concept. This implies that, if counties or places are capable of looking beyond their borders, they will be able to capitalize on other regional assets. For instance, a certain county may consider integrating its members with neighboring counties where job opportunities are available. This may also increase labor generated by their local institutions to meet both internal and external demand for labor. Another strategy may be working with local industries that have diversified operations and can supply labor in other regions. This technique is relevant in supporting the growth and development of industries such as tourism. The same concepts can also be utilized to operate the agricultural sector, specific manufacturing industries among other target industries.

In general, communities that execute diversification strategies successfully share common features such as concentrating with long-term developments, operating regionally to ensure maximization of resources, adopt firm foundation strategies and instituting effective leaders to enforce their development strategies. Always review the Economics homework Help services careful before committing to the services. With an increasing number of services providers positing as Economics Assignment Help specialist, take time to scrutinize their abilities before committing to them.

 

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