Course glossary

During lectures you will learn new words. Using this link you are welcome to add them to our "course glossary", so that other students will be able to see them and learn. Let's make our own useful glossary and help each other to learn new words! By the way, there are already some worlds which should be familiar for you till the end of the course, try to cover them when you mill have free time.

Browse the glossary using this index

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C

Clusters

collocation of firms in the same or similar industries to foster interaction as a means of strengthening each other and enhancing the community’s competitive advantage.

Comparative Advantage

term used when comparing economies of regions. It is the economic advantage gained by one area over another due to the fact that it can produce a particular product more efficiently. More efficient production of one good means there is a higher opportunity cost to produce another. This is the concept that drives trade between economies. Inter-regional and international trade exploits the comparative advantages of economies. (See Absolute Advantage)

Consolidated Plan

the Consolidated Plan, or ConPlan, combines all of the planning, application, and performance requirements previously required separately for Community Development Block Grants (CDBG), HOME, Emergency Shelter Grants (ESG), Housing Opportunities for People with AIDS (HOPWA), and programs, such as HOME, that require a Comprehensive Housing Affordability Strategy (CHAS).

Corporate Welfare

government subsidies targeted to large corporations.

Cost Effective Analysis

compares alternative projects or plans to determine the least costly way to achieve desired goals. Usually, some index or point system is developed to measure the effectiveness of the proposal in meeting the goals and objectives.

Cost-Benefit Analysis

a method for evaluating the profitability of alternative uses of resources.

Customized Training

learning designed to meet the needs of a given employer; used by local governments to attract or retain major employers.

D

Demand-side Theory of Development

explanation of economic development that focuses on discovering, expanding, and creating new markets; forming new businesses; nurturing indigenous re-sources; and involving government in the economy.

E

Econometric Modeling

a qualitative method for analyzing the impact of a proposed action on the economy. A model permits testing the effects of an anticipated or hypothetical change.

Economic Base

a method of classifying all productive activity into two categories: basic industries which produce and sell goods that bring in new income from outside the area and service industries which produce and sell goods that simply circulate exiting income in the area.