Economy of Kazakhstan ECN3189 L, Mussurov Altay

explanation of economic development that contends that bursts of innovation lead to economic growth,

a business that is “smaller-than-small.” Operated by a person on a full- or part-time basis, usually out of a home, e.g., carpenters, day-care providers, and caterers.

very small, short-term unsecured loans given to people without credit history and/or the collateral necessary to obtain a conventional loan. These are available from either local lenders or the SBA’s 7(m) Microloan Program.

a definition based on family income as a percentage of an area’s median income. Different programs may set different percentages. According to HUD’s guidelines, households whose incomes are between 81 percent and 95 percent of an area’s median income with adjustments for smaller or larger families are considered to be moderate income.

a quantitative estimate of a project’s impact (in dollars, jobs created, demand).

the process of dollar and job generation as a result of a new or migrating business or project, or of a local business expanding production (to exports). The multiplier effect accounts for new local income generated by local spending that came from outside a community.

the revenue forgone by choosing one use of money and resources over another. The opportunity cost of investing in the stock market is the interest that the money could have earned while sitting in the bank.

a plan developed at the city, county or EDD level, as required by EDA, to identify the area’s problems & opportunities for economic development, to de-fine goals & objectives, and listing infrastructure & other projects needed to achieve those goals.

bond backed by anticipated revenue stream from specific project.

strategic paradigm of economic development that focuses on retaining firms already in the community and on creating new businesses.