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What Is Your Role To Economic Development

Economic development refers to initiatives that improve a community's well-being and quality of life. Effective economic development involves community participation in planning. As a student, the author's role is patronizing local businesses and entrepreneurs, which benefits the local economy through job creation and spending cycles. Small and medium-sized enterprises are important because they produce goods, create jobs, and promote equitable income and development in a community. Supporting these local businesses through patronage plays a huge role in a community's economic development.

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Nermeen C. Alapa
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43 views

What Is Your Role To Economic Development

Economic development refers to initiatives that improve a community's well-being and quality of life. Effective economic development involves community participation in planning. As a student, the author's role is patronizing local businesses and entrepreneurs, which benefits the local economy through job creation and spending cycles. Small and medium-sized enterprises are important because they produce goods, create jobs, and promote equitable income and development in a community. Supporting these local businesses through patronage plays a huge role in a community's economic development.

Uploaded by

Nermeen C. Alapa
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Economic development refers to initiatives, policies, and actions aimed at improving a

community's economic well-being and quality of life (British Columbia, 2020). Economic development
may vary on our communities. Each community has its unique set of difficulties, opportunities, and
priorities, thus, people who live and work in the community must be included in economic development
plans. As a student and an individual, I have a simple role in economic development that can result to
bigger opportunities in my community and country, and that is patronization.

It is not something new for us to hear how our fellow Filipinos probably do not enjoy Filipino
craftmanship, which is a sad fact. However, Filipinos learned to cope up with globalization and adapt to
the changing needs and wants of the country. In our community here in Imus City, several Korean
Restaurants, Korean Markets or K-Marts, milk tea shops, and other stores that are owned by Filipinos
are appearing everywhere. Yes, they may show products from other cultures and countries, but they
created aspiring Filipino entrepreneurs of different ages and small businesses in the community,
allowing for more job opportunities for the locals.

Though it's simple to go online and buy what you need from a large retailer, taking the time to
search for what you need from local businesses who accept online orders can help boost the
community's economy. While it may seem like nothing to buy a product less than a hundred peso in a
small business in the community instead of purchasing it from a national retailer, that one purchase
benefits employees and other small businesses in several ways. These small enterprises rely on other
small firms for services, and that cycle goes on and on, boosting the economy.

My classmates, friends, and relatives have started their small business online, and my role as a
consumer is to patronize and support them and other small businesses in my community. This support
goes a long way, which in turn may help them expand their businesses and offer more jobs to the
community. Small and medium enterprises (SMEs) are important in a community because it shows the
abundance and development of the economy, therefore a simple patronization has a huge role in
economic development. Their function in terms of production, job creation, export contribution, and
promoting equitable income distribution is essential.

Conclusively, our support and patronization towards SMEs in our community plays a huge role in
the economic development because these businesses are a vital ingredient for a healthy market
economy. We may not think of it when we purchase a book from a local bookstore, but SMEs have
significant contributions to value addition and employment, as well as the GDP and economy of the
country.

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References:

British Columbia. (2020, August 7). What is Economic Development? - Province of British Columbia.
Retrieved October 21, 2021, from https://www2.gov.bc.ca/gov/content/employment-
business/economic-development/plan-and-measure/economic-development-basics

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