In economic base analysis, the Basic Industry Multiplier is the ratio of the total population in a local area to the employment in basic industry. Basic industries attract income from outside the local area and foster local service jobs.
An economic base refers to industries within a geographic market area that provide essential employment opportunities crucial for supporting the community. The concept helps determine the core industries that drive local economic growth.
Economic Development encompasses actions and initiatives taken by municipalities or communities to improve their economic health or the standard of living of residents.
