why is economic base important

Answers

Answer 1
The economic base is important because it refers to the main source of income and employment in a region or economy. The economic base theory suggests that the prosperity of a region or economy depends on its ability to generate income from outside sources, such as exporting goods or services to other regions or countries. This is because these external sources of income bring new money into the region, which can then circulate through the local economy and create additional jobs and income.

A strong economic base is also important because it can help to diversify the local economy and reduce its vulnerability to economic shocks. For example, if a region relies heavily on a single industry or sector and that industry experiences a downturn, the entire economy may suffer. However, if the region has a diverse economic base with multiple sources of income, it may be better able to weather economic storms and recover more quickly.

Overall, a strong economic base is important for the long-term health and vitality of a region or economy, as it provides a foundation for sustainable growth and development.
Answer 2

The economic base is important for several reasons:

1. It drives local economic growth and job creation. The industries that make up a region's economic base, like manufacturing, technology, finance, etc. are the primary sources of jobs, income, and wealth generation in that local economy. A strong and diverse economic base means more and better job opportunities for residents.

2. It increases tax revenues. The economic base industries and the jobs they support generate tax revenues for local governments through income taxes, sales taxes, property taxes, business taxes, etc. These revenue sources fund important public services like schools, police, fire departments, infrastructure, etc.

3. It improves living standards. A thriving economic base with a low unemployment rate means higher wages, lower poverty rates, and an overall higher standard of living for residents. People have more financial means to afford housing, healthcare, education, and other essentials.

4. It attracts more businesses and investments. A dynamic economic base attracts further business interests and investments. This results in business expansions, new startups, corporate headquarters, and other businesses being drawn to the region. This cycle of business attraction and growth continues.

5. It builds community wealth. When there are more and better job opportunities and higher incomes in a region, community wealth is built up over time through homeownership, asset accumulation, and intergenerational wealth transfer. This built-up wealth sustains the economy even during downturns.

6. It enhances innovation. Economic base industries, especially in high-tech fields, drive innovation that spurs productivity gains, new inventions, technological progress, and other advances that boost standards of living and economic prosperity over the long run.

So in summary, a diverse, robust, and growing economic base is essential for sustained economic and community development. It forms the foundation for job creation, wealth generation, fiscal health, high living standards, and innovation.


Related Questions

For each change in an ocean basin or sea explain the role that seafloor spreading and subduction played in the change?

Answers

They contribute to the expansion or contraction of ocean basins, the formation of trenches, volcanic activity, and the formation of island arcs, all of which impact the geology and geography of these areas.

What is Ocean Basin?

An ocean basin is a large, relatively flat area on the Earth's surface that is covered by seawater and bounded by continental land masses. It is the portion of the ocean floor that lies between the continental margins and the mid-oceanic ridges. Ocean basins are characterized by their depth, shape, and geology, and they play a crucial role in the global circulation of seawater, climate patterns, and marine ecosystems.

Seafloor spreading and subduction are two fundamental processes that shape the geology and geography of ocean basins and seas.

Seafloor spreading and subduction are important processes that play a crucial role in shaping ocean basins and seas.

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Would you be willing to pay higher taxes in order to fund measures that would prevent the pollution of the groundwater that serves as your drinking water supply? If yes, explain. If no, explain as well.

Answers

Yes, I would be ready to pay greater taxes to support policies that would guard against the tainting of the groundwater that supplies my source of drinking water. After all, clean and pure water is crucial.

How can the issue of safe drinking water be resolved?

A sound and efficient sewage system is the foundation for the availability of clean drinking water. Without proper sanitation, a region's water gets contaminated with disease and a host of other issues. We can stop the water shortage from getting worse by making improvements to the sewage systems in these locations and improving the water quality and enhancing its supply.

Why should the government supply all of its residents with clean drinking water?

Everyone must have access to clean, sufficient drinking and cooking water as well as latrines that do not jeopardize health or dignity.

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how did the tropical cyclone impact the following?people​

Answers

16qd x 618qd = 1e91ne81

that is the correct answer

Describe what is unique about the island of Iceland

Answers

Answer:

The island of Iceland is a unique place in many ways, with a geography, culture, and history that set it apart from other countries and regions around the world. Here are a few examples of what makes Iceland so unique:

Volcanic landscape: Iceland is located on the Mid-Atlantic Ridge, where the Eurasian and North American tectonic plates are pulling apart. This makes Iceland one of the most volcanically active places on earth, with over 200 volcanoes and countless geothermal features such as hot springs and geysers.

Glaciers: Iceland is also home to some of the largest glaciers in Europe, including the Vatnajökull glacier which covers over 8% of the country's land area.

Northern lights: Due to its location near the Arctic Circle, Iceland is one of the best places in the world to see the Northern Lights, a natural light display that occurs in the polar regions.

Culture: Iceland has a rich cultural heritage that includes literature, music, and art. Icelandic literature, in particular, is notable for its epic sagas, which date back to the 13th century.

Environmentalism: Iceland is known for its commitment to environmentalism and sustainability. The country has set ambitious goals for reducing greenhouse gas emissions and has invested heavily in renewable energy sources such as geothermal and hydroelectric power.

Language: Icelandic is a unique language that has changed relatively little since the country was settled by Viking explorers over 1,000 years ago. It is considered one of the most difficult languages in the world to learn.

Explanation:

32
Which of the following expressions have
the same value? Select the three that
apply.
A. 7 +5 x 3 - (4 ÷ 2)
B. 7+ 5x (3 − 4) ÷ 2
-
C. 7+ (5 x 3) 42
D. (7 + 5) x 3-4÷2
09915
E. 7 +5 x 3-4÷2
-
0202 0

Answers

The expressions A, B, and E of the terrain geography have the same value of 20.

What is a terrain?

Terrain refers to the physical features of the Earth's surface, including mountains, valleys, plains, plateaus, hills, and other natural landforms. It is the result of various natural processes such as weathering, erosion, tectonic activity, and volcanic eruptions that shape the Earth's surface over time. Terrain is an important factor in determining the suitability of an area for various human activities such as agriculture, transportation, and construction. It also plays a crucial role in influencing weather patterns, water distribution, and the distribution of various plant and animal species. Understanding terrain is crucial in fields such as geology, geography, and environmental science, as well as for planning and executing military operations.

A. 7 + 5 x 3 - (4 ÷ 2) = 7 + 15 - 2 = 20

B. 7 + 5x (3 − 4) ÷ 2 = 7 + 5x (-1) ÷ 2 = 7 - 2.5 = 4.5

C. 7 + (5 x 3) 42 = 7 + 15 42 = 7 + 30 = 37

D. (7 + 5) x 3-4÷2 = 12 x 3-2 = 10

E. 7 + 5 x 3-4÷2 = 7 + 15 - 2 = 20

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Oceania is made up of island nations, many of which are very small and
isolated from one another. Which of the following words describes a cultural
trait that the cultures of Oceania share due to their isolation?
OA. Homogeneity
B. Lack of Development
C. Unity
D. Diversity

Answers

Answer:

A. Homogeneity

B. Lack of Development

Explanation:

i think mostly A

What do mountainous regions do to create flat land for farming?

Answers

Answer:

Explanation:

The pattern seen all over the world, practised by even the earliest cultivators in the mountains, is the system of creating terraced farms. Terraced farms are flat steps of land along the slope, cutting the steep mountain slope into flat patches, thus making it possible to cultivate on small pieces of flatland.

Answer:

Mountainous regions can create flat land for farming through a process called terrace farming. Terrace farming is a technique that involves cutting flat areas into the steep slopes of a mountain, creating a series of steps that can be used for farming.

To create a terrace, farmers first cut into the slope of the mountain to create a flat area. They then build a retaining wall, typically made of stone, to hold back the soil and prevent erosion. This creates a level platform on which crops can be grown. The process is repeated at regular intervals along the slope, creating a series of flat steps that allow for farming on what would otherwise be very steep and unusable terrain.

Terrace farming has been used for centuries in mountainous regions around the world, including in parts of Asia, South America, and Africa. It allows farmers to make use of land that would otherwise be too steep to farm, and it also helps to reduce soil erosion and water runoff, which can be major problems in mountainous regions.

Overall, terrace farming is an effective way to create flat land for farming in mountainous regions, and it has played an important role in enabling people to live and work in some of the most challenging environments on Earth.

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