The finance, enterprise, industry, and trade facets of this sector are improved by direct government modification to generate better and more stable economic outcomes. Development of this sector functions at many levels, such as direct financial assistance for businesses and micro-credit lending, through to high level regulatory and policy level changes.
At the heart of most development assistance is the core goal of economic development. The economics elements trade and industry include policy and regulatory interventions, activities to encourage entrepreneurial activity, decentralisation, negotiation of trade agreements, increased understanding of how to work with foreign investors/regulation environments, and a continuous effort to improve productive output for overall economic improvement.
The banking sector and its effectiveness contribute significantly to the economic wellbeing of a nation. In a development context the banking sector refers to the services and business conducted by financial management institutions, and the policies and regulations that guide their activities, such as business loans, development loans, mortgages, and micro-credit.
Business Analysis refers to the identification of business needs and determining solutions to problems regarding that business’s functions or outputs. Solutions often include a software-systems development component, but may also consist of process improvement, strategic planning, policy development, or more fundamental organisational change. Business analysis is an important component in financially strengthening a business, market sector, and economy.
Customs refers to an authority or agency in a country responsible for collecting tariffs and for controlling the flow of goods, including animals, cargo, personal, and hazardous items, into and out of a country. Efficient customs procedures create compliant trade processes necessary for today’s global economy.
Economic Development refers to the process of positively impacting the economic well-being and quality of a country, region, of local community by achieving specific goals and objectives, and is almost always a core concern for national development activities. Other terms that are often used in conjunction with economic development include modernisation and industrialisation. There are many benefits to economic development desired by developing nations, such as higher incomes, reduced poverty, better education systems, increased life-expectancy, improved government finances, and economic resilience.
Economic Policy refers to government planning and legislation that covers the process of setting policies such as taxation, money supply rates, government budgets, the labour market, national ownership, and many other areas of government interventions into the economy. Economic policy covers the management of economic resources, finances, income and expenditure, businesses, government expenditures, and enterprise support.
Entrepreneurship development is a new trend in the development field, but has demonstrated profound positive economic impacts delivered from the bottom up. Most entrepreneurship development is based on coaching and teaching, with modest financial support. Through this assistance potential entrepreneurs are equipped to achieve business goals, and contribute to the building of their nation’s economy; improving standards of living and creating wealth. Entrepreneurs also help to drive change through innovation, with new businesses and services generating new market developments.
Financial Management is the planning, organizing, directing, and controlling the financial activities of an organisation, such as procurement and utilization of funds. Financial management means applying general management principles to financial resources of the organisation. Proper management of an organisation’s finance is one of the fundamentals for efficient functioning. If finances are not properly dealt with an organization will face barriers that may have severe repercussions on its growth, development, and ability to provide service.
Industrial modernization, in sociology, the transformation from a traditional, rural, agrarian society to a secular, urban, industrial society. … It is by undergoing the comprehensive transformation of industrialization that societies become modern. Modernization is a continuous and open-ended process.
Innovation Management is a mixture of the management of the innovation process, and change management. It refers to the process of product, service, and organisational innovation, including a set of innovation supporting tools that allow development and cooperation with a common understanding of processes and goals. Innovation management is significant to development of economic concerns as it helps businesses and government organisations to remain relevant.
Intellectual property (IP) agreements are core to the development of international trade and industrial modernisation, as the legal exchange of IP across borders facilitates economic opportunities. Production under license, research sharing, and media provision are all governed by IP agreements.
International Trade the exchanging of capital, goods and services between countries and territories to meet demand, and is increasingly crucial in today’s ever more connected world. While international trade has existed throughout history, it’s economic, social, and political stance has increased significantly in importance. International Trade is important in regard to improving living standards, providing employment, enabling consumers to enjoy a wide variety of goods and services, and hardening supply chains against failure.
An investment is an asset or item attained with the goal of producing income or appreciation. Appreciation refers to an increase in the value of an asset over time. An investment continuously concerns the expense of some asset today—time, money, or effort—in hopes of a greater payoff in the future than what was originally put in.
The Labour Market of an economy refers to the supply and demand of labour, and the meeting of changing needs. In this market, labour demand relates to an organisation or economy’s need for labour and the supply is a worker’s supplying of work. Workers are an important part of the labour market due to the necessities of the production process. Labour is exchanged for wages that enable individuals to buy the goods and services that they want.
Market Development refers to strategies that identify and develop new market segments for the growth of current products. Expanding the potential market through new users or uses is considered a market development strategy. Market Development can provide an increase in sales by extending the market penetration for one or multiple products.
Marketing is the study of the short and long term needs of consumers, and the information that they require to purchase a product or service. Marketing attracts customers and promotes utilisation of purchase options by incorporating the knowledge gained by studying the management of exchange relations. and is the organisational process of identifying, anticipating, and satisfying customer needs.
Mining can be described as the extraction (removal) of minerals and metals from earth. It is done to acquire any resource that cannot be grown or invented through artificial means. Mining is used to extract non-renewable resources like fossil fuels, minerals and even water.
The pollution management group comprises goods and services which are clearly supplied for an environmental purpose, which have a significant impact in reducing polluting emissions and which are easily identifiable statistically.
Tourism is a social, cultural and economic marvel which entails the movement of people to countries or places outside their usual environment for personal or business/professional purposes. These people are called visitors (which may be either tourists or excursionists; residents or non-residents) and tourism has to do with their activities, some of which involve tourism expenditure. Tourism is a dynamic and competitive industry that requires the ability to adapt constantly to customers’ changing needs and desires, as the customer’s satisfaction, safety and enjoyment are particularly the focus of tourism businesses.