What does local economy mean?

Definitions for local economy
lo·cal econ·o·my

This dictionary definitions page includes all the possible meanings, example usage and translations of the word local economy.


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Wikipedia

  1. local economy

    Local purchasing is a preference to buy locally produced goods and services rather than those produced farther away. It is very often abbreviated as a positive goal, "buy local" or "buy locally', that parallels the phrase "think globally, act locally", common in green politics. On the national level, the equivalent of local purchasing is import substitution, the deliberate industrial policy or agricultural policy of replacing goods or services produced on the far side of a national border with those produced on the near side, i.e., in the same country or trade bloc. Before industrialization and globalization became widespread, there were so many incentives to buy locally that no one had to make any kind of point to do so, but with current market conditions, it is often cheaper to buy distantly-produced goods, despite any added costs in terms of packaging, transport, inspection, wholesale/retail facilities, etc. As such, one must now often take explicit action if one wants to purchase locally produced goods. These market conditions are based on externalized costs, argue local-economy advocates. Examples of externalized costs include the price of war, asthma, or climate change, which are not typically included in the cost of (for example) a gallon of fuel. Most advocates for local economics address contracting and investment, as well as purchasing. Agricultural alternatives are being sought, and have manifested themselves in the form of farmers' markets, farmed goods sold through the community cooperatives, urban gardens, and even school programs that endorse community agriculture.

Editors Contribution

  1. local economy

    The just, fair, transparent, accessible and moderate economic system and range of economic activity in a local area of a country.

    Our local economy is being developed and is expanding and creating more employment which is what the local area requires.


    Submitted by MaryC on December 8, 2016  

How to pronounce local economy?

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Numerology

  1. Chaldean Numerology

    The numerical value of local economy in Chaldean Numerology is: 4

  2. Pythagorean Numerology

    The numerical value of local economy in Pythagorean Numerology is: 7

Examples of local economy in a Sentence

  1. David Crossen:

    I wish he hadn't been awarded a degree in the first place. I haven't really seen any good coming out of his ties with the area, i think he is making more money than is being put into the local economy.

  2. Vincent Lebot:

    The impact will be very severe on the local economy. Many children continue to go to school because their parents pay the school fees thanks to kava.

  3. Noam Bramson:

    The resumption of construction and retail pickup in Phase I will be a welcome boost to our local economy, and New Rochelle is already making plans to accelerate our recovery through both business and individual assistance, but it is premature to let down our guard. All of us must continue to act responsibly, practice physical distancing, use face coverings, and follow other guidelines intended to safeguard our health at both home and work.

  4. Niagara Falls:

    The closing of the border is really like cutting off a neighborhood, so many people here have a favorite restaurant or store there, so many folks in Niagara Falls, Ontario, vice versa. So, it's more than just a tourism piece, it really is a pretty significant piece of the local economy.

  5. Ian Blackford:

    Both Kathryn and Gregg have secured jobs in the local area, which would benefit the local economy and allow them to continue the enormous contribution that they have already made to life in the Highlands.


Translations for local economy

From our Multilingual Translation Dictionary

  • الاقتصاد المحليArabic
  • lokaløkonomiDanish
  • economia localSpanish
  • local economyFrench
  • स्थानीय अर्थव्यवस्थाHindi
  • 지역 경제Korean
  • lokale economieDutch
  • местная экономикаRussian
  • உள்ளூர் பொருளாதாரம்Tamil
  • స్థానిక ఆర్థిక వ్యవస్థTelugu
  • 当地经济Chinese

Get even more translations for local economy »

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"local economy." Definitions.net. STANDS4 LLC, 2024. Web. 19 Mar. 2024. <https://www.definitions.net/definition/local+economy>.

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