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EE Economics - Development of local area - Need help!

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Hey guys!

So, I am doing my EE in Economics HL and it's about how a particular industry influences the development of a local area nearby.
I need help coming up with different types of tools/concepts/diagrams that can 'measure' or 'detect' development.

For example, currently I am looking at things like:

- the average level of income in the area and the change in income over the last 10 years

- the externalities in the area created by the particular industry.

I am also looking at other things that might affect development (increase in tourism, growth in country, etc).

So, can anyone help me with this? I need more development tools and theory.

Also, what else can affect the level of development in an area.

(For example, the area I am talking about recently underwent a 'renovation'. All the roads and pavements were rebuilt. This was due to the increase in tourism and the local council and the government wanted to make the city's image better.)

If you want anymore information, just let me know. :)

Edited by Ugam Sheth

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You already have the externalities. A "renovation" should have lead to a lot of positive externalities.

Are there any industries alike in the local area? If so, maybe you could see how they compete with each other. Or if it´s in another area, compare and see the results from that other area with the same particular industry. Then try to see why your area was affected that specific way (f.i higher wages).

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