Dictionary of Business Terms: economic base
economic base
major industries within a geographic market area that provide employment opportunities essential to support the community.
Dictionary of Real Estate Terms: economic base
economic base
industry within a geographic market area that provides employment opportunities that are essential to support the community.
Example: Steel is the economic base for Pittsburgh. For each steel worker added to the economic base there is another job added in service employment (physician, lawyer, switchboard operator, barber). Each new job brings 2 people to the community (spouse, children, nonworking parents, etc.). Total population will increase by 4 for each new job in basic industry.
