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Item B: Arts & Economic Prosperity IV (AEP4)
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Item B: Arts & Economic Prosperity IV (AEP4)
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2/22/2013 1:44:33 PM
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Agenda Item Summary
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2/27/2013
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Frequently Used Terms <br />This section provides a glossary of economic impact terminology. <br />Cultural Tourism <br />Travel directed towa.LA expeiienc1ng the arts, heritage, and spec la. l character of a place. <br />Direct Economic Impact <br />A measurc of the eco"amie effect of the initial expenditure within a community. For example, when the <br />symphony pays its players, each musician's salary, the associated government taxes, and full -time equivalent <br />employment status represent Lbe direct economic impact. <br />Direct Expenditures <br />The first round of expenditures in the economic cycle. A paycheck from the symphony to the violin player end a <br />ballet curnpany s purchsse of dance shoes are examples of direct expenditures. <br />Econometrics <br />The process of using statistical methods and economic theory to develop a system of mathematical equations that <br />measures the flow of dollars between local irLdustrim The input - output model developed for this study is an <br />example of an econometric model. <br />Ecortornetrician <br />An economist who designs, builds, and maintains econometric models. <br />Full -Time Equivalent (FTE) Jules <br />A term that describes the total amount of labor employed.. Economists measure FTE jobs —neat the total number of <br />employees because it is a more accurate measure of total employment. It i5 a manager's discretion to hire one <br />full -time employee, two half -time employees, four quarter- -time employees, etc. Almost always, more people are <br />affected than are reflected in the number of FTE jabs reported due to the abundance of part -time employment, <br />especially in the nonprofit arts and culture industry. <br />Indirect Economic Impact <br />Each time a dollar changes hands, there is a measurable economic impact, When people and businesses receive <br />money, they re -spend much of that money locally. Indirect impact measures the effea of this re- spending on jobs, <br />household income, and revenue to local and state government. It is often referred to as secondary spending or the <br />dollars "rippling" through a community. When. funds are eventually spent non - locally, they are considered to have <br />"leaked" out of the corttmuriity and therefore cease to have a local economic impact. Indirect impact includes the <br />impact of all rounds of spending (except for the initial expenditure) until the dollars have ccornpletely "leaked out" <br />of the local economy. <br />Ads6Ecmom!cProspmtyW I ArnericanstarMe Arts . 21 <br />
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