There are as many different definitions and meanings of community and economic development as there are people who practice these professions. The definition from the Economic Development Handbook states, “from a public perspective, local economic development involves the allocation of limited resources-land, labor, capitol and entrepreneurship in a way that has a positive effect on the level of business activity, employment, income distribution patterns and fiscal solvency”.
There is a difference between community development and economic development.
The United Nations defines community development broadly as "a process where community members come together to take collective action and generate solutions to common problems". Community well-being (economic, social, environmental and cultural) often evolves from this type of collective action being taken at a grassroots level and it is the process for making a community a better place to live and work.