Macro and micro economic factors. Numerous independent and public research institutions and agencies have made use of diverse methodologies and technologies in order to analyze regional competitiveness problems. But, only few of them focus on macro-economic factors of location competitiveness; while others include social, economic, cultural, political, cultural etc. However, there are certain general guidelines that can help you understand them better.
Macroeconomic factors include the inter-relationships of various macroeconomic indicators and the various relationships among various macroeconomic indicators. This is an excellent tool for evaluating the strength and weaknesses of a location. You may use different variables to determine the strength of the economic environment. For example, you may evaluate the average sales price and the per capita income of the location. This will help you determine the strength of the economy in the location. This is not an easy task as the inter-relationships between the variables vary from one location to another. Hence, you need to make use of different approaches to achieve this objective.
Microeconomic factors include the economic structure and the institutional set-up of the place. The location should be analyzed based on its economic structure and its institutional set-up. A strong and stable institution will always attract more people and keep them there.
Location-specific factors include the geographical features, natural and human resources, and infrastructure of the location. These factors affect the economic activity of the location. They also determine the strength of the economy.
You should also consider various macro economic factors and micro economic factors when comparing the location with some other places. This will help you compare the strength of the economic performance of various regions in the country.
So, location competitiveness analysis helps you identify the weak points and strengthen them so that your location stands out from others. You may choose the approach that suits your needs best.
If you want to know the economic structure of the area, you can easily get the data from the statistical bureau. You can also use the World Bank data base which can give you some information. However, it requires you to pay a high fee for accessing these sources.
The availability of various information depends on the availability of public policies. The availability of the necessary data also varies from state to state, as there are many government bodies and institutions that provide such information.
Many of the public policy institutes have websites on which you can access their information. If you cannot afford a membership, you can also access them online. This is a good way to know the facts on a particular region.