There is no separation from time or resources. Time is limited. We have to decide how and where we spend it. Resources- the means to satisfy ends- are scarce.
Herein lies the core of economics: solving for mankind's unlimited wants with limited resources.
Economists study the disposal of scarce means. Economics is about studying human behavior as a relationship between ends and scarce means which have alternative uses.
Given nothing stays the same, economists examine how changes may affect choice and future decisions.
Economic development takes a look at the distribution of wealth within a specific geography and seeks solutions for improvement.
Economic developers examine all facets of issues and opportunities affecting growth in a given area. The field spans a variety of topics including infrastructure development, business retention, business expansion, workforce development, and tourism.
The unlimited want in economic development is communities' desire to grow stronger and healthier. Since 2009, communities across the US are more pro-active towards supporting diverse business sectors and abundant work opportunities.
For the economic developer, limited resources include developable land, available empty buildings for relocating businesses, roadways, water supply, sanitary sewer capacity, parking spaces, housing, skilled workers, education opportunities, recreational facilities, hospitals, fire and safety, shopping and dining options, and by default, money and time.
Economic development is determining the economics of a region and implementing solutions for growth and improvement. It's all about choice and behavior.