Final answer:
The economic strategy that harnesses local cultural assets for economic development and historic preservation is best described as a cultural economy.
Step-by-step explanation:
An economic strategy that promotes economic development and historic preservation by harnessing local cultural assets can be best described as a cultural economy. This approach emphasizes the use of culture as an asset to drive economic growth, leveraging the unique characteristics of a community to attract tourism, investment, and sustainable development. Supporting a cultural economy can help a community prosper while maintaining its historical and cultural identity.