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Tourism: Economy and Government

Delve into the world of economics to grasp its significance in tourism and government actions. Learn about demand and supply dynamics, economic leakages, and government influences on the tourism industry. Explore examples from Malaysia, South Africa, and China.

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Tourism: Economy and Government

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  1. Tourism: Economy and Government

  2. What Is Economics? Definition? How are economies judged?Why? Strongest economies in the world? Government impact?

  3. Tourism Figures • Gross Domestic Product • 10% globally • 277+ million jobs (1 in 11) • Growing faster than the rest of the economy

  4. Economics? • Science– wants vs. scarcity • Wants • Scarcity • Resources

  5. Factors of Production • Land— Rent • Labor— Wage • Capital— Interest • Entrepreneurship– Profit • Tourism– sells what it doesn’t own?

  6. Willingness and ability of buyers Law of Demand Shifting Demand Income Preferences Prices of Related Goods Elastic Demand Inelastic Demand Demand

  7. Willingness and ability of sellers Law of supply– not always true Shift in Supply Curves Prices Technology Taxes Quotas Elastic Supply Inelastic Supply Supply

  8. Supply and Demand Land Costs/ Rents

  9. Supply and Demand Everest • Demand • Supply • Government action?

  10. Income Affects Tourism • Manifold increase in income in 100 years • Titanic first class: $3,000/ $127,000

  11. Economic Leakages– High v. Low Options

  12. Externalities

  13. Government Influence • Why tourism? Economic/ Environmental Impact • Paid holidays • England– Bank Holiday • France– 12 days paid vacation • Incentives • Grants and loans, low interest rates • Relaxed import duties • Tax breaks • Free Trade Zones (FTZs) • Boycotting travel-- protest

  14. Examples • Malaysia • South Africa • China

  15. Sources Arnold, Roger A. Economics in Our Times. Revised ed. Cincinatti, OH: West Educational, 1999. Print. Holden, Andrew. Environment and Tourism. Second ed. London: Routledge, 2008. Print. Routledge Introductions to Environment Ser. McLaren, Deborah. Rethinking Tourism and Ecotravel. Bloomfield, CT: Kumarian, 2003. Print.

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