Tourism Economics Revision

According to the World Tourism Organization, tourism is defined as

• the sum of the phenomena and relationships arising form the travel and stay of non-residents, insofar as they do not lead to permanent residence and are not connected with any earning activity

• a tier composed of businesses that serve exclusively tourists and a tier com- posed of businesses that serve a mix of tourists and local residents.

• visiting for at least one night for leisure, holiday, business, professional or other tourism purposes

• tourism comprises of the activities of persons traveling to and staying in places outside their usual environment for not more than one consecutive year for leisure, business and other purposes

‘The word "tourism" was first coined in the 19th century by a British social scientist named

• Frank Cook

• Thomas Cook

• Ernest Cook

Who is the father of modern economics

• John Maynard Keynes

• Adam Smith

• Milton Friedman

• Karl Marx

(a)   looks at the economy as a whole, including issues such as inflation, economic growth, and unemployment

(a)   is concerned with the behavior of individual consumers, firms, and markets

Which branch of economics is this:

What determines the number of jobs available in an economy?

(a)  

Which branch of economics is this:

How does an increase in the value of a country's currency affect the tourist arrivals?

(a)  

Which branch of economics is this:

How individuals decide whether or not to go to an island?

(a)  

Which characteristic of tourism does not contribute to its qualification as an economic activity?

• improve trade balance

• composite commodity

• contributes to economic growth

• preservation of natural and cultural heritage

Which economic principle can help tourism businesses ensure efficient allocation of resources?

• Supply and demand

• Marginal analysis

• Opportunity cost