Macro Reviewer

It is defined as the “sum of the phenomena and relationships arising from the travel and stay of nonresidents, insofar as they do not lead to permanent residence and are not connected to any earning activity.”

1. when one country buys something from another country it is an import; when one country sells something to another country it is an export.

1. ex. Tax holidays and government subsidies

1. protection, development and production of globally competitive and high quality local products

just like in the Philippines most of the tourism and hospitality companies are owned by big foreign companies.

1. Local owners of businesses depend only in tourism and hospitality industry as the main source of income neglecting other ways.

• The earliest recorded hospitality industry in the history was by the

• value of goods and services that must be imported to service the needs of tourism and hospitality

Pioneers in the Tourism and Hospitality Industry

were the times of steady increase in the success of tourism and hospitality industry due to the facts that there was major development in technological advances and social changes