About This Chapter
Tourism Economics - Chapter Summary
Our instructors outline the economics of tourism in this engaging chapter. When you review these lessons, you'll study the important concepts pertaining to the tourism market and its supply and demand. Studying for a test or finishing your homework is simple with these easy-to-understand lessons, which have been written by professional instructors. You can quickly navigate any video lesson with the video tabs feature in the Timeline. If you struggle with any of these subjects, submit your questions to one of our helpful instructors for assistance. This chapter is designed to:
- Outline a market supply schedule
- Detail market demand schedules
- Explain how tourism demand can be modeled and forecasted
- Define the price elasticity of demand as it relates to the tourism and hospitality industry
- Give an example of the multiplier effect in economics
1. Market Supply Schedule
Supply and demand play big roles in the economy. In this lesson, you'll discover what supply is, how we describe it, and how market supply schedules are created.
2. Market Demand Schedule
Demand can often drive the cost up or down for a product or service. In this lesson, you'll discover what demand is, what it looks like, and how market demand schedules are created.
3. Modeling & Forecasting Tourism Demand
In this lesson, we explore how tourism demand is forecasted and modeled. We discuss the common variables and different ways to model them with respect to the models.
4. Price Elasticity of Demand in the Hospitality & Tourism Industry
Should you charge a traveler from England more or less money for a hotel room than a traveler from Canada? Price elasticity of demand may help answer that question. Learn more about how it applies to the hospitality and tourism industry in this lesson.
5. The Multiplier Effect in Economics: Definition, Formula & Example
In this lesson, we'll examine the multiplier effect, which is a chain reaction of activities that stimulate the economy. Then we'll look at some examples and a formula that can be applied to any scenario to help explain the multiplier effect.
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Other chapters within the Hospitality 105: Introduction to the Tourism & Travel Industry course
- Overview of the Tourism Industry
- Consumer Behavior of Travelers
- World Tourism Organizations
- Tourism Policy & Planning
- Lodging Classifications
- Lodging Operations
- Food & Beverage Operations
- Transportation in Tourism Management
- Recreation Organizations in Tourism Management
- Intermediaries in Tourism Management
- Global Issues Affecting Tourism
- Tourism Marketing
- Tourism & Hospitality Trends
- Tourism & Travel Careers
- Studying for Hospitality 105