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Extra resources for CTH - Introduction to Tourism Economics
2008). Paid holiday entitlements around the world have altered the patterns of leisure time. In many countries the creation of national holidays allows individuals the chance to travel for a short break. New trends have emerged from employers who may now offer flexible work times or different patterns of employment such unpaid leave recognising the productivity and longer term benefits of allowing their employees to explore other areas of interest. However, travel and tourism is just one way individuals use their paid leisure time; it may also be used to support family dependants, study or work on projects at home.
Field 4: Destination characteristics – these consist of the related characteristics of the destination or service. 7: Schmoll’s consumer decision-making process Schmoll’s model has its limitations: it is descriptive but cannot be quantified. However, unlike other models on which it draws, it does refer to the restrictions which constrain an individual from making a purchase decision: the cost and time constraints identified in Field 3. 8). 8: Travel desire equation 35 INTRODUCTION TO TOURISM ECONOMICS Here the desire to travel is arrived at as a result of personal values combined with the economic situation to make travel possible.
Output, employment and income will all begin to rise. Rising production, sales and profit levels will lead to optimistic business expectations, and new investment will be more readily undertaken. The rising level of demand can be met through increased production by bringing existing capacity into use and by hiring unemployed labour. The average price level will remain constant or begin to rise slowly. In the recovery phase, decisions to purchase new materials and machinery may lead to benefits in efficiency from new technology.
CTH - Introduction to Tourism Economics by BPP Learning Media