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Explore the intersection of tourism and economics, with insights on the GDP contribution, job creation, and revenue generation in the US. Learn about economic principles like supply and demand, government influence through policies like paid holidays and grants, and how externalities affect the tourism industry. Dive into case studies of Florida and Myanmar to understand real-world economic dynamics in the tourism sector.
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Tourism Figures • Gross Domestic Product • 10.3% • 234+ million jobs • 1/18 jobs in the US • Annual revenues $1.3 trillion in the US
Economics? • Science– wants vs. scarcity • Wants • Scarcity • Resources
Supply vs. Demand • Supply- selling what it does not own? • Demand- how has this changed over time? • Impact of prices
Supply and Demand Everest • Demand • Supply • Government action?
Government Influence • Paid holidays • Bank holiday, paid vacation • Incentives for business • Grants and loans • Low interest rates • Tax breaks • Easier visa and passport rules • Schengen zone • Boycotting travel-- protest
Examples • Florida • Myanmar