Chapter 3 Flashcards
Industry
Industry is the production of goods or related services within an economy. The major source of revenue of a group or company is the indicator of its relevant industry. When a large group has multiple sources of revenue generation, it is considered to be working in different industries.
Industry Norm
Accepted standard, or a way of behaving or doing things that most people agree with: These standards generally exceed the accepted industry norms. We need to recognize Europe’s varied cultural, political, and ethical norms. accepted social norms. the norm.
Industry Standards
Industry standards are a set of criteria within an industry relating to the standard functioning and carrying out of operations in their respective fields of production. In other words it is the generally accepted requirements followed by the members of an industry.
Royalty
Royalty income is a payment received for the use and exploitation of artistic or literary works, patents and mineral rights. Royalty income is generally of two types; royalties for the use of copyrights, trademarks, and patents, and royalties from the extraction of oil, gas, or minerals.
Ghost Writer
A person whose job it is to write material for someone else who is the named author.
Literary Agent
A professional agent who acts on behalf of an author in dealing with publishers and others involved in promoting the author’s work.
Clinic
A conference or short course on a particular subject.
Tourism
The commercial organization and operation of vacations and visits to places of interest.
Direct Economic Impact
The Direct Economic Impact is a measure of the total amount of additional expenditure within a defined geographical area, which can be directly attributed to staging an event. Based on visitor and organiser spending, Direct Economic Impact is an assessment of the net increase in spending as a result of the event.
Travel Trade
Travel Trade means many things to many people in the tourism industry. But a simple definition is: “people and companies that resell travel products that they have bought and/or reserved from other parties”. Source: the Tourism Company.
Multiplier Effect
The multiplier effect refers to the increase in final income arising from any new injection of spending. The size of the multiplier depends upon household’s marginal decisions to spend, called the marginal propensity to consume (mpc), or to save, called the marginal propensity to save (mps).
Indirect Economic Impact
The relationship between one form of economic activity and the total additional activity generated by a specific policy or event are called the multiplier effect. The term multiplier is used since the indirect and induced impacts make the overall economic impact substantially larger than the direct impacts alone.
Niche Travel
People in the travel trade refer to recreational travel or tours planned around a special interest.
Ecotourism
Tourism directed toward exotic, often threatened, natural environments, especially to support conservation efforts and observe wildlife.
Sustainable Tourism
Sustainable tourism is an industry committed to making a low impact on the environment and local culture, while helping to generate future employment for local people.The positive of sustainable tourism is to ensure that development is a positive experience for local people; tourism companies; and tourists themselves.
