travel Flashcards
GDP (gross domestic income)
value of a country’s economy and measures specific value of goods and services over a period of time, usually over the span of a year
What happens if GDP is negative?
economy is failing. We would need a recession if the measure is negative for 2 consecutive 3 month periods.
What does T&T do to help GDP?
Brings in revenue to the economy. At least 115 billion per year which is 8.9% of the UK’s GDP
Visible Export
physical goods sold abroad.
economic leakage
when the money made in a country doesn’t go into that country as the business is based elsewhere
disposable income
the amount of money left for a persons wages after they have paid tax and necessary expenses such as rent and food bills. this money can be used for nice things such as holidays
accommodation
increased occupancy rates so more staff required for bookings and to run all of the facilities. maybe more accommodation needed so opportunity for new hotels to open.
attractions
increased visitor numbers so more staff needed more attractions
board
the meals provided with a tourists chosen accommodation
differentiation
elements of a product or service that make it different from others on the market and therefore attractive to customers
Public Relations (PR)
the maintenance of a positive public opinion of something, such as a business or a destination
financial quarter
a quarter of a year or 3 months
disposable income
the amount of money left over from a persons wages after they’ve paid taxes and necessary expenses, such as rent and food bills
exchange rate
the amount of money that one currency is worth in currency
fuel hedging
an agreement to purchase fuel at a predetermined price for a specified future time period
millennial
people born from 1980 to 1999
holiday allowance and pay
legal entitlement to holiday in the UK is 5. weeks for an employee working
