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• 1 sustainability

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• What is opporunity costs?

  Opportunity cost is the profit lost when one alternative is selected over another. The concept is useful simply as a reminder to examine all reasonable alternatives before making a decision.

• What is economic dependency?

  “The reliance upon a particular activity for the economy to function, such as tourism.”
  
  Some less developed countries rely on tourists from a small number of generating countries, which is the case for many small islands.

• What is multiplier effect?

   how many times money spent by a tourist circulates through a country's economy.
  tourism creating jobs on a destination not only in the tourism sector but also in primary and secondary sectors of industry.
  
  the way in which money can circulate in the local economy is through direct, indirect and induced spending.

• What is input-output model?

  “A tool used to measure the impact of tourism demand on the economy
  
  The total value of all sales made by each sector is calculated.

• What is capture rate?

  Indicates the amount of spending retained in the local economy. If the capture rate is higher than more money is spend locally and not leaking away.

• What is indirect employement?

  Indirect employment: The jobs created within the tourism supply sector but not as a direct result of tourism activity. (business that supply good and services to the forest sector)

• What is induced employement?

  Induced employment: The jobs created as a result of tourism expenditure as local residents spend money earned from tourism. (when these directly and indirectly generated incomes are spent and respent on a variety of items in the broader economy; food, clothing, entertainment, it gives rise to induced employment effects)

• What is a short term economic cycle?

  Short-term: Defined periods of dramatic change. Tend to be highly visible and predictable. (summer peaks) Problem with short-term cycles such as seasonality are pressure on the resource and issues of economic efficiency

• What is a medium term economic cycle?

  Medium-term: Relates to changes over a period of several years. Tend to reflect consumer attitudes and te demand for specific tourism products. Natural events such as hurricanes and earthquakes can also affect tourism in the medium term.

• What is a long term economic cycle?

  Long-term: Four stages: boom, recession, depression, recovery. (40-50 years)