The tourist business (part 1) (from the book of n. n. mikhailov)

Tourism may be defined as the science, art and bussiness of attracting and transporting people, accommodating them, and catering to their needs and wants. As an industry, tourism is a dynamic, evolving, consumer-driven force. It is the world’s largest industry, with approximately 3.5 trillion dollars in gross output. It is the employer of 183 million people. This represents 10.2 per cent of the global workforce. By employing one out of every ten workers, travel and tourism is the word’s largest employer. As an industry, tourism is expected to grow much faster then other sectors, about twice as fast as world GNP, especially internatinal travel. Growing so rapidly, tourism presents both tremendous opportunities and challenges. Although a mature industry, tourism is a young profession. The good news is thevariety of exciting career prospects for today’s hospitality and tourism graduates.
In addition to their original expenditures, tourism produce secondary impacts on local economy. When tourist spends money to trvel, to stay in the hotel, or to eat in a restaurant, that money is recycled by these businesses to purchase more goods, thereby generating further use of the money. In addition, employees of businesses who serve tourists spend a higher proportion of their money locally on various goods and services. This chain reaction continues until there is a leakage, meaning that money is used to purchase something from outside the area. This phenomenon is usually called “the multiplier effect”. Most developed economies have a multiplier effect between 1.7 and 2.0. This means that the original money spent is used again in the community between 1.7 and 2.0 times.



The tourist business (part 1) (from the book of n. n. mikhailov)