旅游管理专业英语（第二版） 段开成课件 Lesson 13

TourismEconomics

Lesson13ContentsDefinitionFactorsofProduction

OpportunityCost

SupplyandDemand

1234ContentsConspicuous

Consumption

Elasticity

Utility

Foreign

ExchangeRates

OverdependenceonTourism

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1.DefinitionEconomicsmaybedefinedasasocialsciencethatseekstounderstandthechoicespeoplemakeinusingtheirscarceresourcestomeettheirwants.ScarceThebasicproblemonwhichclassicaleconomictheoryisbuilt:simply,thathumanwantswillalwaysexceedtheresourcesavailabletofulfillthosewants.2.FactorsofProductionThebasicinputsoflabor,capital,andnaturalresourcesusedinproduction.Productiveresourcesthatareusedtosatisfyonewantcannotbeusedtosatisfyanotheratthesametime.LaborLaboristhecontributiontoproductionmadebypeopleworkingwiththeirmindsandbodies.CapitalCapitalincludesalltheproductiveinputscreatedbypeople,includingtools,industrialequipment,andstructures.NaturalresourcesNaturalresourcesincludeanythingthatcanbeusedasaproductiveinputinitsnaturalstate,suchasarableland,water,mineraldeposits,andforests.3.OpportunityCostTheopportunitycostofagoodsorserviceisitscostintermsoftheforegoneopportunitytopursuethebestpossiblealternativeactivitywiththesametimeorresource.4.SupplyandDemand“lawofsupplyanddemand”.Illustrationontourismproduction;restaurant;hotel/motel;airlines;travelagency.Beyondthe“law”.lawofsupplyanddemandIneconomic,itstatesthataninverserelationshipexistsbetweenthepriceofagoodorserviceandthequantityofthegoodandservicethatbuyersdemand,otherthingsbeingequal.TourismproductionFormanytourism“products”,suchashotelrooms,anadditionalsupplycannotbemadequickly.Ifoveraperiodoftimesupplydoesnotmeetincreasingdemand,theaveragepriceofhotelroomswillrise.RestaurantThesupplysideoftherestaurantbusinessisnearlyalwaysmorethanfilled.Inmostareasthesupplyofrestaurantseatsisgreaterthanthedemand.Hotel/motelThesupplyofhotel/motelroomsexceedsthedemandexceptforcertaindaysoftheweek,andforresorthotelsduringhighseasons.AirlinesAirlinesrequirelargecapitalinvestments,whichwouldsuggestthatthesupplysidewouldbedifficulttokeepfull.TravelagencyThetravelagencybusiness,liketherestaurantbusiness,isrelativelyeasytoenterandatanygiventimethesupplyoftravelagenciesismorethanenoughtomeetdemand.Beyondthe“law”Therelationshipsbetweensupplyanddemandareinexorable,achangeinoneresultsinachangeintheother.Butotherforces,suchasadvertising,marketingskillsandhumanmotivationexerttremendousinfluenceonwhatpeople“supply”and“demand”.Tremendous：adj.Extremelylargeinamount,extent,ordegree;enormousInexorable

：adj.Notcapableofbeingpersuadedbyentreaty;relentless5.ConspicuousConsumptionConspicuousconsumptionisthepracticeofpurchasinggoodsorservicesbecauseofthestatustheymightbring.Thecostofconspicuousconsumption.Conspicuous：adj.Attractingattention,asbybeingunusualorremarkableConspicuousconsumptionItisatermintroducedbytheAmericaneconomistThorsteinVeblen.Itistheacquisitionanddisplayofexpensiveitemstoattractattentiontoone'swealthortosuggestthatoneiswealthy,whichisasymptomobservedinindividualsinanysocietywhereover-consumptionhasbecomeasocialnormorexpectation.ThorsteinVeblenAmericaneconomistwhodescribedafundamentalconflictbetweentheprovisionofgoodsandthemakingofmoney.InhispopularstudyTheTheoryoftheLeisureClass(1899)hecoinedthephraseconspicuousconsumption.MoreinformationaboutThorsteinVeblenontheinternetThecostofconspicuousconsumptionTheConspicuousconsumptionsetsupnewdemandcurvesbasedonexclusivityandprestige.Thehigherthecostofanexperienceorproduct,themoredesirableitmaybecome—uptoapoint.Prestige：n.Thelevelofrespectatwhichoneisregardedbyothers;standing.6.ElasticityEconomicclassificationoftravel.Studiesoftraveldemand’selasticity.Relationshipbetweenthepriceelasticityandtotalrevenuesofsuppliers.Factorsimpactingpriceelasticity.ElasticityIneconomics,elasticityistheratiooftheincrementalpercentagechangeinonevariablewithrespecttoanincrementalpercentagechangeinanothervariable.Elasticity

：n.Theconditionorpropertyofbeingelastic;flexibilityEconomicclassificationoftravelTravelisseenasa“preferredsuperiorservice”inthatmoreisundertakenasincomesincrease.Studiesoftraveldemand’selasticityWhichtraveldemandiselastic(sensitivetopricechanges)andwhichinelasticvariesconsiderably.ItdependingpartlyontheaffluenceofthetravelerandthereasonorreasonsforthetripPriceelasticity&totalrevenuesTRs

(totalrevenues)=

P

(price)

×

Q

(quantity)Whenaparticularserviceispriceelastic(greaterthan1),theTRsincreasewhenthereisadecreaseinP.ThisisbecausethepercentageriseinQisgreaterthanthepercentagedecreaseinP.FactorsimpactingpriceelasticityTheavailabilityofequivalentsubstituteproducts.Therelativeimportanceoftheproductinaspendingbudget.Theamountoftimeavailabletoadjusttothepricechange.Thestatusoftheproductasanecessityorluxury.7.UtilityTheeconomicconceptofutility.AnExampleofhowtoquantifytheutilityoftourists.Marginalutility.Otherchoicesforrelaxationbesidestravel.TheeconomicconceptofutilityThebenefitorsatisfactionthatapersongetsfromtheconsumptionofagoodorservice.It’shardtodefineandquantify.ExampleTherearesomecharacteristicsthatmightbeimportanttothetouristinterestedinavacationinasunnydestination.Ifthesecharacteristicscouldbequantified,andtheyratehighlyintheconsumer’sopinionthenthetourist’sutilitywouldbemaximized.CharacteristicsDailysunshinehoursatthedestination.Percapitabeachspaceatthedestination.Similarityofaccommodationtoknownstandards.Suitabledistance(expressedintraveltime)tothedestination.Reliabilityoftransportationtothedestination.MarginalutilityIneconomicterms,itisthechangeintotalutilityresultingfromaone-unitincreaseinthequantityofagoodorserviceconsumed.OtherchoicesContinuedincreasesintravelcouldmakeatouristfeelweary,resultinginpreferringotherleisureactivities(hobbiesandinterestspracticedinthehomearea).Themarginalutilityofathirdorfourthvacationmayinoneyearthereforebediminished.weary

：adj.Physicallyormentallyfatigued.diminish

：v.Tomakesmallerorlessortocausetoappearso.8.ForeignExchangeRatesExchangerate.Twotypesoffloatingexchangerates.Theexchangeratesindevelopingcountries.Therelationshipbetweenexchangeratesandtourism.Touroperatorshowtoprotectthemselvesfromchangeofexchangerate.ExchangerateItmeansthepriceofonecurrencyintermsofanother.Theyareusuallyfloating,withtheirvaluesdeterminedbydemandfor,andsupplyof,currenciesintheglobalmarketplace.Appreciation&depreciation.Depreciation

：n.Reductioninthepurchasingvalueofmoney.Appreciation

：n.Ariseinvalueorprice,especiallyovertime.TwotypesFreefloat:Anexchangerateisonlydeterminedbyopenmarketforces.Managedfloat:Thegovernmentintercedesinthemarkettoinfluencetheexchangerate,bybuyingorsellingitsowncurrencyDevelopingcountriesThecentralbanksofdevelopingcountrieswillattempttomaintainitsexchangerateversusthe“hard”currencies.ByborrowingfromtheInternationalMonetaryFund(IMF),orsellingreservesintheformofgoldorforeigncurrencies.Reserves

：n.Keepforaspecialreasonortouseatalaterdate.versus

：prep.AsthealternativetoorincontrastwithInternationalMonetaryFund(IMF)AnagencyoftheUnitedNations,foundedin1946topromoteinternationalmonetarystabilityandcooperation.HomepageofIMF.Exchangerates&tourismChangesincurrencyexchangeratescanhaveconsiderableeffectsontourism,andtherefore,theeconomicstabilityofcountries.AnexampleofBritain.AnexampleofBritainAtonepointinthe1980s,theBritishpoundsanktoaboutonepoundtothedollarandtraveltoBritainincreasedsharply.LaterthepoundclimbedtoalmosttwodollarswitharesultantdeclineintraveltoBritain.BritishtouriststraveledtotheUnitedStatesinnumbersneverseenbefore.TouroperatorsTouroperatorstrytogetguaranteesfromtravelproviderssothatincaseanexchangeratemakestravelmostcostly,theyareprotectedfrompriceincreases.Withoutdownsideprotection(guaranteedrates)travelproviderscansufferseriouslosses.9.Overdependen