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1 Macro Perspective of Tourism and Hospitality

Macroeconomics is the study of the whole economy, including all production, consumption, buying and selling. A key indicator of an economy's health is its Gross Domestic Product (GDP), which measures the monetary value of all finished goods and services produced within a country in a period of time. Tourism involves travel for pleasure or business and operating tours and attractions for visitors. It is a major source of income for many countries and affects the economies of both the source and host locations. The hospitality sector encompasses accommodation, food service, and event planning, and its industries employ people and generate tax revenue that contribute to a country's overall GDP.

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4K views8 pages

1 Macro Perspective of Tourism and Hospitality

Macroeconomics is the study of the whole economy, including all production, consumption, buying and selling. A key indicator of an economy's health is its Gross Domestic Product (GDP), which measures the monetary value of all finished goods and services produced within a country in a period of time. Tourism involves travel for pleasure or business and operating tours and attractions for visitors. It is a major source of income for many countries and affects the economies of both the source and host locations. The hospitality sector encompasses accommodation, food service, and event planning, and its industries employ people and generate tax revenue that contribute to a country's overall GDP.

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 Macro means “whole”

 In economics, macroeconomics is the study of


the whole economy. It includes all buying and
selling, all production and consumption, and
everything that happens in the economy.
 A common concept in macroeconomics is GDP or
Gross Domestic Product.
- This is one of the primary indicators being used
to gauge the health of a nation’s economy.
- It is the monetary value of all the finished
goods and produced within a country’s territory
within a specific period.
 is travel for pleasure or business; also the theory
and practice of touring, the business of attracting,
accommodating, and entertaining tourists, and the
business of operating tours.
 tourism may be international, or within the
traveller's country.
 tourism can be domestic or international, and
international tourism has both incoming and
outgoing implications on a country's balance of
payments.
 today, tourism is a major source of income for
many countries, and affects the economy of both
the source and host countries, in some cases being
of vital importance.
- is a broad category of fields within the
service industry that includes:
 Lodging
 event planning
 theme parks
 Transportation
 cruise line,
 Travelling
 additional fields within the tourism industry.
Tourism
 refers to the relationship between a guest and
a host, wherein the host receives the guest
with goodwill, including the reception and
entertainment of guests, visitors, or
strangers.
The Hospitality sector includes:
 Accommodation
 Food and drinks outside a person’s home.
It has various impacts in the macro side of
economics.
The impact to Macro Perspective of Hospitality
and tourism:
 Includes the employment that the hospitality
industry generates. This sector also contributes to
the total tax collection of economy. Employment
and tax contribute to the total GDP of an economy.

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