453019
Description
Flashcards by Glenn Christmas, updated more than 1 year ago
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Created by Glenn Christmas
almost 11 years ago
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| Question | Answer |
| Define 'leisure' | The time that people have free once all work/education and maintenance commitments are completed. |
| Define 'work' | The time an individual spends earning money. |
| Define 'earnings' | The sum of all wages, bonuses, commission and overtime pay. |
| Who supplies leisure? | The private sector, the public sector, and the voluntary sector. |
| What could impact the demand for leisure? | Price of activity, price of substitutes, price of complements, exchange rate, advertising, tastes and fashions. |
| Define 'tourism' | Moving from one's permanent area of residence to another (temporarily) to make use of facilities and activities. |
| How have earnings in the UK fared over the last few years? | They have grown steadily up until the recession, where they decreased. Subsequently, they have been making a small recovery. |
| What is the trend in the UK unemployment rate at the moment? | It is decreasing slightly faster than was expected. |
| What categories do we look to find employment/earnings trends in? | Age, gender, ethnicity, occupation, sector. |
| Define 'labour force participation ratio' | The proportion of working-age individuals who are economically active. |
| What three key facts differentiate public sector employees from private sector employees? | 1.) They have a greater proportion of women workers. 2.) A greater proportion of them have degrees. 3.) A greater proportion of them are members of trade unions. |
| What should we think of when assessing the impact of economic factors on leisure industries? | 1.) Income > Demand 2.) Fiscal Policy > Demand 3.) Monetary Policy > Lower costs > Demand |
| Why is demand for leisure products disproportionately affected by changes in disposable income? | Leisure products tend to be superior goods with an income elasticity of demand of more than one. |
| What is the one key trend that tourism operators are always looking towards? | The exchange rate. |
| What does tourism have an impact on economically? | 1.) Income and employment. 2.) The environment. 3.) Culture. 4.) The balance of payments. |
| Where do football teams earn their revenue? | 1.) Merchandise sales. 2.) Ticket sales. 3.) Television rights sales. 4.) Sponsorship rights sales. |
| How do football teams engage in price discrimination? | Ticket prices are altered according to: age, location in venue, quality of seating, expected quality of game. |
| Define 'market concentration ratio' | The percentage share of a market of a given number of firms. |
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