Hospitality and Tourism 2.01

Country of Origin

The country from which a person's trip originates

Cyclical Industry

A type of an industry that is sensitive to the business cycle, such that revenues are generally higher in periods of economic prosperity and expansion, and lower in periods of economic downturn and contraction.

Demand

Consumer willingness and ability to buy products

Depression

A long-term economic state characterized by unemployment and low prices and low levels of trade and investment

Economic Multiplier

An effect in economics in which an increase in spending produces an increase in national income and consumption greater than the initial amount spent.

Expansion

A period of economic growth as measured by a rise in real GDP

Globalization

The idea that the world is becoming increasingly interconnected on a global scale such that smaller scales of political and economic life are becoming obsolete.

Inbound

An aircraft that would be arriving or coming into a city

Infrastructure

The basic physical and organizational structures and facilities (e.g., buildings, roads, and power supplies) needed for the operation of a society or enterprise.

National Tourism Office

Promotes tourism abroad to bring international tourists into its country.

Outbound

An aircraft that would be departing from a city

Recession

A period of economic activity characterized by negative growth, which reduces demand for goods and services

Supply

The amount of goods available

Transnational Corporation

A firm that conducts business in at least two separate countries; also known as multinational corporations.