Flashcards
F583 - Chapter 1 - Definitions
Cards in this deck (18)
- 1Define 'leisure'The time that people have free once all work/education and maintenance commitments are completed.
- 2Define 'work'The time an individual spends earning money.
- 3Define 'earnings'The sum of all wages, bonuses, commission and overtime pay.
- 4Who supplies leisure?The private sector, the public sector, and the voluntary sector.
- 5What could impact the demand for leisure?Price of activity, price of substitutes, price of complements, exchange rate, advertising, tastes and fashions.
- 6Define 'tourism'Moving from one's permanent area of residence to another (temporarily) to make use of facilities and activities.
- 7How 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.
- 8What is the trend in the UK unemployment rate at the moment?It is decreasing slightly faster than was expected.
- 9What categories do we look to find employment/earnings trends in?Age, gender, ethnicity, occupation, sector.
- 10Define 'labour force participation ratio'The proportion of working-age individuals who are economically active.
- 11What 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. - 12What 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 - 13Why 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.
- 14What is the one key trend that tourism operators are always looking towards?The exchange rate.
- 15What does tourism have an impact on economically?1.) Income and employment.
2.) The environment.
3.) Culture.
4.) The balance of payments. - 16Where do football teams earn their revenue?1.) Merchandise sales.
2.) Ticket sales.
3.) Television rights sales.
4.) Sponsorship rights sales. - 17How do football teams engage in price discrimination?Ticket prices are altered according to: age, location in venue, quality of seating, expected quality of game.
- 18Define 'market concentration ratio'The percentage share of a market of a given number of firms.
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- Description
- A list of definitions that appear in the first chapter of F583 that need to be known.
- Created by
- Glenn Christmas · Dec 2013
- Updated
- Sep 24, 2016
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