F583 - Chapter 1 - Definitions

Description

A list of definitions that appear in the first chapter of F583 that need to be known.
Glenn Christmas
Flashcards by Glenn Christmas, updated more than 1 year ago
Glenn Christmas
Created by Glenn Christmas over 10 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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