Introduction to Money and Types
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Questions and Answers

What is a significant economic consequence of the resort systems in the Caribbean?

  • Approximately 50% of the revenue generated remains local.
  • Only about 20% to 30% of the revenue remains in the local economy. (correct)
  • All revenue generated is reinvested in the local infrastructure.
  • The resorts primarily generate income through local investments.

Which factor primarily drives the global tourism and luxury consumption according to the content?

  • The increasing wealth of the American middle class.
  • The large size of the Chinese middle class. (correct)
  • The popularity of European colonial destinations.
  • European tourists' spending habits.

What term is used to describe the economic dilemma that All Inclusives address?

  • Fiscal responsibility challenge.
  • Supply chain disruption.
  • The 'holdup problem'. (correct)
  • Unplanned economic growth.

What is one of the preconditions for tourism to exist, as stated in the content?

<p>Security to travel. (C)</p> Signup and view all the answers

Which Asian gambling center has 30 million visitors, primarily from Asia?

<p>Macau (D)</p> Signup and view all the answers

How many visitors does Mexico's tourism complex generate annually?

<p>66 million (C)</p> Signup and view all the answers

According to the content, how far could the 747 travel without refueling?

<p>8,000 miles (C)</p> Signup and view all the answers

Who is generally considered to be the first 'travel agent'?

<p>Thomas Cook (D)</p> Signup and view all the answers

What significant change occurred in air travel due to the emergence of budget airlines like Ryanair and EasyJet?

<p>Significant lowering of ticket prices (B)</p> Signup and view all the answers

What impact did the events of 9/11 have on airport security protocols?

<p>Increased restrictions on passenger access to gates (C)</p> Signup and view all the answers

What marked the resurgence of air passenger numbers after the 9/11 tragedy?

<p>Increase in online travel bookings (A)</p> Signup and view all the answers

Which demographic has historically been the primary clientele for all-inclusive resort hotels?

<p>Families from the United States and Europe (C)</p> Signup and view all the answers

Which historical period saw a significant rise in seaside resorts in Europe?

<p>The 18th century onwards (B)</p> Signup and view all the answers

How did the rise of railways in the 19th century affect seaside resorts?

<p>It made seaside resorts more accessible to city dwellers (D)</p> Signup and view all the answers

What is one reason for the current appeal of all-inclusive resorts beyond traditional markets?

<p>Increased interest from Asian hospitality providers (C)</p> Signup and view all the answers

What type of travel trend gained popularity alongside the rise of online travel booking platforms by 2009?

<p>Increased demand for low-cost carriers (C)</p> Signup and view all the answers

What was a significant characteristic of the RMS Mauretania and RMS Lusitania?

<p>They were designed for speed and carried 50% more passengers than competitors. (A)</p> Signup and view all the answers

What trend in travel and tourism began after the end of the Cold War?

<p>New destinations and potential travelers emerged. (C)</p> Signup and view all the answers

Which company launched the concept of cruise voyages as an attraction in 1844?

<p>Peninsular and Oriental Steam Navigation Company (A)</p> Signup and view all the answers

What economic contribution from the Travel & Tourism sector was recorded in 2019?

<p>10.5% of all jobs worldwide (C)</p> Signup and view all the answers

What effect did jet plane technology have on travel after World War II?

<p>It made air travel more accessible and convenient. (D)</p> Signup and view all the answers

What was the fate of Thomas Cook Travel in 2019?

<p>It declared bankruptcy. (B)</p> Signup and view all the answers

What was one of the traditional practices started by the RMS Mauretania and Lusitania during their voyages?

<p>Mandatory formal attire for all passengers during meals. (D)</p> Signup and view all the answers

Which change in the travel industry was anticipated for 2024?

<p>Record-breaking economic contributions from the Travel &amp; Tourism sector. (C)</p> Signup and view all the answers

Flashcards

All-Inclusive Resorts' Economic Impact

Typically, only a small percentage (20-30%) of revenue generated by all-inclusive resorts stays locally in wages and local supplies.

Macau Tourism

Macau, a gambling hub, receives significant tourism from Asia, mostly Hong Kong and mainland China (90% & 85%, respectively).

Chinese Tourism Impact

Chinese visitors are a major force in global tourism driving luxury consumption.

All-Inclusives' Colonial Model

A criticism of all-inclusive resorts is that little money generated stays in the local area, functioning as a type of colonialism.

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Tourism Preconditions

Security for travel and the resources needed to travel are the prerequisites for tourism to exist.

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Southwest Airline

The world's biggest low-cost airline.

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Hainan

A tropical island destination in China.

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Thomas Cook

Generally considered the first travel agent.

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Budget Airlines

Low-cost airlines that offer affordable air travel options.

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9/11 Impact on Travel

9/11 significantly increased airport security, restricted passenger access to flight decks, and slowed air passenger growth to pre-2001 levels.

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Online Travel Bookings

Booking travel online became popular, impacting the travel industry in 2009.

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All-Inclusive Resorts

Resort hotels that offer everything in one package, including meals, drinks, and activities.

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Resort History

Resort history demonstrates the evolution of seaside living, going back as far as the Roman Empire, then re-emerging in the 18th and 19th centuries.

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Low-Cost Carriers Popularity

Low cost carriers gained popularity during the 2000s because of the rise of online booking websites.

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Cockpit Security

Post-9/11, cockpit security was significantly increased by locking cockpit doors, restricting access to only pilots.

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Travel Increase in 2010s

The amount of travelers using commercial airlines saw an all-time high by the end of the 2010s.

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Thomas Cook Travel

A travel company established in the late 19th century, initially in the hands of the Cook family, eventually sold in 1928 and nationalized soon after World War 2.

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Post-WWII Travel Changes

Jet plane technology made travel easier; air travel became more affordable with deregulation and discount carriers, opening new destinations after the Cold War.

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2019 Travel & Tourism Impact

Travel & Tourism comprised 10.5% of all jobs (334 million) and 10.4% of global GDP (US$10.3 trillion) in 2019. International visitor spending reached US$ 1.91 trillion.

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Cruise Ships Origin

Cruise ships emerged as a travel experience in 1844 through the Peninsular and Oriental Steam Navigation Company.

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RMS Mauretania and Lusitania

Massive ships of the Cunard Line, launched in 1906. They revolutionized trans-Atlantic travel, prioritising speed over competitors.

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Travel Deregulation

Easing of government regulations on airlines, emergence & growth of discount carriers lowering air travel prices.

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Tourism Economic Contribution

The World Travel & Tourism Council predicts 2024 will be a record year for tourism, reaching $15.5 trillion in economic contribution to global GDP.

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Early Travel Culture Exchange

Wealthy Americans sending children to England for cultural learning, a practice in the late 19th century.

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Study Notes

Introduction to Money

  • Money is a universally accepted medium of exchange enabling societies to trade goods without bartering.
  • It's any object or token that stores value and facilitates trade.

Types of Money

  • Commodity Money: Objects with intrinsic value, like gold or silver coins.
  • Token Money: Coins or paper money with no inherent value but represent a store of value. A country's central bank creates this in the form of notes.
  • Digital Currency: A digital representation of value, like cryptocurrencies.
  • Coins: Metal pieces of specific value, often representative tokens.
  • Paper Money: Printed or issued notes representing agreed-upon values.
  • Bank notes: Issued by central banks representing a store of value.

Global Finance

  • Global financial systems include diverse exchange systems.
  • The stability of global finance is crucial for all aspects of global trade.

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Related Documents

Travel and Tourism PDF

Description

Explore the fundamental concepts of money, including its role as a medium of exchange and various types such as commodity, token, and digital currency. Understand how these forms of money impact global finance and trade stability.

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