The influence of hospitality on the direct and indirect economy
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
The influence of hospitality on the direct and indirect economy
Hospitality is an industry that is essential to the economy of many countries around the world. It comprises businesses that provide services such as accommodation, food and beverage, entertainment, and travel. Hospitality can have both direct and indirect effects on the economy, as it creates jobs, generates revenue, and contributes to the overall economic growth of a region or country.
Direct Economic Impact
The direct economic impact of hospitality refers to the revenue generated by businesses in the industry, as well as the jobs that they create. In 2019, the global hospitality industry generated $8.3 trillion in revenue and employed over 330 million people worldwide. The industry includes a wide range of businesses, such as hotels, restaurants, bars, theme parks, and transportation services.
One of the primary ways in which hospitality businesses contribute to the economy is by generating revenue through the sale of their products and services. For example, hotels make money by charging guests for rooms, meals, and other amenities. Restaurants generate revenue by selling food and beverages to customers. Theme parks and other entertainment venues make money by charging admission fees and selling merchandise.
In addition to generating revenue, hospitality businesses also create jobs. In many countries, the hospitality industry is one of the largest employers. According to the World Travel and Tourism Council, the industry employs one in ten people globally. In the United States, the hospitality industry employs over 16 million people, making it one of the largest employers in the country.
Indirect Economic Impact
The indirect economic impact of hospitality refers to the ripple effect that the industry has on other businesses and industries in the region or country. When hospitality businesses are successful, they create demand for goods and services from other businesses, which can help to boost the overall economy.
One of the ways in which hospitality creates indirect economic impact is by increasing demand for local goods and services. For example, when tourists visit a region, they may need to purchase local products and services, such as souvenirs, transportation, and food. This can help to stimulate the local economy and create jobs for people in the area.
Hospitality can also have a positive impact on other industries, such as transportation and construction. For example, when a new hotel is built, it may require the services of construction companies, architects, and engineers. Once the hotel is open, it may also create demand for transportation services, such as taxis and rental cars, as well as for local attractions and entertainment venues.
The hospitality industry can also help to create a positive image for a region or country, which can help to attract more visitors and businesses. When tourists have a positive experience in a particular area, they may be more likely to recommend it to others and to return in the future. This can help to generate repeat business and to attract new visitors to the region.
Challenges to the Hospitality Industry
While the hospitality industry can have a significant positive impact on the economy, it also faces a number of challenges. One of the primary challenges is competition from other regions and countries. As travel becomes easier and more affordable, tourists have a wider range of options when it comes to choosing where to visit. This means that regions and countries must work hard to differentiate themselves and to offer unique experiences that cannot be found elsewhere.
Another challenge that the hospitality industry faces is the impact of natural disasters and other crises. Events such as hurricanes, earthquakes, and pandemics can have a significant negative impact on the industry, as they can disrupt travel and deter tourists from visiting a particular region or country.
Finally, the hospitality industry must also navigate the challenges posed by changing consumer preferences and behaviors. As consumers become more concerned about issues such as sustainability and social responsibility, hospitality businesses must adapt to meet these demands in order to remain competitive.
Conclusion
In summary, the hospitality industry can have both direct and indirect effects on the economy
RUBRIC
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Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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The influence of hospitality on the direct and indirect economy
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