Unit 2: Business of Travel and Tourism - Notes
Tourism Industry Background What is the value of the UK tourism industry? £127 billion Is the UK tourism industry in growth and how it is performing vs the rest of the UK economy? Uk tourism is in growth and is worth around 10% of UK economy How many people does the tourism industry employ and what % of the UK economy does this represent? 3 million people are employed in the tourist industry and its 10% a year What is GDP? Gross domestic produce - everything a country produces in a year What is revenue to the exchequer? money made in taxes - £6 million What is the global travel industry worth? $5.8 trillion and by 2018 it should be worth $10.8 Types of Organisations: Public LTD Private Limited Company Sole Traders Partnerships Franchises Co-operatives Keywords: Franchise - buying the right to sell a company's products or services under the branded name Private Limited Company - a company which is not listed on the London stock exchange an...