GEO 802 Lecture Notes - Lecture 2: Cash Flow, Operating Expense, Marginal Cost
Document Summary
Lecture 2 spatio-temporal analysis of leisure & tourism attractions: Natural attractions include biophysical characteristics of an area. Investment and operating costs are high: there is finite amount of natural resources for leisure (cid:498)market failure(cid:499) (cid:498)merit good(cid:499) (cid:498)public good(cid:499) or (cid:498)collective good(cid:499) Artificial attractions: man-made attractions are legacy of history and culture, some of them are user oriented, captive animals in zoos are not too attractive. The market imagescape mix: footloose attractions (cid:494)me too(cid:495) attractions (cid:494)grand inspiration(cid:495) attractions (cid:494)new version(cid:495) attractions (cid:494)wonder(cid:495) attractions. One of the reason: deem those attraction to providing social services. Money from government taxation (coming from taxes) Not able to raise funds from taxation and so in the long run must cover their costs out of income. Many find their income source is not made up principally of admission charges and visitor spending inside the attraction: private. Require to make profits so as to contribute a return on the capital invested.