Title: Evaluate the effects of travel and tourism on local, state, national, and global economies.
Course: Lodging Management (12159) > Section: Introducing the Hospitality Industry

Evaluation should include

- definition of economy and the basic economic systems
- local and regional agencies that promote travel and tourism
- major local, state, and national events and attractions
- an assessment of local, state, and national travel statistics
- the concept of supply and demand
- the four phases of a business cycle
- local and state regulations that affect lodging operations
- the economic value of tourism and how it contributes to the community's tax base.

Process/Skill Questions:

- Why is an accurate interpretation of travel statistics important?
- What role do local hospitality taxes play in the economy?
- How do the concepts of business cycles, supply and demand, and government regulation affect the hospitality industry?
- How do tourism dollars flow through a local economy?
- What is the role convention and visitor bureau (CVB)?
- What are the most popular tourist regions in the US? How would other markets emulate this success in their own region?