The Economic impact of the winter olympic in Vancouver Essays

The Economic impact of the winter olympic in Vancouver Essays The Economic impact of the winter olympic in Vancouver Essay The Economic impact of the winter olympic in Vancouver Essay In order to increase whole elements of a countries’ or organization welfare, a country’s government might take various policies such as tight money policies, policies to increase full employment, policies that encourage the use of technological to drive more output, and many other policies. Concerning the many kinds of policies, the government might reduce income tax rates to include increasing take-home pay for all employees. In turn, the greater wages will drive the people to spend on leisure and encourage people to supply more labor (either work longer hours or enter the labor force). This situation is also similar to government’s plan in conducting events such as technology exhibition like CommunicAsia 2005 in Singapore or upcoming World Cup 2006 in Germany. The point is that such events will attract a huge number of foreign tourists and sport fans to see the events lively that in turn favor the hospitality industry of the organizing countries. In compliance with such events, in this paper, we would like to discuss the economic impact of 2010 Winter Games Olympic in Vancouver especially on the city’s hospitality industry. II. Aims and Objectives 1. This paper aims to present multiple account economic evaluation of conducting the 2010 Winter Olympic Games in Vancouver. The evaluation composes of three key implications: attractiveness, estimation, assessment of economic impacts 2. Using the appropriate research methodology to assess whether the 2010 Winter Olympic Games have significant economic impact on Vancouver 3. Using the relationship of research approach, deductive, quantitative to explore the relation between the 2010 Winter Olympic Games and economic growth in Vancouver, British Columbia. Using the non-participant observation method, collecting data and analyzing qualitative information from journal, books, magazine and other online materials to reach an understanding about the impact of the 2010 Winter Olympic Games on economy of Vancouver III. Research Question Amidst the attractive of being visited by a huge number of sports supporters from countries that take part in the Olympic Games that in turn increase demand for workers in the hospitality industry during the Games, we might explore whether becoming the host of Olympic Games is long-term solution or only one-night euphoria. The research statements or questions are therefore† as sport industry continuously shows their attractiveness, does the 2010 Winter Olympic Games will benefits the city’s hospitality industry in Vancouver economically that in turn support the positive economy growth? † IV. Focus on Investigation Hospitality as a discipline can be defined as the provisions of food, beverages and accommodation. The industry has been one of the most rapidly growing industries in the world. In the European Union alone, it is estimated that 1 of 9 people are working in the hospitality business. The United Kingdom is said to require 34,000 hospitality management personnel for the coming year only (â€Å"BA International†, 2005). The hospitality service started at the moment the guest arrives with all his/her expectations. The service’s reputation depends on how well the staffs and manager build and implements the quality standards. In this manner, we see that hospitality industry can create a huge demand for workers, thus reducing unemployment, and further perceived to speed the economy growth. Furthermore, in addition to projected income/benefits, we should consider another aspect of Winter Olympics. It is Government spending on developing facilities to support the Games. Since the assessment involves a broad range of subjects, the observations in this investigation will be designed to use appropriate materials in order to provide comprehensive conclusion on the impact of the 2010 Winter Olympic on Vancouver’s economy. The economy impact of 2010 Winter Olympic on Vancouver is generally related to the tourism business. Therefore, we see anything under the tourism industry race to enhance their product’s and services quality in order to take benefits of such a mega-event would. In this paper, we will focus on the discussion of the impact of such event in three elements in hospitality industry: revenue per available room, room supply, and hotel room demand.