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In 2013, 98 million Chinese tourists visited other countries - Edexcel - GCSE Business - Question 6 - 2017 - Paper 1
Question 6
In 2013, 98 million Chinese tourists visited other countries. By 2020 this figure is predicted to rise to 200 million. The growth in the number of Chinese tourists i... show full transcript
Worked Solution & Example Answer:In 2013, 98 million Chinese tourists visited other countries - Edexcel - GCSE Business - Question 6 - 2017 - Paper 1
Step 1
What is meant by the term investment?
Answer
Investment refers to the allocation of resources, usually in financial terms, into capital goods that are intended to help increase production. This can include the purchase of machinery, tools, or infrastructure that will contribute to a business's growth. For example, spending money on building a new airport is seen as an investment because it enhances the capacity and efficiency of the tourism sector.
Step 2
Outline one benefit to the UK economy of the expected increase in investment in the tourist industry.
Answer
One significant benefit of increased investment in the UK tourist industry would be the creation of new jobs. As the number of tourists increases, the demand for services such as hotels and restaurants rises, leading to higher employment rates, lower unemployment levels, and increased economic activity in the region.
Step 3
Explain one method that could be used to regulate the UK tourist industry.
Answer
One effective method to regulate the UK tourist industry could be the implementation of government regulations. For instance, introducing a new law that requires hotels to ensure that they are able to accommodate guests adequately can ensure higher standards of service. This leads to better experiences for tourists and can help maintain the UK's reputation as a travel destination. Government oversight can also involve monitoring compliance with these regulations, ensuring that all service providers adhere to established standards.