Demand and Supply

To be selected to host the the Olympic games, a city must have a full array of event venues. From stadiums, swim pools to golf courts and equestrian centers, these facilities which construction workers spent years building were in the limelight for a couple weeks, but then what happens?

The 2012 London Olympics were held at the Olympic Park in East London from Friday, July 27, 2012 to Sunday, August 12, 2012. The Olympics have been held in London two times before the 2012 Olympics, once in 1908 and once in 1948 (Scott). Over 10,500 athletes participated from over 204 countries, over 120,000 people were going to the Olympic Park every day to watch the Olympics. Over 302 medal events were being held, with three swimmers being the top medalists in the 2012 London Olympics (“Olympics”). There were a lot of people at the London Olympics, but the questions is, was the security prepared for the amount of people showing up to the 2012 London Olympics. The Olympics were not prepared with what was expected from the security; 10,000

The Commonwealth Games will be held on the Gold Coast in 2018. It’s highly anticipated arrival will bring an estimated 6500 athletes and officials from 71 commonwealth nations to participate in the Games. Athletes will be staying in the new Games village, built at Parklands, Southport. The Government and Gold Coast city councils goal during the games is to bring forward more tourism into the Coast, as Queensland is Australia’s premier destination. The Gold Coast will be on showcase to the world for 11 days and must live up to the domestic and international tourist expectations that will flock to watch the world renowned games, having global reputation for delivering high quality events. However some doubtful stake holders don’t believe our

Countries utilize both the vast market and the attractiveness to increase ticket sales, sales in merchandise and tourism in their country. For the 2012 Olympic in London, it was estimated that 471,000 people visited from overseas primarily for the Olympic/Paralympics. ("Visits to the UK for the London 2012 Olympic Games and Paralympics - ONS", 2013, p. xx-xx) Not only does the country benefit from the ticket sales, but other businesses in the city (Hotels, restaurants, attractions, etc.) will flourish in business due to all the international trades that are occurring. The Olympic also provide jobs since the preparation, and the execution of the event requires a large staff as well as people with different skills. (Performers, construction workers, marketers, designers, etc.) Thanks to the Olympics, the United Kingdom saw a boost of £9.9 Billion ($17,805,486,600 CAD) in trades and investments. ("London 2012 Olympics 'have boosted UK economy by £9.9bn'", 2013) Hosting the Olympics can also make a psychological impact. With the great success Japan had in hosting the 1964 Olympics, (the first Asia Olympics as well as a method of being reaccepted by the rest of the world after World War Two), news that Japan will be hosting the Olympics 2020 significantly brought their citizen’s morale up after being hit with

Because of the above reasons when the Olympics begin, the host country have a considerable economic development, the construction industry, tourism, services, retail and other industries go into a few peak. But after the Olympics, consumers leave the city, which lead to a rapid decline of the economy development. Thus the lacking of consumer lead to a number of economic and social problems, such as unemployment, poor sales of goods, tourism slump, the real estate bubble. Especially in tourism, the influence of Olympic economy bubble is the most serious for tourism. A report from The European Tour Operators Association (ETOA) shows some information. After the

For London and UK, hosting this mega-sport event provide them a great opportunity to boom the tourism industry to stimulate local economy when facing the global economic recession, especially in Europe. Although London didn’t outline specific tourism objective for the Games in its bidding documentation, London clearly stated its tourism objectives

• Introduction • Observations • Discussion • Conclusion • References Introduction Hospitality can be defined as the act of being hospitable to visitors, guests and even strangers. The industry offers Relaxation, comfort, freedom and entertainment Wagen and Goonetilleke (2011 p9) note that “(Dittmer 2002) defines a hospitable person as ‘a host who receives, welcomes, and caters for the needs of people temporarily outside the home’. The following case study of Weymouth and Portland looks at the different impacts on the city due to the development of the hospitality industry. It will look at how the Olympics of 2012 and the world heritage site have impacted on the area.

We are working very hard with tourism businesses across England to maintain this momentum, and to ensure that the industry can benefit from the opportunities presented by the Queen’s Diamond Jubilee, the Torch Relay and the London 2012 Olympic and Paralympic Games. This is an unprecedented year – it is our job to inspire Brits that now is the time to take a holiday at home.”

1. Economics – the efficient allocation of the scarce means of production toward the satisfaction of human needs and wants.

Elasticity of demand represented as “Ed” is defined as a “measure of the response of a consumer to a change in price on the quantity demanded of a good” (McConnell, 2012). Determinants for elasticity of demand would include the substitutability of a good, proportion of a consumer 's income spent on a good, the nature of the necessity of a good and the time a purchase is under consideration by the consumer. Furthermore, elasticity of demand is calculated with this formula:

The hotels are preparing themselfes for that. Staff which speaks all kinds of languages, the guests can have food from their home country and they can even watch their favotite TV channels. The amount of international trips raised about 2%.

Olympic Games, as a global event, any Olympic Games will have a different impact on the environment, society, culture and economy of the host city and country. Especially since the 1980s, with the scale continues to expand, the impact of the Games on the host city and country of more concern. Another important issue will be social communities. For Olympic Games host city, it will has lots of change, like environment, social communities, local economic, etc.… But the host city still got something attractions and cultural staff. For example, Canada Whistler Winter Olympic Games, First, because of economic development, job opportunities increase, leading to increased consumer demand. Second, the Olympic Games will have a great demand for

To remain profitable, hotels must operate with around 65-70% capacity . Due to seasonality, political and economic events, some hotels are finding it difficult to maintain profitable occupancy levels and have started to provide services along multiple levels within the industry's

Accordingly, we will first "analyze" competitive markets, by discussing demand and supply separately. Then we will try to put them back together (synthesize them) in order to understand the working of competitive markets.

Vacation to a theme park can be complemented by various goods and services. One of which will be air tickets. For example, when prices of air tickets fall, demand for air tickets will increase. In addition, people will be more attracted to flying to the theme park to spend a vacation there. Similarly, another complement good is hotels. When hotel rates fall, people are more able and willing to live in a hotel and thus will be able to afford to stay in the hotels in or near the theme park.