https://padlet.com/majcoblnd/682opglbveh6 The topic our group has chosen is Tourism. en-us 2016-11-07 07:38:35 UTC 2017-01-23 05:28:38 UTC hello@padlet.com keliciatang https://padlet.com/majcoblnd/682opglbveh6/wish/139378456 Concepts: Demand and Supply (Taste and Preferences) like how business travellors prefer apartments to hotels. however, residents are opposed to apartmens being full-time airbnb which affects locals who want to purchase apartments and inconsistent neighbours). Due to the increasing demand of airbnb apartments, more apartments are converted to airbnb, causing locals to be unable to purchase those apartments. Due to such conflicts, governments limit the number of apartments listed through airbnb and impose hefty fines on people through airbnb. ]]> 2016-11-22 15:16:01 UTC https://padlet.com/majcoblnd/682opglbveh6/wish/139378456 majcoblnd https://padlet.com/majcoblnd/682opglbveh6/wish/144862211 Mistake of Ignoring Secondary Effects - Collaboration of Norway Tourism Agency & Disney to create film (Frozen) causing high influx of tourists.

Supply & Demand of fjords - Due to the Frozen movie as little countries have fjords in huge numbers like Norway.

Elasticity of whether changing different variables (due to climate change/other changes) and how responsive people are towards these changes.

Oligopolistic market structure of Northern Lights, as only a few countries in the extreme north have them.]]> 2016-12-29 04:32:44 UTC https://padlet.com/majcoblnd/682opglbveh6/wish/144862211 gjl_99 https://padlet.com/majcoblnd/682opglbveh6/wish/144864833 Income effect > Average disposable income of travelers have increased compared to last year. They now have more money and the luxury to travel more often. The higher the amount of disposable income, the more people are able to travel. Hence, leading to an increase in the number of tourists.

Quantity demanded increase and price of related goods > Average price to travel has decreased over the years, airfares has decreased as there are more airplanes available. Increase in availability (supply), has caused supply to exceed demand. Hence, leading to the decrease in prices of airfares. Therefore, more people are then willing to travel as the cost is cheaper.

Price of related goods (complements) > Increase in number of tourists, causes an increase in the demand for hotel rooms. This leads to a higher demand for hotel rooms compared to supply available in Singapore. Hence, there is an increase in prices of hotel rooms as this will decrease the demand, bringing the demand and supply to market equilibrium. Hence, with the increase in number of tourists in Singapore, the hotel rates have also increased this year.

Teacher's comments: ( this is good point to note. Except that if you have any an article to support this…)                       
( this may be more linked to budget air vs normal airlines …..cheaper for budget…discuss with respect to inferior goods vs normal goods, and relate to increase in tourism…look for suitable articles )                     
( consider the fact that the increase in the demand for hotel rooms is due to the increase in the no. of buyers, in this case increased no. of tourists. Not categorizing it due to prices of related goods…..you will discuss this if you are comparing air bnb and hotel rooms…prices of related goods (substitute goods)----this can be discussed  with Kelicia’s article)]]> 2016-12-29 07:28:18 UTC https://padlet.com/majcoblnd/682opglbveh6/wish/144864833 chewwen https://padlet.com/majcoblnd/682opglbveh6/wish/144872718 Concepts: 
- Income effect (The increase in income of the Chinese and Indians has led to an increase in Chinese and Indian tourists.)
- Elasticity (Tourism is a luxury good, hence the demand for tourism is income elastic.)
- Government policies (STB's efforts to draw visitors from China.)
- Price of related goods (Slowdown could be due to intense competition from other countries in the region, like South Korea and Japan.)]]> 2016-12-29 13:02:48 UTC https://padlet.com/majcoblnd/682opglbveh6/wish/144872718 majcoblnd https://padlet.com/majcoblnd/682opglbveh6/wish/147728659 Income Effect - Due to a decrease in real income caused by the rising inflation rate of Medical healthcare, people are less willing to spend money on medical services

Quantity Demand and price of related goods - Singapore is less price competitive compared with other countries, thus people tend to travel to other countries to get their medical services at a cheaper price.

Spillovers/Externalities - With the increasing number of plane crashes, people are not as willing to travel overseas, which affects medical tourists to be less likely to travel to Singapore for medical healthcare.]]> 2017-01-18 05:43:51 UTC https://padlet.com/majcoblnd/682opglbveh6/wish/147728659