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Measures the responsiveness of the quantity demanded of a good to a change in its price. In tourism, if a holiday package's price drops, the demand might increase significantly if the demand is price elastic.

Refers to the additional satisfaction a consumer gains from consuming one more unit of a good or service. For instance, each additional day of vacation may give lesser satisfaction than the previous day.

The fluctuation in demand based on the seasonal nature of tourism. For example, ski resorts see higher demand in the winter months and may have low demand during the summer season.

Describes the cyclical process where an initial expenditure in the tourism sector leads to a chain of spending. For instance, tourist spending in a hotel leads to the hotel's increased purchasing from suppliers.

Refers to the cost of an alternative that must be forgone to pursue a certain action. Choosing to develop a golf course over a public park is an example of opportunity cost in a tourism context.

The maximum number of visitors that a site or destination can sustain without causing degradation. Overcrowding in world heritage sites is a problem when the carrying capacity is exceeded.

The interconnected businesses that are involved in providing tourism products and services. An efficient supply chain can mean the difference between a successful tour operation and an inadequate experience.

Describes how the demand for a good changes as consumer income levels change. In tourism, luxury travel experiences may be more in demand as people's incomes grow.

The cost advantage that arises with increased output of a product. In tourism, larger hotel chains often have lower costs per room compared to smaller boutique hotels due to economies of scale.