Question: Please answer in 300-500 words and use examples. A basic understanding of economics is important to understanding tourism as an economic development strategy. Please briefly

Please answer in 300-500 words and use examples.

A basic understanding of economics is important to understanding tourism as an economic development strategy. Please briefly define and provide examples for the following terms and concepts: (1) multipliers, (2) leakage, (3) substitution, and (4) blowout. What is the danger in overestimating or overstating the value of a tourism multiplier? What strategies can tourism planners use to minimize leakage and substitution? As tourism planners, should we completely avoid events and attractions with relatively low economic impact? Conversely, should we always support events and attractions with relatively high economic impact? Please provide specific examples.

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