ABSTRACT
This chapter looks in detail at demand. First it considers the choice between leisure and work and asks whether we are becoming a Leisure Society. Next attention is turned to how sensitive demand is to various factors such as income and other prices. Here various concepts of demand elasticity are explained, and the importance of these concepts to the recreation, leisure and tourism sector examined. Finally the chapter considers some techniques of demand forecasting, their uses and shortcomings. This chapter enables the reader to:
evaluate the work/leisure trade-off
evaluate the notion of a ‘Leisure Society’
understand and apply the concept of price elasticity of demand
understand and apply the concept of income elasticity of demand
understand and apply the concept of cross-price elasticity of demand
describe simple methods of demand forecasting
evaluate techniques of demand forecasting.
