How Does Tourism Affect Hong Kong?
… one of the biggest industries in Hong Kong. In fact from research, Hong Kong is one of the most popular single destinations for tourists in the world. Hong Kong relies very heavily on tourism. Without tourism there wouldn’t be Hong Kong. Each year, Hong Kong brings in more than 10 million tourists. However, there are both advantages and disadvantages of the large tourism industry in Hong Kong. Social Costs and Benefits Firstly, tourism brings to Hong Kong both private costs benefits, as well as social costs benefits. Private costs are costs paid by economic decision makers. Private benefit is benefit received by economic decision makers. Social costs and social benefits are costs and benefits associated with the society. * Private Benefit + External Benefit = Social Benefit * Private Cost + External Cost = Social Cost This Social Cost and Benefit graph clearly shows the system of tourism. The private cost of …
