Every Product or Service Goes Through a Life Cycle, and Tourism

question 15

Essay

Every product or service goes through a life cycle, and tourism destinations also have their own life cycles.Life cycles are important to understand as each stage has particular characteristics.Understanding that the life cycle exists will help you respond to the questions below.
a)Identify and describe each of the four stages of a tourism destination's life cycle.
b)Provide a specific example of a tourism destination at each stage; what are the identifiers that allow you to decide the destination is at that level?

---

Definitions:

Marginal Social Costs

The total cost to society of producing one additional unit of a good or service, including both private costs and any externalities.

Social Welfare

The overall well-being of a society, encompassing economic, social, and environmental dimensions, often considered in policy-making.

Pollution

The entry of pollutants into the natural ecosystem resulting in harmful modifications.

External Benefit

An uncompensated benefit that an individual or firm confers on others; also known as positive externality.