Value is added when a product is developed, processed, refined, or marketed in a manner that allows it to be sold at a higher price than the prices of the raw materials, services, and components bought for its production.
Countries with large domestic agricultural sectors supplying tourist consumption are well positioned to achieve higher levels of value-added in the tourism sector.
Environmentalism is another of the elements that have changed peoples attitudes about how they should spend their vacations.b.
The tourism sector in the Latin American and Caribbean countries contributes significantly to GDP earnings, though this contribution is not reflected in the domestic income and product accounts of most countries.
The IDE offers one of the strongest socioeconomic arguments in favor of tourism development.
It describes how income generated by the sector is distributed.
In the Bahamas, tourism accounts for about one-third of GDP, and most sectors of economic activity are directly or indirectly linked to it.
In Barbados, tourism is the leading economic sector, accounting for 15 percent of the GDP in 1992.
They also tend toward areas of little agricultural value.
For these reasons, tourism can become a dynamic force in regional economies.