Externalities are the those costs or benefits arising from production or consumption of goods and services which are not reflected in market prices.
"Externalities" in the context of travel, transport, and hotels refers to the unintended and often negative impacts that a business or industry can have on the environment or the community.
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In the context of hotels, "externalities" may refer to the negative impacts that a hotel can have on the environment, such as through the use of energy and water, and on the local community, such as through increased traffic or noise. For example, a hotel might generate a lot of waste and pollution, or it might cause congestion in the local area.
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In the context of transportation, "externalities" may refer to the negative impacts that a transportation company can have on the environment, such as through the emissions from vehicles, and on the local community, such as through increased traffic or noise. For example, transportation companies may generate a lot of carbon emissions, or it might cause congestion in the local area.
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In the context of tours, "externalities" may refer to the negative impacts that a tour operator can have on the environment, such as through the use of resources, and on the local community, such as through increased traffic or noise. For example, a tour operator might generate a lot of waste and pollution, or it might cause congestion in the local area.
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In the context of airfare, "externalities" may refer to the negative impacts that a airline can have on the environment, such as through the emissions from airplanes, and on the local community, such as through increased traffic or noise.
Externalities are often considered as a negative aspect of the travel and hospitality industry, and they can have a significant impact on the environment and the community. As a result, many companies in the industry are working to reduce their externalities through sustainable practices, such as energy-efficient buildings, clean energy, and recycling programs.