Hosting the Olympics Assignment Example | Topics and Well Written Essays - 2000 words

Hosting the Olympics - Assignment Example The second category is the benefit of receiving international attention through media coverage. The last long term economic benefit is related to the community; there will be formation of educational and youth programs, there will also be formation of jobs for a number of individuals in the country. Some local volunteer programs will also be formed. Thereafter, there will be formation of community development programs. All the details of both the short term and long term benefits will be examined in the subsequent portions of the essay. (Segrave, 1998) Short term economic benefits may be defined as the total changes that will occur in terms of employment, revenue and total national output through outside investments. The first economic impact will result form the fact that the host country will be required to produce more goods and services to cater for the additional numbers. The consumers of those gods are most likely going to be the athletes themselves and their officials. There will also be international spectators and national spectators that will need to consume additional industrial products. It is a matter of fact that the event will need to be covered by media personalities both nationally and internationally. These groups will need to consume goods made by the host country. The Olympics themselves have representatives in the host country and they will need to consume commodities. Lastly, there will be numerous sponsors attending the event and they will also be required to purchase commodities. The total sum of additional revenue that will come from the sale of commodities produced by the host country's industries to the above mentioned groups will make up a huge chunk of the direct economic benefits coming form hosting the Olympics. There may be some visitors that will still be interested in seeing the host country's sites during the Olympic Games and after. There can be huge amounts of revenue received from those visits. Research conducted in this area has indicated that a host country can earn up to 823 million dollars out of the visitors who may come to visit the host country within the first twenty days prior to the event and twenty days after the event. This is also topped up by some new businesses that may be created as direct result of the Olympics and this can bring about a total of 1.1 billion dollars. (Reinberger, 1988) Employment is another great economic benefit that will come as a result of hosting the event. One cannot underestimate the level of job creation that an event of such magnitude can bring to the host country. The employment opportunities may either be part time or full time. An economic estimate in Atlanta, Georgia (a State that held the Olympics) found that about seventy seven thousand new jobs were created. Forty seven percent of this figure came from the direct spending made by visitors in the host nation. There are certain industries that will benefit more than others in this regard. The lodging and hotel industry will take up the largest portion of those new jobs. The second most important industry is the food industry, it should also be noted that bars or other facilities offering drinks also fall in that category. The third category of industries that will also benefit from new jobs will be the retail sector and the