The Tourist Experience and the Challenges of the Environment

Like any other human activity, without containing intentional elements, tourism, being a consumer of space and tourist resources, participates implicitly in the degradation and the pollution of the environment of the tourist potential, either through the direct pressure of the tourists on the landscape, the flora and the fauna, or on other tourist objectives which can be damaged partially or totally, or through the wrong conception of revaluation and equipment of some areas, points or tourist objectives. The natural environment probably represents the greatest wealth of the Romanian tourism. The protection of the environment is thus crucial for tourism. The tourist experience has demonstrated, in time, that, regardless of the type of tourism people practise, a series of impacts results and they are felt by the society as well as by the natural environment. The development of tourism in a certain area must not affect the social and economic interests of the resident population, nor of the environment, and, most of all, of the natural resources which constitute the main attraction together with the historic and cultural sites.tourism, impact, destination, sustainable development, experience

ASPECTS REGARDING THE INFLUENCE OF VOLATILITY ON THE OPTION’S PRICE

The most important advantage of the option transactions resides in the fact that it offers, through the existing relations between the derivatives market and the spot market, improved solutions of portfolio management, the put options constituting an insurance policy against the decrease of the prices, and the call options acting as a guarantee for the purchase of the support asset at the pre-set price. The volatility represents a measure of the size of the price fluctuations of the support asset and thus it can be assimilated with a random variable. The analysis of the essential factors that influence the price of the option contracts has demonstrated that the volatility of the support asset's price shows how risky it is for it to be one of the main and most difficult to determine factor, because this is the only parameter that is not known exactly at the moment of the contract conclusion. Under these conditions, due to the profound importance of volatility in the option evaluation and due to the fact that volatility is difficult to estimate, observe or predict, we must model it as a random variable for many of the option contracts for which the model of constant volatility (as the Black Scholes model is) is inadequate..options contract, historical volatility, stochastic volatility, exercise price,standard deviation

THE NEW ECONOMY AND THE ECONOMY OF TOURISM

Together with the Internet, e-business and the new economy era, in general, fundamental transformation of the social and economic structure take place. In parallel, the assaults on the standard economic science amplify, in the sense of some conceptual reformulations and of some reinterpretations of the economic phenomena and laws. Besides the classical factors of production, work and capital, information is added, either as a distinct factor or as a detached one of the two mentioned. Also, the empiric findings regarding the so-called tertiarisation of the economy or the increase of the share of the services sector in the total of the national economy, as well as the so-called intangible investments in the total of the investment funds, have lead to numerous attempts of redefining what we call today a "modern economy". Other factors with major influence, regarding the adjustment of the economic science to the new trends from the real economy, refer to the following: the liberalisation of the international exchanges and the globalisation; the growth of the importance of the so-called free time (including here the household activities and the ones unfolded in the interest of the community, entertainment, but also the time destined to the development of the degree of culture and education on one's own) and the fluidisation of the limits of differentiation between this and the work activity in the formal sector as well as the informal one; the more rapid dynamic of the financial and banking markets than the so-called classic productive sector of the economy; the extension of the use of computers and of the means and techniques of communication, in the activity of the companies as well as in the households, and the impact on the structure of the time and the financial budget of the population etc. All these have an impact on the tourism unfolding

THE FINANCIAL MANAGEMENT OF THE SMALL AND MEDIUM SIZED COMPANIES IN ROMANIA

The objective of the paper is to identify the possibilities and promotion limits of the financial management in the small and medium sized companies in Romania starting from the concepts expressed in the literature and expressed in the concrete situations in the Romanian economy practice. We have also presented the role of the financial management in small and medium sized companies and the risk management objective of financial management considering that the risk is a fundamental component of a strategic and tactical decision. At the end of the paper we have presented the conclusions stemming from the study, the basic one being that there is a beginning in the promotion and applicability of theoretical elements of financial management in small and medium sized companies in Romania together with the European integration.small and medium sized companies, financial management, investment, risk, economic profitability

UNELE ASPECTE ECONOMICE PRIVIND INTEGRAREA IN UE

In a world of trade restrictions, large countries enjoy economic benefits, because political boundaries determine the size of the market. Under free trade and global markets even relatively small cultural, linguistic or ethnic groups can benefit from forming small, homogeneous political jurisdictions. This paper provides a formal model of the relationship between openness and the equilibrium number and size of countries, and successfully tests two implications of the model. Firstly, the economic benefits of country size are mediated by the degree of openness to trade. Secondly, the history of nation-state creations and secessions is influenced by the trade regime. Any type of arrangement in which countries agree to coordinate their trade, fiscal, and/or monetary policies is referred to as economic integration. Obviously, there are many different degrees of integration

BUDGET AMENDMENT – CAUSE AND EFFECT

This paper analyzes both the causes and effects of budget amendment in Romania, taking into account the Fiscal Budget Responsibility Law. Reduction by 5% of the CSI payable by the employer from the 1st of October 2014 should be necessarily accompanied by a reform of the social security system, starting from the principle of equal treatment of taxpayers irrespective of their type of income and the elaboration and implementation of a medium-term strategy for financially rebalancing the social security budgets, especially the pensions' budget. Such a strategy should aim to increase the number of taxpayers, in particular by reducing "black" labor, and ensure a total transparency of budget expenditures as a whole in order to stimulate the growth of voluntary compliance to payment of taxes

CHOOSING BETWEEN SMALL AND MIDDLE ENTERPRISES AND SELFEMPLOYED PERSON IN TERMS OF TAXATION

This paper presents the advantages and disadvantages of small and middle enterprises (SMEs) in relation with a registered sole trader (RST). This comparison is necessary since from the 1 st of January 2016, all registered sole traders are required to pay CAS (10.5% or 26.3% according to their option) calculated the net revenue gained, besides the CASS of 5.5% and the income tax of 16%. At the same time, a part of the private entrepreneurs will have to choose if they suspend or cease their activity under the form of registered sole trader or establish a small enterprise

Money Laundering Through Offshore Areas

In the present study we have started from the premise that from the analysis of the "money laundering", the money resulted from this is circulating in the whole world, through some geographical and institutional channels. Starting from the characteristics of "tax haven", we have made a parallel between it and the financial paradise. In the second part of the work we have explored offshore areas, adding the methods for placement of revenue in those countries and the necessary conclusions.shadow economy, illegal economy, the legal economy, the latent economy, evasion from payment of taxes, manual labour, the fiscal method, criminal business, money-laundering, legalization of the means acquired in the illegal way, investment of money resources , stratification of money resources, integration of money resources, the prevention of shadow economy and money-laundering, fight against money-laundering

ACHIEVING SUSTAINABLE TOURISM THROUGH CUSTOMER SATISFACTION

In tourism, hotels play an important role and contribute to the economic growth in cities and other places endowed with attractions which are universally recognized. Two elements are essential in the tourism industry system: product quality and human resources. In terms of quality of the hotel services, that is the one that allows to the tourist enterprise to own a competitive advantage, gain competitive differentiation and reputation among customers by achieving a high degree of customer satisfaction. Hotel customer satisfaction would be impossible if the hotel management does not perform periodic evaluations on customer satisfaction and quality, which are the focus of this paper. Therefore, this paper focuses on customer satisfaction measured by the SERVQUAL model

The Dynamics of the Business Tourism - Where to?

Business tourism is one of the most dynamic components of tourism activity, and enhancing international relations, especially the economic ones are reflected in the increased demand for business travel. Business tourism is a form of tourism with commercial, government or education purposes, with the leisure side as a secondary motivation. Business tourism requires, in general, moving to another location, at a distance greater than 50 km from the place of origin of the business tourist, travel determined strictly by a business, an event or an educational purpose. Business tourism refers broadly to people travelling for purposes related to their work, namely, movements in official interest, commercial or otherwise, participation in various events organized by economic enterprises or administrative bodies for their representatives. Although these actions involve a remunerated activity, they are treated as tourism as their organization and involves the use of tourist accommodation facilities, food, entertainment and consumption of specific services provided by the organizers of the trip.business travel, team-building,conference tourism, business destination.