Chapter 2 Flashcards
(37 cards)
How is oil and gas produced?
They’re the result of the conversion of geological deposits of organic material. The heat of the Earth’s core and the pressure of sand and slit created it
How is drilling for oil done?
Vertically, horizontally or both
Where and when was the very first oil discovered?
Azerbaijan, at Bibi Eybat near Baku in 1848
When was the first oil prospection in Oman?
1925
When was the first oil discovery in Oman? And where
1952 in Natih and Fahoud
First oil drilled in the US
Titusville Pennsylvania 1859
Oil and gas make up about … of oman’s economy.
70%
What causes the fluctuation in oil prices?
Global demand, conflict and turbulence
What is hospitality?
Hospitality is the friendly and generous reception, care, and entertainment of guests, visitors, or strangers. In the industry context, it refers to businesses that provide services like accommodation, food and drink, and customer care—such as hotels, restaurants, and resorts.
What is tourism?
Tourism is the activity of travelling to and staying in places outside your usual environment for leisure, business, or other purposes, usually for a short period. It involves services like transport, accommodation, food, entertainment, and cultural experiences.
What’s the difference between tourism and hospitality?
Tourism is the act of travelling for leisure or business, while hospitality is the service and care provided to travellers during their stay.
• Tourism = the travel experience
• Hospitality = the service provided during that experience
Why is it that Omanis prefer not to work in the tourism industry?
Low pay, ego, cultural sensitivity
What do you know about Taj Mahal, Eiffel Tower, The Great Pyramids?
Taj mahal - symbol of love, shah jahan built it for his dead wife
Eiffel tower - symbolises the french revolution
Pyramids of Giza - royal tombs
What is economics?
The study of how people use their resources to meet their needs
What’s a business?
An organisation that provides g&s for profit
What’s profit?
Revenue - expenses
What do you call putting money into your account?
Deposit
What does financial mean?
Anything related to money
What occurs when expenditure exceeds income
Deficit
What occurs when income exceeds expenditure
Surplus
What are the two forms of personal bank accounts?
Saving and checking
What is interest?
The cost of borrowing money
Your initial payment when you buy a house?
Downpayment
What is it called when you take money out from your account?
Withdraw
