【正文】 activity or a service, rather than the real estate aspects and implications .Communications technology such as the Inter has expanded access to the international market for small tourism providers. Making use of these technologies has affected human resource demand, adding higher skilled/higher wage jobs to the tourism sector. Researcher describes a range of tourism investment directions that are directly tied to the real estate. Tour operators made direct investment in hotel capacity in the 1960s and 1970s, while other foreign investment has concentrated in hotels in metropolitan areas. Theme park operators, such as Disney and Legoland, have developed internationally. The author also notes smallscale microinvestments have been eased by the free flow of capital within the European Union. Overall, these investments are small pared to other aspects of tour ism development, such as management, franchising, and even the globalization of tourism supply chains. Tourism Real EstateDefinitions and Measurement Tourism Defined Although tourism is often described as an industry, it does not show up as a single industry or sector, or even as the sum of a set of sectors, in the normal economic accounting for the US economy. Instead, tourism involves portions of more than half a dozen industrial 河北科技師范學院 2020 屆本科畢業(yè)論文（設(shè)計）外文翻譯 2 sectors. The World Trade Organization defines tourism as the activities of persons traveling to and staying in places outside their usual environment for not more than one consecutive year for leisure, business and other purposes not related to the exercise of an activity remunerated from within the place visited. This definition focuses on travel as a key aspect of tourism. In addition to travel, the main activities involving tourism include acmodations, food and beverage services, as well as shopping, entertainment, amusement and recreation. Measures of Real Estate Aspects of Tourism Historically, much of tourism development has been tied to new real estate development. Real estate (in the form of building structures) is the single largest ponent of capital investment in the tourism related industries. Structures account for between 55 and 60 percent of capital investment in arts, entertainment and recreation industries and in acmodations and food than half of capital investment in the retail sector is also in structures. (The average share of structures in capital investment for all industries is just over 40 percent.) Travel, in contrast, has a much heavier ponent of investment in equipment, with structures accounting for 15 percent of capital investment. More broadly, the role of real estaterelated products and services as an intermediate input varies broadly among tourismrelated sectors. Real estate transactions, services, and design activities account for between 10 and 15 percent of intermediate inputs to sightseeing, travel arrangements, hotels and motels, and food services and drinking places, more than one fourth for other acmodations, but less than 5 percent for air transportation. Real Estate and International Tourism The localized nature of real estate is weakening. From land development to design and construction, firms that once focused only on local markets with in a US region are finding demand for their services abroad, diversifying their markets and developing new riskmanagement techniques. In the context of international tourism, the primary real estate players have historically been global hotel and hospitality chains, international developers of hotels, resorts and vacation munities, and to a somewhat lesser degree of relevance, specialized real estate developers and service providers in the logistical and travel arena, viz. construction, expansion and modernization of airports and other related travel infrastructure. 河北科技師范學院 2020 屆本科畢業(yè)論文（設(shè)計）外文翻譯 3 More recently