2012 London Olympic

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Gunjan Amin 2012 London Olympic Olympics are the most widely watched sports events in the world. Winning is not everything in the Olympics. According to pirre de Coubertin, (primary responsible for the revival of the Olympic Games in 1894.) “The most important thing in the Olympic Games is not winning but taking part; the essential thing in life is not conquering but fighting well.” The Olympic Games is an event of such magnitude that it potentially can have a significant economic impact on the host city, the smaller countries, and on the host nation. It is important to draw a distinction between the financial impact of hosting the Olympics and the wider economic impact of the Games. The financial impact of the Games relates to the budgetary balance of the host city’s organizing committee, and if the financial costs of hosting the Games can be met by the revenues directly generated from Games events. The economic impact, on the other hand, relates to the wider effects of the Games on the general economy arising from associated factors, such as increased tourism and improved infrastructure. Every four years another city plays host to the summer Olympics. To prepare for the sporting events, the multitude of international guests and countless television viewers, the host city must spend a large sum of money on facilities, transport infrastructure, housing, and maintenance. Several cities who have hosted the Olympic have lost money, thus the financial status of the 2012 Olympic is in the spot light. Economic impact is a measure of the spending and employment effect of specific project. The London 2012 Olympic Games effects are identify by capital costs, such as construction and transportation upgrade, operating costs, such as policing and broadcasting, spending by tourists, or investment. The impact can be come from purchases of games organizers in the

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