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The multiplier effect refers to the process by which an initial increase in spending leads to a greater overall increase in income, employment, and economic activity within an economy. It operates on the principle that one person’s expenditure becomes another person’s income, which is then re-spent, creating a chain of economic transactions. This effect is especially significant in sectors like tourism, where spending _______ ____ _________ ____ __________ _______ __________ ________ ___.
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