Total Economic Impact
Advanced Economic measures primarily involve making judgements about longer-term economic activity, or economic decisions that people may or may not have made were it not for the event taking place. In other words, there is an increasingly high level of complexity involved in making a robust link between the event and the stated impact.
The Total Economic Impact builds on the calculation made to determine the Direct Economic Impact. Whereas the Direct Economic Impact assesses additional 'first-round' spending resulting from an event (e.g. a direct transaction between say a visitor and a local restaurant), the Total Economic Impact seeks to capture the knock-on benefits to the host economy (e.g. the additional money spent in the local area by that restaurant as a result of the increased business).
Other economic impact considerations for larger events have been referenced. These introduce concepts such as displacement and import substitution and Gross Value Added (GVA) which are generally felt to be more applicable to the very largest scale international events.