This module is intended to give the student an understanding of economic concepts and their uses / applications within the hospitality and tourism environment. It will also provide the student with an ability to appreciate the significance of government economic policy, particularly as it relates to these key industries.
Identify the principle factors that contribute to economic growth and welfare within the hospitality and tourism environment.
Describe how prices are established in a market system using supply and demand models, with particular examples from hospitality and tourism.
Describe the economic factors that have contributed to the growth of the hospitality and tourism industries and their contribution to GDP, both domestically and internationally.
Recognise economic concepts and their uses / applications within the microeconomic environment.
Express how changes in macroeconomic variables affect business decisions.
Discuss the significance of government and European Union economic policy particularly as it impacts on the hospitality and tourism sectors.