A stand-alone module intended to introduce the importance of key micro and macroeconomic principles and concepts and align them with specific relevance to the international tourism and hospitality industries. The consequences for and motivations of all stakeholders in these international trades will be evaluated from an economic perspective.
Differentiate the central concepts underpinning economics, including scarcity and choice.
Evaluate how prices are established in a market system using supply and demand models, including the application of elasticities.
Analyse the structure of tourism and hospitality markets and the behaviour of firms supplying goods and services within them.
Interpret common macroeconomic indicators and evaluate the role played by national governments and the European Union in managing them.
Determine the macroeconomic prerequisites necessary for the growth of tourist related demand as well as how public and private investment within the sector impacts supply.
Assess the wider economic impacts tourism plays in destinations and their sustainability, with special reference to social/environmental externalities and the circular economic model.
Examine topical national and global economic issues as they pertain to the tourism and hospitality industries.