Micro and Macro Economics in Hotel and TourismModule Details
Course Title: Micro and Macro Economics in Hotel and Tourism
Course Code: UU-ECO-4000-UG
This course/module examines the micro and macro economics including an investigation of environmental economic factors that affect the hotel and tourism industry in terms of organizational operations. This course/module is designed to offer an overview from different controllable and uncontrollable forces that may impact certain hotel managers’ or tourism operators decisions, such as inflation, competition, monopoly, market failure etc.
The main objectives of the course are:
- To introduce students to the economic analysis of decision-making, how markets work, and why they sometimes fail
- To explore micro economic environmental factors that influence decision making in service organizations
- To explore macro environmental factors that are less controllable and better strategic thinking is needed
- To explore the possibilities of market failure
- To discuss supply and demand changes including supply and demand analysis.
Course/Module Learning Outcomes:
After completion of the course students are expected to be able:
- Explain the function of market and prices as allocative mechanisms in Hotel and Tourism industry
- Apply the concept of equilibrium to both microeconomics and macroeconomics
- Identify key macroeconomic indicators and measures of economics change, growth, and development in Hotel and Tourism industry
- Identify and discuss the key concepts underlying comparative advantage in Hotel and Tourism industry
- Identify and explain major types of market failures.
Prerequisites Categories: Year 1, Year 2
Typical Module duration: 4.0 Week(s)