HM23 Economics & Tourism

Module Name: 
Economics & Tourism
Module Code: 
HM23
Year: 
3
Phase: 
2
Block: 
3
Prerequisite: 
Phase 1 related modules (HT) or equivalent
Introduction: 
Firms in the tourism and hospitality industries directly employ large proportions of the labor force in many countries and generate further indirect employment through multiplier effects. Successful management of tourism and hospitality enterprises requires an understanding of how markets for these services work. At a micro-economic level managers need to understand the factors that influence both consumer demands for services and firms decisions to supply services. At a macro-economic level managers need to understand the role of tourism and hospitality in regional, national and global economies and the role of governments in stimulating and controlling activity in this sector.
Goals: 
  • Describe the nature of tourism and hospitality organisations and the characteristics of the markets in which they operate.
  • Describe the influence of social, cultural and economic environments on markets for tourism and hospitality services.
  • Analyse the factors that affect individual consumer demand for, and the industry’s supply of, tourism and hospitality services.
  • Evaluate the objectives of government policy in relation to tourism and hospitality and describe the nature of the policy instruments used.
  • Describe the factors that affect private and public sector investment in the tourism and hospitality industry.
  • Describe the economic impacts of tourism and hospitality at national and regional levels and the role of the tourism and hospitality industry in the global economy.
  • Evaluate the impact of globalisation on the tourism and hospitality industry
  • Describe the role of environmental resources in the tourism and hospitality industry and the nature of market failure in relation to these resources.
Content: 

Chapter 1. Introduction
Chapter 2. Creating Value in Tourism 
Chapter 3. Tourism Consumers
Chapter 4. Supply, Demand, and the Growth of Tourism
Chapter 5. Economic Impact: Output, Income, and Sustainability
Chapter 6. Pricing Tourism Services 
Chapter 7. Airlines
Chapter 8. Tourist Travel by Automobile, Rail, and Bus
Chapter 9. Lodging and Restaurants 
Chapter 10. Cruise Lines
Chapter 11. Destinations, Events, and Attractions
Chapter 12. Tourism Intermediaries: Travel Agents, Tour Operators, and Others
Chapter 13. Casino Gaming

Instruction / Study Load : 

24 Lesson hours
16 Preparation Lesson hours
30 Assignments / Homework hours
20 Exam and exam preparation hours
50 Literature ( Depending on the length and difficulty of the book ) hours

The course uses 350 pages from the book(s) and journal articles where:

•350 pages easy reading and understanding material –  50 Hours

Criteria:

• Difficult reading and understanding material – 3 pages per hour
• Average reading and understanding material – 5 pages per hour
• Easy reading and understanding material – 7 pages per hour

Total 140 Hours

IBA Final Qualification Mapping: 
Mapped with numbers 1, 2,3,4,5 and 18. See the EEG for further reference.
Teaching Language: 
English
Teaching Methods: 
  • Classroom lecturing
  • Case study discussions
  • Feedback and presentation sessions
  • Video and film
  • Discussion sessions
  • Research Papers
Module / Lecture and seminar status: 
Compulsory
Testing and assessment: 
Written Examination (1) See the EEG for further reference.
European Credits: 
5
Required literature: 
  • The Economics of Tourism, William S. Reece Publisher: Prentice Hall; 1 edition (January 10, 2009) ISBN-10: 0131715402 ISBN-13: 978-0131715400