This unit will provide students with a broad theoretical and technical understanding of economic principles and how they apply to business operations within a hotel and hospitality context. Students will learn how to apply key economic concepts and theories to support them in effective decision making. Key areas such as supply and demand, the competitive nature of markets, business cycles and the broader macroeconomic environment will be analysed in the context of common hotel and hospitality business operational decision making.  

Unit details

Study level:
Undergraduate
Credit points:
12
Unit code:
VHH2007

Learning Outcomes

On successful completion of this unit, students will be able to:
  1. Interpret and apply basic microeconomic principles in a hotel or hospitality context;  
  2. Interpret and apply basic macroeconomic principles in a hotel or hospitality context;  
  3. Analyse economic data sets to support decision making in common hotel and hospitality operations;  
  4. Apply supply and demand principles to hotel and hospitality booking and pricing scenarios; and  
  5. Demonstrate the use of market dynamics models and identify the market dynamic factors that affect hotel and hospitality businesses.  

Assessment

Assessment type Description Grade
Test Weekly online tests 20%
Assignment Industry project 40%
Examination Final examination 40%

Required reading

Principles of Economics MyLab Economics with eText,
Sloman, J., Norris, K., Garret, D., 2013,
Pearson, Australia

Where to next?

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