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
Location:
Study level:
Undergraduate
Credit points:
12
Unit code:
VHH2007
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Learning Outcomes
| 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
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