Provides an overview of the economic basis and consequences of tourist behaviour. Emphasis is placed on the economic implications of tourism for local communities and the international travel and tourism industry. The role of government in tourism development and management is also addressed.
There are nine topics in the unit.
Topic 1 begins by briefly introducing economics - what it is all about, touching on the two main branches: microeconomics and macroeconomics.
Topics 2 to 6 focus on the microeconomic foundations of economics; here we study the incentives, decisions and outcomes for individual consumers, firms, and markets with references made to the Tourism and Hospitality industry.
In Topics 7 to 9 we turn our attention to macroeconomics and consider outcomes at a national level, not just individual markets. We look primarily at the major macroeconomic issues of economic growth, unemployment, inflation and the balance of payments, with references made to the Tourism and Hospitality industry.
Introduction 1. Introduction to economics
Microeconomics 2. Markets 3. Elasticity 4. Firms: Costs, revenue and profit 5. Market structure 6. Market failure
Macroeconomics 7. Macroeconomics: An introduction 8. The global economy: Trade, the balance of payments and exchange rates 9. Government and the economy: macroeconomic policy
Unit Learning Outcomes express learning achievement in terms of what a student should know, understand and be able to do on completion of a unit. These outcomes are aligned with the graduate attributes. The unit learning outcomes and graduate attributes are also the basis of evaluating prior learning.
Learning outcomes and graduate attributes
|On completion of this unit, students should be able to:||GA1||GA2||GA3||GA4||GA5||GA6||GA7|
|1||describe what economics is, its main branches, and the issues each tries to address||Knowledge of a discipline|
|2||apply the concepts of demand, supply and markets to analysing real-world problems and issues in the tourism sector||Intellectual rigour||Knowledge of a discipline|
|3||analyse real-world problems and economic issues in the tourism sector||Intellectual rigour||Creativity|
|4||describe and compare the pricing and output policies of firms operating in alternative market structures||Intellectual rigour||Creativity|
|5||explain the reasons for market failure, the existence of externalities, and why government often has a role in providing solutions to them||Intellectual rigour|
|6||identify the major determinants of the level of economic activity and its impact on the tourism industry||Intellectual rigour||Knowledge of a discipline|
|7||discuss the role of the public, financial and international sectors of the Australian economy and how they influence the tourism and hospitality sector.||Intellectual rigour||Knowledge of a discipline|
- Sloman, J, Norris, K & Garratt, D, 2010, Principles of Economics, 3rd edn, Pearson Australia, Frenchs Forest NSW. ISBN: 9781442528536.
- Sloman, J, Norris, K & Garratt, D, 2010, Study guide to accompany Principles of Economics, 3rd edn, Pearson Australia, Frenchs Forest NSW. ISBN: 9781442539037.
Teaching and assessment
|Structured online learning 1 hour (12 weeks)|
|Exam: closed book||40%|
Singapore - MDIS
|Lecture on-site 3 hours (12 weeks)|
|Exam: closed book||40%|
Commonwealth Supported courses
For information regarding Student Contribution Amounts please visit the Student Contribution Amounts.
Commencing 2014 Commonwealth Supported only. Student contribution band: 3
Please check the international course and fee list to determine the relevant fees.