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Unit of Study ECO00424 - Economic Analysis for Tourism and Hospitality (2014)

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Unit Snapshot

  • Enrolment information

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Unit description

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.

Unit content

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

Availabilities

Location Domestic International
Coffs Harbour Session 2 Session 2
Gold Coast Session 2 Session 2
Lismore Session 2 Session 2
Online Session 2 Session 2
Singapore - MDIS Session 2 Session 2,  2

Learning outcomes and graduate attributes

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.

On completion of this unit, students should be able to:

GA1: Intellectual rigour, GA2: Creativity, GA3: Ethical practice, GA4: Knowledge of a discipline, GA5: Lifelong learning, GA6: Communication and social skills, GA7: Cultural competence
Learning outcome count Learning outcome description GA1 GA2 GA3 GA4 GA5 GA6 GA7
1 describe what economics is, its main branches, and the issues each tries to address
2 apply the concepts of demand, supply and markets to analysing real-world problems and issues in the tourism sector
3 analyse real-world problems and economic issues in the tourism sector
4 describe and compare the pricing and output policies of firms operating in alternative market structures
5 explain the reasons for market failure, the existence of externalities, and why government often has a role in providing solutions to them
6 identify the major determinants of the level of economic activity and its impact on the tourism industry
7 discuss the role of the public, financial and international sectors of the Australian economy and how they influence the tourism and hospitality sector.

On completion of this unit, students should be able to:

  1. describe what economics is, its main branches, and the issues each tries to address
    • GA4:
  2. apply the concepts of demand, supply and markets to analysing real-world problems and issues in the tourism sector
    • GA1:
    • GA4:
  3. analyse real-world problems and economic issues in the tourism sector
    • GA1:
    • GA2:
  4. describe and compare the pricing and output policies of firms operating in alternative market structures
    • GA1:
    • GA2:
  5. explain the reasons for market failure, the existence of externalities, and why government often has a role in providing solutions to them
    • GA1:
  6. identify the major determinants of the level of economic activity and its impact on the tourism industry
    • GA1:
    • GA4:
  7. discuss the role of the public, financial and international sectors of the Australian economy and how they influence the tourism and hospitality sector.
    • GA1:
    • GA4:

Prescribed learning resources

Prescribed Texts
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Prescribed Texts
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Prescribed Learning Resources may change in future Teaching Periods.