XTO-10806 Tourism Economics

Course

Credits 6.00

Language of instruction:

English

Contents:

This course provides a basic understanding of general micro- and macro-economic principles. The course focuses on both consumer and producer decision-making. Concepts and theories will be applied to examples of leisure and tourism.

Learning outcomes:

After the course the student is able to:
- compare and classify the work of classical and contemporary economists as far as they are relevant to the explanation of tourism practices;
- summarize contemporary debates in economics and explain the relevance of these debates for the field of tourism;
- recognize and apply micro-economic concepts and theories of consumer behavior, such as demand functions, elasticities, utility maximation, consumer surplus, willingness to pay and contingent valuation method;
- recognize and apply micro-economic concepts and theories of producer behavior, such as supply functions, pricing, cost theory, market forms, taxation, production functions and production systems (Fordism and post-Fordism);
- distinguish basis macro-economic models, such as closed economy, closed economy with public sector and open economy;
- recognize and apply macro-economic concepts and theories, such as monetarism, public finance, externalities and business cycle;
- recall trends in the global economy that affect or are affected by tourism.

Activities:

- lectures;
- tutorials.

Examination:

- written examination with open questions (75%);
- individual paper (25%).

Literature:

- J. Tribe (2006). The economics of recreation, leisure and tourism, 3rd edition, Butterworth-Heinemann. - Reader with examples of research publications.