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ECON6004 - Economics for Services

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Title:Economics for Services
Long Title:Economics for Services
Module Code:ECON6004
 
Credits: 5
NFQ Level:Fundamental
Field of Study: Economics
Valid From: Semester 1 - 2017/18 ( September 2017 )
Module Delivered in 4 programme(s)
Module Coordinator: Noel Murray
Module Author: URSULA O DONNELL
Module Description: This module introduces the learner to the concepts and principles of Economics with specific reference to the macro and micro elements that impact on the tourism service sector.
Learning Outcomes
On successful completion of this module the learner will be able to:
LO1 Identify the concept of economic principles, the theory of demand and supply, market equilibrium within the tourism service industry
LO2 Apply the concept of elasticity within the tourism service industry.
LO3 Identify key models used in the evaluation of economic impacts within the tourism service industry
LO4 Examine economic market structures, pricing strategies and their implication for operating in a competitive environment.
Pre-requisite learning
Module Recommendations
This is prior learning (or a practical skill) that is strongly recommended before enrolment in this module. You may enrol in this module if you have not acquired the recommended learning but you will have considerable difficulty in passing (i.e. achieving the learning outcomes of) the module. While the prior learning is expressed as named CIT module(s) it also allows for learning (in another module or modules) which is equivalent to the learning specified in the named module(s).
No recommendations listed
Incompatible Modules
These are modules which have learning outcomes that are too similar to the learning outcomes of this module. You may not earn additional credit for the same learning and therefore you may not enrol in this module if you have successfully completed any modules in the incompatible list.
No incompatible modules listed
Co-requisite Modules
No Co-requisite modules listed
Requirements
This is prior learning (or a practical skill) that is mandatory before enrolment in this module is allowed. You may not enrol on this module if you have not acquired the learning specified in this section.
No requirements listed
Co-requisites
No Co Requisites listed
 

Module Content & Assessment

Indicative Content
The Market System
Introduction to economic principles. Scarcity, choice and opportunity costs. Factors of production. Theory of tourism demand and supply. Variables influencing and constraining tourism demand and supply. Factors shifting demand and supply schedules.Determining market equilibrium and factors that cause a shift in equilibrium. Excess demand and excess supply in the tourism service industry.
Elasticity
Measurement and application of price elasticity of demand, cross price elasticity of demand, income elasticity of demand and price elasticity of supply. Identifying the effects of price changes on total revenue for tourism services.
Measurement of Economic Impact
The contribution of tourism and hospitality services to the National economy. The circular flow of tourism income. Tourism's contribution to Gross National Product and Gross Domestic Product. Direct, indirect and induced economic effects. The tourism income, government and employment multiplier concept.
Market Structures
Costs of production. Economies of scale and scope within the tourism and hospitality sector. Profit maximisation. Theory and application of perfect competition, monopolistic competition, oligopoly and monopoly market structures.
Assessment Breakdown%
Course Work40.00%
End of Module Formal Examination60.00%
Course Work
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Short Answer Questions Examination re: supply, demand and elasticity within the service industry 1,2 20.0 Week 4
Short Answer Questions Examination re: the macroenvironment and microenvironment 2,3,4 20.0 Week 10
End of Module Formal Examination
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Formal Exam End-of-Semester Final Examination 1,2,3,4 60.0 End-of-Semester
Reassessment Requirement
Repeat examination
Reassessment of this module will consist of a repeat examination. It is possible that there will also be a requirement to be reassessed in a coursework element.

The institute reserves the right to alter the nature and timings of assessment

 

Module Workload

Workload: Full Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecture Classroom based 4.0 Every Week 4.00
Independent & Directed Learning (Non-contact) Reading/study 3.0 Every Week 3.00
Total Hours 7.00
Total Weekly Learner Workload 7.00
Total Weekly Contact Hours 4.00
Workload: Part Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecture Class based learning 4.0 Every Week 4.00
Independent & Directed Learning (Non-contact) Reading/study 3.0 Every Week 3.00
Total Hours 7.00
Total Weekly Learner Workload 7.00
Total Weekly Contact Hours 4.00
 

Module Resources

Recommended Book Resources
  • John Tribe 2016, The Economics of Recreation, Leisure and Tourism, 5th Ed., Routledge London [ISBN: 9781138782310]
  • Maureen Maloney, Gerard Morley, Francis O'Toole 2011, Principles of Economics, 4th Ed., Gill and McMillian Dublin [ISBN: 9780717149889]
  • John Sloman 2012, Economics, 8th Ed., FT Press [ISBN: 9780273763246]
  • Gillespie, A. 2014, Foundations of Economics, 3rd Ed., Oxford University Press UK [ISBN: 9780199674879]
Supplementary Book Resources
  • Fletcher et al 2013, Tourism Principles and Practice, 5th Ed., Pearson Education Ltd UK [ISBN: 0273758276]
  • Stabler, Mike, Andreas Papatheodorou, and M. Thea Sinclair 2010, The economics of tourism, 2nd Ed., Routeledge London [ISBN: 9780203864272]
This module does not have any article/paper resources
Other Resources
 

Module Delivered in

Programme Code Programme Semester Delivery
CR_FTRSM_8 Bachelor of Business (Honours) in Tourism Management 2 Mandatory
CR_OHCMA_7 Bachelor of Business in Hospitality Management 2 Mandatory
CR_FTOUR_7 Bachelor of Business in Tourism Management 2 Mandatory
CR_FTOUR_6 Higher Certificate in Business in Tourism Management 2 Mandatory

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