| Title: | Economics for Services |
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| Long Title: | Economics for Services |
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| Field of Study: |
Economics
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| Valid From: |
Semester 1 - 2017/18 ( September 2017 ) |
| 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 |
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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.
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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.
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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.
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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.
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| Assessment Breakdown | % |
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| Course Work | 40.00% |
| End of Module Formal Examination | 60.00% |
| Course Work |
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| 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 |
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- 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 |
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- 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 |
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| Other Resources |
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- Website: Central Statistics Office Ireland
- Website: Government of Ireland
- Website: National Economic and Social Council
- Website: Economic and Social Research Institute
- Website: World Tourism Organisation
- Website: Fáilte Ireland
- Website: Tourism Ireland
- Website: Irish Tourist Industry Confederation
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Module Delivered in
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