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ECON6004 - Economics for Services

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Title:Economics for Services
Long Title:Economics for Services
Module Code:ECON6004
 
Duration:1 Semester
Credits: 5
NFQ Level:Fundamental
Field of Study: Economics
Valid From: Semester 1 - 2022/23 ( September 2022 )
Module Delivered in 6 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 and hospitality 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, and market equilibrium within the tourism and hospitality service industry.
LO2 Apply the concept of elasticity within the tourism and hospitality service industry.
LO3 Examine economic market structures, pricing strategies and their implication for operating in a competitive environment.
LO4 Identify key models used in the evaluation of economic impacts within the tourism and hospitality service industry.
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 MTU module(s) it also allows for learning (in another module or modules) which is equivalent to the learning specified in the named module(s).

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
 

Module Content & Assessment

Indicative Content
The Market System
Introduction to economic principles. Scarcity, choice and opportunity costs. Factors of production. Economic growth and economic decline. 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 and hospitality service industry. Price controls.
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 and hospitality services.
Market Structures
Costs of production, total revenue and profit maximisation within the tourism and hospitality sector. Economies of Scale. Theory and characterstics of perfect competition, monopolistic competition, oligopoly and monopoly market structures.
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. The role of the Government in the tourism and hospitality industry.
Assessment Breakdown%
Course Work40.00%
End of Module Formal Examination60.00%
Course Work
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Multiple Choice Questions A computer administered MCQ and SAQ exam based on the concept of economics, the market and elasticity 1,2 20.0 Week 5
Multiple Choice Questions A computer administered MCQ and SAQ exam based on the theory of the firm, calculating costs, revenue and profit. Market structures. The economic impact of tourism and hospitality and the role of the government. 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
  • Chen, Y 2021, Economics of Tourism and Hospitality: A Micro Approach,, 1st Ed., Routeledge London, UK [ISBN: 978-03678973]
  • John Tribe 2020, The Economics of Recreation, Leisure and Tourism, 6th Ed., Routledge London [ISBN: 978-036723083]
Supplementary Book Resources
  • Sloman, J., Guest, J., Garratt, D 2021, Economics, 11th Ed., Pearson Education Ltd. UK [ISBN: 978-129240533]
  • Fletcher, J., Fyall, A., Gilbert, D., & Wanhill, S. 2017, Tourism:Principles and Practice, 6th Ed., 7, Pearson Education Ltd. UK [ISBN: 978-12921723]
Recommended Article/Paper Resources
  • Elsevier Science Direct International Journal of Hospitality Management
  • Elsevier Science Direct Tourism Management
Supplementary Article/Paper Resources
  • Emerald Publishing International Journal of Culture, Tourism and Hospitality Research
  • SAGE Journal Tourism Economics
  • SAGE Journals Cornell Hospitality Quarterly
Other Resources
 

Module Delivered in

Programme Code Programme Semester Delivery
CR_FTRSM_8 Bachelor of Business (Honours) in Tourism Management 2 Mandatory
CR_OBARM_7 Bachelor of Business in Beverage Industry Management 3 Mandatory
CR_OCULA_7 Bachelor of Business in Culinary Arts 3 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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