Main field of study: Economics
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Learning outcomes for the course
The aim of the course is for the students to acquire basic knowledge of microeconomic principles and methodology relevant for tourism, as well as the skills needed to make simple microeconomic analyses of tourism.
After the course is completed the students should be able to:
After the course is completed the students should be able to:
- explain and calculate the concept of opportunity cost (1)
- explain what influences demand and supply curves in markets for goods and services in general and with applications in tourism (2)
- explain and apply the elasticity concept (3)
- explain the basis for consumer demand on tourism: utility theory and indifference curves (4)
- derive and graphically construct cost curves for a firm active in the tourism market (5)
- derive and graphically construct demand and marginal revenue curves for firms active in the tourism market in perfect competition and monopoly (6)
- explain how game theory can be used in the microeconomic analysis of tourism (7)
- make simple analyses of imperfect markets, incomplete competition, external factors, and imperfect information within tourism (8)
- apply the concepts of consumer and producer surplus and so-called dead weight loss to analyse the effect of imperfect markets and taxation on economic efficiency (9)
- derive and graphically construct the demand curve for tourism labour (10)