The Foundations of Economics
- The economic problem: scarcity choice and opportunity cost
- Production possibility and utility
- Microeconomics and macroeconomics
- Alternative economic systems
- Growth and sustainable development
Microeconomics: The Theory of Price Determination
- Demand
- Supply
- Market equilibrium, the price mechanism and market efficiency
- Concept of elasticity
- Indirect taxes, subsidies and price controls
Microeconomics: Costs and Revenues
- Short and long run costs
- The scale of production and economies of scale
- Average, marginal and total revenues
- Profit theory
- Perfect competition: the short and long run
- Productive and allocative efficiency
Microeconomics: Imperfect Markets
- Monopoly, sources and profit maximisation
- Comparison of perfect competition and monopoly
- Advantages and disadvantages of monopoly
- Monopolistic competition
- Oligopoly, sources, collusive activity and non-price competition
- Price discrimination
Microeconomics: Market Failure
- Public goods and merit goods
- Externalities
- Sustainability and government response
- Imperfect information and imperfect competition
Macroeconomics: The Level of Economic Activity
- The circular flow of income, leakages and injections
- The measurement of national income
- Limitations of national income data
- The business cycle
- Aggregate demand and its components
- Government policies affecting aggregate demand (fiscal and monetary)
- Aggregate supply in the short and long run
- Supply side policies
Macroeconomics: Equilibrium, Employment and Inflation
- Short and long run equilibrium
- The multiplier effect
- The measurement and costs of unemployment
- Causes of unemployment
- Solutions to unemployment
- Measurement and costs of inflation and deflation
- Demand pull and cost push inflation
- Reducing inflation
- The inflation-unemployment trade off
Macroeconomics: Growth and Equity
- Definition of economic growth
- Consequences of growth
- The distribution of national income
- Taxation and income distribution
International Economics: Trade
- Why countries trade
- The principle of free trade. Absolute and comparative advantage
- The world trade organisation
- The arguments for and against protection
- Types of protection
- Economic integration and trade blocs
- The terms of trade
International Economics International Monetary Issues
- Exchange rate determination
- Fixed, floating and managed exchange rate systems
- The balance of payments, current, capital and financial account
- Balance of payments and the exchange rate
- Correcting a current account deficit
Development Economics
- Sources of growth and economic development
- Characteristics and diversity of developing countries
- Measuring development
- Domestic factors affecting development
- International trade and development
- The role of foreign direct investment
- Aid, debt and development
- Market aid and interventionist strategies
Maintaining and Developing Your Economic Skills
- An analytical framework
- Planning reading
- Reading the industry literature
The Hospitality Industry – Travel and Tourism
- The travel industry
- The tourism industry
Profile of the Accommodation and Leisure Industry
- Accommodation – hotels in the UK, Europe and USA
- Industrial supply in UK and Europe
- Historical perspective – UK
- Economic issues
- Organisations
- Accommodation – timeshare
- Accommodation – caravan and camping
- Other activities within the hospitality and leisure industry
Hotel Management – Dimensions and Structure
- Strategic management
- Feasibility studies
Aspects of Management
- Commissioning the property
- Procurement
- Sources of revenue and operating costs
- Market segments
Accommodation Operations
- Marketing
- Room division
- Rooms
- Housekeeping
- Planning and organising the housekeeping department
- Human resource management
- Financial control
- Leisure facilities
Legislation
- Food safety legislation
- Liquor licensing legislation
- Health and safety at work
- Planning legislation
Restaurant and Fast–Food Industry
- Catering market
- The catering markets by sector
- Market sectors
- Major operations
- Food and beverage management
Contract Catering Industry
- Background and history
- The primary markets
- Industry supply
- The three major companies
Brewing Industry
- Background to the industry
- Major operations
Trends
- The environment
- Environment initiatives
- Environment issues – the hospitality industry
- Computer reservations systems
- Quality assurance
- Total quality management
Emergence of Sustainable Tourism
- Status of global tourism 2004
- Jafari’s “Platform” model
- Institutionalisation of sustainable tourism
Issues in Sustainable Tourism
- Issues in Sustainable Tourism
- Flexibility
- Status quo or enhancement?
- Complexity of tourism systems
- Minimalist and comprehensive composite models
- Sustainable tourism indicators
- Bellagio Principles
- Pursuing sustainable tourism
Alternative Tourism
- History of alternative tourism
- Typology of alternative tourism products
- Mass conventional tourism and alternative tourism ideal types
- Deliberate and circumstantial alternative tourism
- Farm-based tourism
- Volunteer tourism
- Guesthouse tourism
- Backpacking
- Urban alternative tourism
- Education tourism
- Potential problems
Conventional Mass Tourism
- Structure of the formal tourism industry
- Ethics
- In situ nature of tourism consumption
- Emergence of the “green consumer”
- Advantages of large economies of scale
The Facilitating Sectors
- Travel agencies
- Specialised merchandise: guidebooks
- Outbound tour operators
- Transportation providers
- Hospitality providers
Attractions
- Role of attractions
- Theme parks
- Casinos
- Ski resorts
- Golf courses
Quality Control
- Quality control
- Codes of conduct
- Ecolabels
- Awards
Tourist Destinations
- Destination and place
- Destination and community
- Broad context model of destination development scenarios
- Destination types
- Special events
- Quality control and destinations
Spatial Strategies for Destinations
- Frontstage and backstage
- Development standards
- Zoning and districting
- Purchase of Development Rights (PDR) agreements
- Trade-offs
- Government incentives
Visitor Management Strategies for Destinations
- Visitation caps
- Redistribution
- Education
- Target marketing
Ecotourism: The Conscience of Sustainable Tourism
- Definitions and criteria
- Hard and soft manifestations
- Ecotourism industry
- Spatial distribution
- Potential costs and benefits
- Quality control
- Hard and soft ecotourism within a comprehensive framework
