Economic Principles for Management

Unit code: VHH2007 | Study level: Undergraduate
Credit points
12
(Generally, 1 credit = 10 hours of classes and independent study.)
Location
Footscray Nicholson
Prerequisites
N/A
Overview
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Overview

This unit will provide students with a broad theoretical and technical understanding of economic principles and how they apply to business operations within a hotel and hospitality context. Students will learn how to apply key economic concepts and theories to support them in effective decision making. Key areas such as supply and demand, the competitive nature of markets, business cycles and the broader macroeconomic environment will be analysed in the context of common hotel and hospitality business operational decision making.

Learning Outcomes

On successful completion of this unit, students will be able to:

  1. Interpret and apply basic microeconomic principles in a hotel or hospitality context;
  2. Interpret and apply basic macroeconomic principles in a hotel or hospitality context;
  3. Analyse economic data sets to support decision making in common hotel and hospitality operations;
  4. Apply supply and demand principles to hotel and hospitality booking and pricing scenarios; and
  5. Demonstrate the use of market dynamics models and identify the market dynamic factors that affect hotel and hospitality businesses.

Assessment

For Melbourne campuses

Assessment type: Test
|
Grade: 10%
Eight topic quizzes
Assessment type: Test
|
Grade: 20%
Online multiple choice questionnaire
Assessment type: Project
|
Grade: 20%
Integrated Microeconomic Assessment
Assessment type: Assignment
|
Grade: 25%
Analytical Microeconomic Assessment
Assessment type: Test
|
Grade: 25%
Online test

Required reading

Selected readings will be made available via VU Collaborate.

As part of a course

This unit is studied as part of the following course(s):

Associate Degree in Hospitality and Hotel Management
VAHH | Associate degree | Duration: 2 years

Refer to the course page for information on how to apply for the course. VU takes care to ensure the accuracy of this unit information, but reserves the right to change or withdraw courses offered at any time. Please check that unit information is current with the Student Contact Centre.

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