Economic Principles for the Hospitality Industry is the ideal introduction to the fundamentals of economics in this dynamic and highly competitive sector.
Applying economic theory to a range of diverse and global hospitality industry settings, this book gives the theory real-world context. Looking at critical issues around sustainable economic development in the hospitality industry such as diversification, technology, determinants of demand, and pricing, it enables students to effectively conduct business analyses, evaluate business performance and conduct effective improvements over time. Written in an engaging style, this book assumes no prior knowledge of economics and contains a range of features, including international case studies and discussion questions, to aid beginners in the subject.
This will be an essential introductory yet comprehensive resource on economics for all hospitality students.
Table of Contents
1. Introduction 2. Hospitality industry in the world economies 3. Economic attributes of consumers and firms 4. Price and output decisions of firms 5. The macroeconomy and business cycle 6. Money and the monetary system 7. Technology and innovation 8. Sustainable growth Glossary Index
Ricardo C.S. Siu is an Associate Professor in Business Economics at the University of Macau.
'This book offers a valuable collection of economic principles that are applicable to the hospitality industry. It provides a comprehensive treatment for pricing decisions with examples germane to hotels, airlines, and theme parks. Drawing on price elasticity, applications in bundled pricing and break-even pricing are elaborated. It highlights major components of the macroeconomic environment, such as aggregate supply/demand, business cycle, and globalization with applications to the hospitality industry.'
Anthony IpKin Wong, Sun Yat-Sen University, China
'This is an interesting and topical book on a very important topic. Prof. Siu showcases his expert knowledge in this area with concise and easy to follow writings, along with useful and compelling examples. Readers would be proud to own this book and use it as the authoritative guide regarding the economics of hospitality businesses.'
Desmond Chee Shiong Lam, University of Macau, China