This module refers to the application of economic theory to examine how a firm can take optimal managerial decisions in the face of the constraints and economic environment it faces.

It will provide students with the knowledge, tools and techniques to better understand economic problems and to make effective economic decisions under conditions of uncertainly and risk. Demand, cost and pricing decisions are emphasised. Topics include conceptual understanding of consumer behavior in the context of the economics science, supply and demand, decision-making criteria and procedures, cost theory and estimation, pricing theory and practice.  Extensive use of examples from the Travel and Tourism Industry will be provided throughout the course to facilitate the enhancing of students’ motivation, understanding and learning.