Description:

The emphasis of this course is on the principles and concepts of microeconomics, and the ways in which the current economy functions. Students will study the principles of supply and demand, consumer behavior, utility maximization, cost of production and profit maximization. The economics of competition within the hospitality industry is critically examined, including types of competition, monopoly, oligopoly, monopolistic competition, competition policy, and regulation, resource markets, market failure, and government intervention. Emphasis will be placed on formulating a competitive strategy within that structure.