Economics

Tourism and the Economy

Learning Objectives
Students can
• explain and give examples of economic policy trade-offs
• calculate personal opportunity costs
• describe tourism trends and the tourism dilemma

Price Theory

Learning Objectives
Students can
• describe the determinants of demand and supply
• calculate the price elasticities of demand and supply
• sketch changes in demand & supply curves and the price equilibrium
• explain levels of market perfection or imperfection

The Market Economy

Learning Objectives
Students can
• describe the features of a free market
• identify where market failure occurs
• explain where government intervention is necessary
• describe the economic dilemmas of a free market economy

The National Account

Learning Objectives
Students can
• calculate a nation´s income or GDP
• explain the use of this evaluation
• outline the limits to such evaluations
• explain the “savings paradox”

Business Cycles

Learning Objectives
Students can
• describe typical business cycles
• explain why economic fluctuations occur
• assess “multiplier” and “accelerator” effects

Business Cycle Policy

Learning Objectives
Students can
• describe the political backgrounds to economic policies
• explain the costs and benefits of each economic policy
• explain “crowding out”, “liquidity traps” and “investment traps”
• propose different economic policy for different economic problems

Economic Growth

Learning Objectives
Students can
• outline the determining factors of economic growth
• describe the meaning of Output Gaps
• identify the effect of economic policy on economic growth
• explain the “Multiplier” and “Accelerator” effects

Trade Policy

Learning Objectives
Students can
• explain the factors accelerating global trade
• identify the causes of competitive advantage
• weigh the arguments for and against protectionism

The Balance of Payments

Learning Objectives
Students can
• describe the components parts of a national BoP
• explain the significance of a trade deficit
• identify the influence of economic instruments on the trade balance

Exchange Rates

Learning Objectives
Students can
• describe the different exchange rate systems
• outline the affects of exchange rate fluctuations on the economy
• weigh up the pros and cons of Euro currency membership

The WEF – World Economic Forum, Davos

Learning Objectives
Students can
• identify economic “cause & effect” chains
• describe economic trends and developments
• critically assess the outcomes of the economic discussions