Economic issues in tourism and hospitality

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Reference no: EM132942410

Question: Relating the news to economic issues in Tourism and Hospitality

Below are some brief summaries of issues that have been reported in the news recently. The number in brackets at the end of the description refers to the news article provided before the assessment and the description is a link.

Please note that you SHOULD NOT summarise the article. It is just there to give some background information in case you are unaware of the issue. For each issue you SHOULD relate the topic to economic concepts that we have covered in class.

You can refer to the list of topics covered in the table below as a reminder but you need to also explain WHY. Find as many linkages to economic concepts as you can and EXPLAIN how the article relates to the content discussed in the unit. Please be clear and specific - do not just discuss vague concepts. Write about 100 words on each.

a. Airlines are offering other experiences instead of normal flights to other countries (article 1)

b. In some parts of Australia there is high unemployment but in others there is a shortage of labour (article 2)

c. Economists say that infrastructure spending is important to help recovery from COVID19 (article 3)

d. The government will spend money to protect the environment and heritage (article 4)

e. There has been an increase in domestic tourism but experts question whether it will be enough to support the industry (article 5)

LIST of TOPICS The law of demand The law of supply Equilibrium and price elasticity of Demand Other Applications of the Concept of Elasticity Inputs and costs Short and long run costs Market structures - perfect competition and monopoly Market structures - monopolistic competition and oligopoly Free markets - benefits and costs Market intervention The external economic environment - impact on demand The external economic environment - impact on supply Measuring the economic contribution of tourism Measuring the flow on economic impact of tourism Economic growth Tourism as a mechanism to promote economic growth Tourism and Hospitality in the global environment

Reference no: EM132942410

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