vcc.ca
HOSP 1960: Introduction to Economics
Effective date
September 2014
Department
Hospitality Management
School
Hospitality, Food Studies and Applied Business
Description
This course presents fundamental concepts of micro- and macroeconomics and helps students integrate these ideas into their work in the hospitality industry. Students study the laws of supply and demand, consumer decision-making, producer profit maximization, competition and monopoly regulation. Use of fiscal, monetary and exchange rate policy to influence unemployment, inflation and economic growth are also presented.
This course is part of the full-time Hospitality Management Diploma Program
Credits
3.0
Year of study
1st Year Post-secondary
Prerequisites
HOSP 1810.
Corequisites
None
Course Learning Outcomes
Upon successful completion of this course, students will be able to:
- Apply fundamental concepts of economics in the hospitality industry
- Describe market equilibrium and disequilibrium
- Analyze consumer behaviour, investment expenditures and taxes in order to determine likely income
- Explain fiscal and monetary policy, inflation, unemployment and balance of payments concepts
- Describe how an economy can grow over time
- Apply the concepts of competition and monopoly regulation to better understand the hospitality industry
Prior Learning Assessment & Recognition (PLAR)
To learn more about the PLAR pathways for this course review the Hospitality Management Diploma Program Content Guide.
Hours
Lecture, Online, Seminar, Tutorial: 45
Total Hours: 45
Total Hours: 45
Instructional Strategies
Lectures, simulations, role plays, and group discussions
Grading System
Letter Grade (A-F)
Passing grade
D (50%)
Evaluation Plan
|
Type |
Percentage |
Assessment activity |
|
Assignments |
30 |
Quiz/assignments |
|
Midterm Exam |
30 |
|
|
Participation |
10 |
|
|
Final Exam |
30 |
|
Course topics
- Fundamental concepts of economics
- Market equilibrium and disequlibrium
- Predictors of income
- Fiscal and monetary policy
- Inflation
- Unemployment
- Balance of payments
- Economic growth
Notes:
- Course contents and descriptions, offerings and schedules are subject to change without notice.
- Students are required to follow all College policies including ones that govern their educational experience at VCC. Policies are available on the VCC website at:
https://www.vcc.ca/about/governance--policies/policies/. - To find out if there are existing transfer agreements for this course, visit the BC Transfer Guide at https://www.bctransferguide.ca.