vcc.ca
HOSP 2113: Global Business Decisions
Effective date
September 2023
Department
Hospitality Management
School
Hospitality, Food Studies and Applied Business
Description
This course provides the learner with an introductory understanding of the basic economic concepts and its impact on business decisions. Course topics will include: opportunity cost, supply and demand, price elasticity, profit maximization, negative externalities, GDP/national output, CPI, employment, output gaps, monetary policy, fiscal policy, and business cycles.
Credits
3.0
Year of study
2nd Year Post-secondary
Prerequisites
None
Corequisites
None
Course Learning Outcomes
Upon successful completion of this course, students will be able to:
- Demonstrate knowledge of basic microeconomic/macroeconomic terms.
- Develop basic “economic/financial literacy”.
- Analyse real life demand and supply shocks and their impact on revenue and cost of a business.
- Apply economic reasoning to personal finance.
- Apply the concept of elasticity to pricing strategies.
- Evaluate breakeven and profit maximization conditions for businesses within the hospitality industry.
- Interpret current financial news/data and its relevance to business decisions including the hospitality sector.
- Assess how changing economic situations influence the valuation and attractiveness of various financial vehicles.
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
Interactive lectures, presentations, group discussions, demonstrations, role plays and peer feedback.
Grading System
Letter Grade (A-F)
Passing grade
D (50%)
Evaluation Plan
|
Type |
Percentage |
Assessment activity |
|
Assignments |
20 - 30 |
|
|
Quizzes/Tests |
10 - 20 |
|
|
Midterm Exam |
20 - 30 |
|
|
Final Exam |
20 - 30 |
|
|
Participation |
5 - 10 |
|
Course topics
- The Economic Problem: Scarcity, Wants, and Choices
- Supply, Demand and Market Equilibrium
- Elasticity
- Gross Domestic Product (GDP) & Consumer Price Index (CPI)
- Aggregate Demand-Aggregate Supply (AD/AS)
- Monetary Policy
- Fiscal Policy
- Business Cycles
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.