Economic Principles for the Hospitality Industry

Fully revised and updated in its second edition, Economic Principles for the Hospitality Industry is the ideal introduction to the fundamentals of economics in this dynamic and highly competitive sector. Applying economic theory to a range of diverse and global hospitality industry settings, this book gives the theory real-world context. Looking at critical issues around sustainable economic development in the hospitality industry such as diversification, technology, determinants of demand, and pricing, it enables students to effectively conduct business analyses, evaluate business performance and conduct effective improvements over time. Written in an engaging style, this book assumes no prior knowledge of economics and contains a range of features, including international case studies and discussion questions, to aid beginners in the subject. This second edition includes updated data, statistics, international case studies and examples throughout, reflecting post-COVID-19 and technological developments in the industry such as digital transformation, globalization, and sustainable development. This innovative volume is an essential introductory yet comprehensive resource on economics for all hospitality students.

Ricardo C.S. Siu is an Associate Professor of Business Economics in the Faculty of Business Administration, University of Macao. His research interests focus on applying institutional economics to explore the development of tourism and various topics relating to the Macao and Chinese economies. His research has a strong focus on applied economics and he teaches courses such as Microeconomics, Macroeconomics, Applied Economics for the Leisure Industries, the Macao Gaming and Hospitality Industries. He has spoken at various business and professional forums and has published widely on these topics.

1. Introduction. 2. Hospitality Industry in the World Economies. 3. Economic Attributes of Consumers and Firms. 4. Pricing and Output Decisions of Firms. 5. Macroeconomic Environment and Business Cycles. 6. Money and the Monetary System. 7. Technology and Innovation. 8. Sustainable Development. Glossary.