This book offers students an accessible and applied introduction to microeconomics in tourism and hospitality through a comprehensive analysis of the market mechanism, demand and supply, firm behavior and strategy, and transaction and institution. This book not only helps students to master core microeconomic theories that are essential for understanding the tourism and hospitality industry, but, more importantly, it guides students to analyze consumer behavior and firm strategy specific to the industry. Throughout the book, readers are guided to develop the economic analysis of tourism and hospitality that progresses from economic intuition to graphical representation and to mathematical quantification. Carefully corralled case studies showcase the applications of key microeconomic theories in solving a wide range of real-world problems, including Uber’s surge pricing, Airbnb’s supply adjustment, and McDonald’s and Burger King vying for prime locations. This book is written in an accessible style, illustrated with exquisite diagrams, and enriched with a range of other features, such as chapter summaries, review questions, and further readings to aid readers’ further understanding. By reading this book, students will be able to develop an economist’s way of thinking, which will enable them to analyze tourism and hospitality businesses in a rigorous and critical manner. This book is essential reading for all tourism and hospitality students and teachers.

This book offers students an accessible and applied introduction to microeconomics in tourism and hospitality through a comprehensive analysis of the market mechanism, demand and supply, firm behavior and strategy, and transaction and institution. This book not only helps students to master core microeconomic theories that are essential for understanding the tourism and hospitality industry, but, more importantly, it guides students to analyze consumer behavior and firm strategy specific to the industry. Throughout the book, readers are guided to develop the economic analysis of tourism and hospitality that progresses from economic intuition to graphical representation and to mathematical quantification. Carefully corralled case studies showcase the applications of key microeconomic theories in solving a wide range of real-world problems, including Uber’s surge pricing, Airbnb’s supply adjustment, and McDonald’s and Burger King vying for prime locations. This book is written in an accessible style, illustrated with exquisite diagrams, and enriched with a range of other features, such as chapter summaries, review questions, and further readings to aid readers’ further understanding. By reading this book, students will be able to develop an economist’s way of thinking, which will enable them to analyze tourism and hospitality businesses in a rigorous and critical manner. This book is essential reading for all tourism and hospitality students and teachers.

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 will be an essential introductory yet comprehensive resource on economics for all hospitality students.

The first and only comprehensive introduction to the economics of tourism... A knowledge of economic trends and conditions is fundamental to strategic planning and project development in any business. Yet, despite the fact that tourism has become the world's largest industry, until now, there were no textbooks devoted to the economics of tourism. A book whose time has finally come, Tourism Economics arms students and industry professionals with a solid working knowledge of economic concepts and analytical techniques as they apply to tourism. Written by three experts from the U.S. International University's prestigious Department of Hotel, Restaurant, and Tourism Management, Tourism Economics: Explains all important economic principles and concepts, defines key terminology, and clearly describes a number of analytical models and forecasting techniques Illustrates all points covered with numerous case studies from around the world and selected reading excerpts Requires no prior familiarity with economics and features a clear, easy-to-read, nonmathematical style "Tourism can be viewed as an institution with millions of interactions taking place, an institution with a history, body of knowledge, and a constituency of millions of people who feel themselves a part of the institution. For purposes of this book, tourism is an economic activity involving billions of dollars exchanged each month, a social science to be analyzed, trends to be identified, and costs/benefits to be computed."—from Tourism Economics The past two decades have been a time of fast and furious growth for world tourism, accounting for more than 6% of the world's gross national product ($3.2 trillion in 1993) and employing 127 million people worldwide, tourism is now, beyond a doubt, the world's largest industry. And with an average of 20,000 new jobs created per each additional $1 million spent on travel, tourism is also the most prolific generator of new jobs. As a consequence of tourism's growing preeminence, a new field has emerged over the past few years to help the tourism industry and public policymakers better understand the impact of tourism on other segments of the economy and to recognize and facilitate current and future economic trends in tourism—tourism economics. This groundbreaking book was written by three experts from the U.S. International University's prestigious Department of Hotel, Restaurant, and Tourism Management. With the assistance of numerous case studies from around the world and selected reading excerpts, they explain all relevant economic principles and concepts, define key terminology, and clearly describe a number of useful analytical models and forecasting techniques. Requiring no prior knowledge of economics, Tourism Economics features a clear, easy-to-read, nonmathematical style. A book whose time has finally come, Tourism Economics is indispensable reading for students of tourism and hospitality as well as industry professionals and researchers.

"The publication of the second edition of The Economics of Tourism is a timely contribution to the theory and practice of tourism. The book retains both the rigour and relevance to the study of tourism as the original text which is considered to be the gold standard of tourism economics and is a must for those who study and undertake research into tourism from economic, environmental and social perspectives." Professor Haiyan Song, The Hong Kong Polytechnic University, HK "This Second Edition is a "Wikipedia" of tourism economic research and strategic thinking and a must read for academic, corporate and policy thinkers. It builds on the earlier solid economic analysis of the sector to reflect contemporary geopolitical and socioeconomic issues. Going beyond a globalizing, poverty divided world to one where climate, population, resources and the green economy are dominant issues. We are proud of its genesis and continuing association with TTRI." Professor Geoffrey Lipman, University of Nottingham, UK

The measurement of tourism, for example analysing competitiveness and evaluating tourism projects, is not an easy task. Now in its third edition, The Economics of Tourism Destinations: Theory and Practice provides a succinct guide to the economic aspects of tourism for students and practitioners alike to decipher the methods of measurement of supply, demand, trends and impacts. This new edition has been revised and updated to include: Three new chapters: Tourism as a development strategy, Tourism export-led growth, and a dedicated chapter on Macro-evaluation of tourism projects and events, including the travel cost method and the contingent valuation method. New case studies from emerging destinations in Asia, Australia and America to show theory in practice. New and updated data throughout. Each chapter combines theory and practice and is integrated with international case studies. Combining macro- and micro-aspects of economics to the tourism destination, this is an invaluable resource for students learning about this subject, as well as being aimed at tourism researchers and policy-makers.

Behavioral Economics for Tourism applies behavioral perspectives to business and policy challenges in the tourism industry. The book enables professionals and early career researchers to succeed by focusing on market and consumer trends, technological advancements, and the modern tourist. It covers the transformation of purchasing decisions, tourism hosting dynamics, digital mediation and disintermediation of tourism organizations, service design, and planning policy considerations. The volume concludes with case studies illustrating successful and unsuccessful behavioral tactics and strategies for tourism businesses and organizations. Provides behavioral profiling of the digitally-informed, mobile, self-managed tourist Allows the tourism industry to better understand tourists, both cognitively and emotionally Supports business success, technology development and sustainability in the tourism industry Features case studies on behavioral tactics and strategies for use in tourism