Tourism Economy

N/A

Theoretical-practical classes discussing the theoretical foundations of the UC and carrying out exercises and practical cases.

Periodic Assessment — Assessment that takes place throughout the academic semester and consists of two individual knowledge assessment tests with an individual, more theoretical component of a written test with a weight of 50% each in the final grade.

Assessment by Exam — Assessment method that takes place at the end of the semester, through an individual written test with 100% weighting in the final grade.

Students whose final grade is equal to or greater than 9.5 will be approved.

Students who obtain a classification between 7.5 and 9.4 in the exam modality will be entitled to a complementary oral test, and in this situation, the final grade will correspond to the average of the obtained classifications.

The Economics of Tourism curricular unit is intended for students to develop a general perspective of the economic reality in which tourism activity is framed, namely, the main problems of economic organization and the way in which they affect the agents of the tourist supply. It is also intended that students recognize the economic importance of tourism in terms of employment, income or trade balance. It is also intended that students will be able to understand the functioning of markets in mixed economies in general and the particular nature of economic concepts in the specific case of tourist activity, such as elasticity of supply, marginal utility or propensity to consume, as well as address issues such as the simultaneity of production and consumption, intangibility, seasonality, diversity and composite nature of goods and services or the trend of evolution of tourism markets and products. 

1. Essential concepts and issues in Economics

Measures in Tourism Economics: difficulties, methodologies, indicators

Functioning of markets in mixed economies

Externalities of tourist activity

Tourist Markets and Products

2. Demand and Supply Model

Determination of production and prices

Tourist Demand: decreasing demand and tourist demand curve; cyclical determinants of tourist demand (inflation and exchange rate variation).

Elasticity of tourist demand (price and income) and revenue.

Offer: specificities of the tourist product

Elasticity of tourism supply in the short and long term; simultaneity of production and consumption, seasonality, supply rigidity and saturation;

Imbalances in the tourist market

3. Theories of international tourism

Factor allocations, absolute, comparative and competitive advantages; competitiveness in Tourism

4. Economic importance of Tourism

Effects on employment, income and trade balance

Tourism satellite account

• - Test 2 - 50.0%
• - Test 1 - 50.0%

• - Exam - 100.0%

NAO

Bibliografia:

Cunha, Licínio (2013) Economia Política do Turismo. Lidel

Frank, Robert H. (2013) Microeconomia e Comportamento. Mcgraw-Hill

Matias, Álvaro (2018) Economia do Turismo, Teoria e Prática. Instituto Piaget

Neves, João C. Neves (2023) Introdução à Economia. Principia

Samuelson, P. e Nordhaus, W. (2012) Economia. McGraw Hill