The course "Microeconomics in Tourism" aims to introduce students to the basic concepts and principles of the science of microeconomics and to demonstrate their application in the contemporary environment, with an emphasis on the connection between theory and practice. The course topics include the presentation, analysis, and interpretation of microeconomic data related, among others, to supply, demand, consumer theory, and market forms. Additionally, it includes case studies, applications, exercises and international examples from the tourism and hospitality industry, as well as other sectors.

• To acquire the necessary theoretical background in Microeconomics and understand the basic concepts, principles, and issues.
• To recognize the significant role played by the science of Microeconomics, emphasizing the connection between theory and practice.
• To become familiar with the application of theoretical principles in a practical context.
• To understand the importance of Microeconomics in the tourism and hospitality sector.
• To analyze and interpret economic data in order to facilitate the decision-making process for stakeholders in the leisure and tourism industry.
• To collaborate, seek, and gather the necessary information for the composition and presentation of their projects.

Introduction to Tourism Economics

Supply and Demand: The Functioning of Tourism Markets

Elasticity of Tourism Demand and Supply, Income-Cross Elasticity

Consumer Theory

Tourism Market, Demand & Supply, and Decision Making

Market Efficiency: Consumer Surplus and Producer Surplus

Government Intervention, Taxation in Tourism

Government Intervention, Externalities & Price Controls

Production and Cost Theory, Isoquants, Economies of Scale

Tourism Revenue - Optimization of Tourism Product

Market Forms: Perfect Competition, Monopoly, Monopolistic Competition, Oligopoly

Applications-Exercises

Summary and Evaluation of the Course

Bade, R. & Parkin M. (2018). Bourlakis, K. & Chatzidimitriou, I. (Scientific Editing), Microeconomics. Athens: Rosili. [in Greek]

Krugman, P. & Wells, R. (2018). Microeconomics in Teaching Units, Athens: Gutenberg. [in Greek]

Mankiw, N. Gregory, Taylor, P. Mark (2021). Maniatis, Athanasios, Milliou, Chrysovalantou Vasiliki (Scientific Editing), Economics (Microeconomics). Athens: Tziola. [in Greek]

Tribe, J. (2019). The Economics of Recreation, Leisure, and Tourism. Athens: Gutenberg. [in Greek]

Vanhove, N. (2019). The Economics of Tourist Destinations: Theory and Practice. Athens: Gutenberg. [in Greek]

Varveresos, S. (2013). Economics of Tourism. Athens: Propompos. [in Greek]

Lagos, D. (2018). Tourism Economics. Athens: Kritiki. [in Greek]

Lectures with active involvement and participation of students

Documentaries and discussion

Invited lectures-presentations of case studies

Applications-Exercises

Presentation of applications-exercises-projects by the students

Use of ICT in Teaching: Electronic Classroom Management System (Open eClass), Powerpoint slides, lecture notes in pdf, spreadsheets, appropriate softwares, internet and videos

Use of ICT in Communication: Communication with students is achieved through the use of the Electronic Classroom Management System (Open eClass) and e-mail

Applications-Exercises-Projects

Independent individual/group optional project

Final examination

The evaluation criteria are made known to the students at the beginning of the course.