To develop and understanding of nature of economics and its importance in business decision making.

This subject will introduce the popularity of Yield Management, and more recently Revenue Management within the Hospitality, Tourism and Events sectors. Initially a technique used within the airline industry it has been adapted to many service based industries with products and services offered adapted to maximise the potential revenue. The very basic premise of managing revenue is when demand is high, charge a high price, when demand is low, charge a low price and that different people will be prepared to accept different prices for different reasons.