MSc in International Tourism Management

Advanced Economics


Course Description

The aim of this course is to develop students’ understanding of the key concepts and principles of microeconomics as well as their critical assessment. In addition, advanced topics in microeconomics which are of interest to students of Sustainable Development, Management, and Policy, International Tourism Management, as well as Management are covered as well. The course also serves as a gateway to other economics courses in the MSc programs.

To successfully complete this course students must:

  • Understand the key neoclassical microeconomic concepts and methods of the households and the firm
  • Know about the efficiency of allocations on competitive markets
  • Understand some basic concepts of alternative approaches to microeconomics
  • Discuss critically the limits of both the neoclassical and the alternative approaches
  • Know about the role of uncertainty in decision making
  • Assess different market structures (competitive markets, monopoly, oligopoly, monopolistic competition) and their effect on pricing decisions
  • Have learnt about the impact of strategic behavior on the part of market participants
  • Know about the effect of asymmetric information on market outcomes
  • Understand the particularities of externalities and public goods
  • Research independently a topic and present their results.


Ulrich Gunter

Semesters Offered
Fall, Spring