Economic Responsibility in Tourism

Percentage calculations
Calculation of the value-added tax
Simple interest calculation
Compound interest
Indices
Inflation and deflation
Exchange rate (currency) calculations
Basic statistics

In this course, you familiarize yourself with various aspects of financial decision-making in the context of tourism, equipping you with the knowledge and skills needed to excel in this field. The object of this course is to provide you with a comprehensive understanding of the economic responsibilities within the tourism sector.

Competences
Learning to learn, Tourism business

Learning objectives
You learn how to analyze cost structures, break-even points, and profit potential, to ensure informed decision-making. You learn to use various calculation models and methods to analyze the company's financial situation and to forecast the future. For example, you learn how to prepare cost-volume-profit calculations for determining the profitability. You also learn to look at costs and analyze factors related to pricing and discounts as well as put forward development proposals for them. You understand pricing strategies that maximize revenue while considering the economic, ethical, and environmental responsibilities of tourism businesses.

During the course, your understanding of the profitability of different business areas increases and you understand their effects on the company's overall profitability. You are able to identify and examine factors impacting profitability. You can identify and prioritize valuable customer segments, fostering responsible and profitable customer relationships.

You are able to interpret financial statements and ratios to evaluate the financial health and performance of a company meaning for example to analyze company's profitability, solidity and liquidity through financial ratios.

The course is mandatory for all tourism management students.