Demand

All goods and services are subject to scarcity at some level. Scarcity means that society must develop some allocation mechanism – rules to determine who gets what. Over recorded history, these allocation rules were usually command based – the king or the emperor would decide. In contemporary times, most [...]

This opening module of the Power of Markets course covers the basic assumptions about market participants made by economists, the concept of opportunity cost, and the key determinants of supply and demand. We will then learn how to use the supply-demand framework to explain and predict market outcomes and [...]

We make economics decisions every day: what to buy, whether to work or play, what to study. We respond to markets all the time: prices influence our decisions, markets signal where to put effort, they direct firms to produce certain goods over others. Economics is all around us. This [...]

The biggest challenge facing the hospitality industry over the next 5 years is the lack of integration between the key commercial disciplines of sales, revenue, distribution and finance and the negative impact this will continue to have on delivering asset value and maximum profitability.

Most people make the incorrect assumption that economics is ONLY the study of money. My primary goal in this course is to shatter this belief. During this course, we will be addressing the above questions as well as many more relating to: the environment; love and marriage; crime; labor [...]

Learn the basics of microeconomics, including supply and demand of commodities and how equilibrium in the market affects price. A country’s economy consists of three major economic agents; consumers, firms and government. Analyzing the choices made by these economic agents is one of the main subjects of microeconomics. In [...]

Learn how to use data to develop insights and predictive capabilities to make better business decisions. How do airlines decide when to increase ticket prices? Should a hotel charge less per night for a long stay than a short one? Why do some software companies bundle very different products [...]

Learn to use pricing strategies to increase your firm’s revenue, and set the right price for the right person at the right time. How do airlines, hotels, resorts and other organisations manage their prices? Why are these prices apparently unrelated to costs and different for each consumer? And what [...]