Macroeconomics

BRIEF DESCRIPTION 

The Macroeconomics course offers students a comprehensive introduction to how economic systems function and their most important macroeconomic principles. Special emphasis is placed on the hospitality and tourism sectors and their role at the macroeconomic level. The course covers essential topics such as national income, GDP measurement, and the interaction between real and nominal GDP, highlighting the significant contributions of tourism to the economy. Students will examine, among other aspects, how inflation works and how it affects economic variables, as well as the determinants of economic growth and productivity.

In this context, the role of tourism in driving economic development will be highlighted, along with the importance of sound economic and fiscal policies. Financial markets will also be explored, linking savings and investment to provide insight into how financial institutions support economic activity. Students will learn about the monetary system, the functions of the central bank, and monetary control tools. The course also addresses unemployment, including job search processes, minimum wage laws, and collective bargaining in the labor market, especially within the tourism industry.

Finally, the macroeconomics of the open economy is discussed, with a focus on international trade, exchange rates, and their impact on tourism. The main objective is to equip students with the knowledge and analytical skills necessary to understand macroeconomic challenges and make informed decisions in their future careers within the hospitality industry.