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Copyright © 2002, New Age International (P) Ltd., Publishers Published by New Age International (P) Ltd., Publishers All rights reserved. No part of this ebook may be reproduced in any form, by photostat, microfilm, xerography, or any other means, or incorporated into any information retrieval system, electronic or mechanical, without the written permission of the publisher. All inquiries should be emailed to
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ISBN (13) : 978-81-224-2917-6
PUBLISHING FOR ONE WORLD
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Dedicated to my Parents
(Late) Mary Margaret (Late) M.D. Anthony Raj
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Preface The field of economics encompasses the study of the entire economic system — both at the micro and macro level. Hotel economics is one such area where the subject matter of economics has gained its growth in obtaining for the hotel industry needed aspects, right from its initiation, establishment, and growth. The hotel industry though considered to be a service sector has proved its might in different dimensions — providing employment, revenue to the government and also acting as a promoter of culture by developing the most vital industry which is tourism. Tourism has emerged as a most instrumental phenomenon in the economic and social development of the society. It also acts as a subsidiary in providing accommodation to the tourist who visit the country — by providing the most luxurious accommodation to the one like the motel where basic necessities are provided even to a poor tourist. It is seen that the industry as a whole generates not only a sizeable percentage of employment but also contributes to the GNP of a country. The importance of this field has grown over the years leading many institutes to provide education in this field. The thought of writing a textbook on Hotel economics originated from the author's experience as a teacher in the subject. Since it was a foray into a new field of economics, it needed immense effort to provide the students with a better understanding of the subject, the conflux of various concepts into the syllabi, total lack of textbooks in the subject has posed great difficulty not only to students but also to teachers. This strengthened the conviction to pen a book on the subject. The main objective of the book is : ●
To educate the students in undstanding the concepts of economics which helps in the study of hotel management?
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Preface
It also tries to link the interrelated dimension of economics into the tourism and hotel industry.
The author has endeavoured to bring in the various dimensions of economic concepts related to the study of hotel management. Through suitable examples, it provides an insight into the subject matter of economics, which is not only theory based but which helps in day-to-day business operations. The book has ten chapters. They throw light on the efficacy on the subject matter of economics both at the micro level and macro level in the hotel industry. The discussions have been corroborated with suitable figures illustrations,