Study Goals: • Identify the characteristics and trends in the airline industry • Explain the role of air transport in the global economy • Identify and describe the economic and technical regulations and standards pertaining to organizations within the air transport industry. • Identify and describe the structure of airline costs • Describe the economic concepts of supply, demand, pricing and market structures • Explain the key characteristics of the low-cost airline model • Explain the key characteristics of the passenger charter model • Explain key demand and supply factors affecting the air cargo sector