Economics | Course Catalogue

2020-2021 Catalogue

 

Economics Program Overview

Many of the world's most pressing problems - unemployment, inflation, poverty, inequality, discrimination, underdevelopment, environmental destruction - are economic in nature. Economics equips students with basic knowledge and analytical skills to help them see the real world through the eyes of an economist, and enable them to explain and solve real world problems. 

The Department of Business & Economics sponsors lectures, conferences, seminars, and research which promote entrepreneurship and business career opportunities for women. These activities provide students with the opportunity to discuss significant issues and experiences with successful women from the business community. A lecture series offers topical special lectures and convocations with prominent leaders in business and government. The department also sponsors seniors majoring/minoring in business, economics, and/or related fields to present at conferences, upon the support of external student research grants. 

Economics Minor
A minor in economics will open students’ eyes to domestic and international issues, equipping them with the necessary analytical tools to understand contemporary economic issues and take reasoned positions in debates about economic and social policy. Students will be in a position to apply these tools in a multitude of areas in their future career. 

Economics is a very useful minor for students majoring in business, mathematics, and the social sciences. In particular, this minor is attractive for students preparing for business school or law school, or students who are interested in quantitative data analysis in the social sciences. Students in other areas who are interested in developing their ability to research and analyze data will also find an economics minor very attractive.

Student Learning Outcomes

  1. Understand major economic theories. 
  2. Use mathematical models to explore real-world issues.
  3. Analyze data to reach conclusions about economic issues. 

 

Postgraduate Opportunities
The minor in economics serves as a sound preparation for a variety of career paths. Many students majoring in accounting, business administration, international business, mathematics etc. elect this minor to augment their major and have an edge in the marketplace. The minor in economics also provides students with an excellent background for work in not only in business fields, but also prepare students for careers in law, international relations, journalism, public policy etc., as well as for admission to graduate programs of related fields.

Requirements 
A minor in economics consists of a minimum of 18 credits distributed as follows, and none of which may be taken as pass/fail. Students must earn a minimum grade of C in courses taken toward the minor. No more than two of these courses may be transfer courses.
All courses are 3 hours unless otherwise indicated.

Foundation Courses (6 hours): 
•    ECO 102: Issues in Macroeconomics 
•    ECO 104: Issues in Microeconomics 

Electives (12 hours)
(a) Select one of the following (3 hours)
•    ECO 202: Intermediate Macroeconomics
•    ECO 204: Intermediate Microeconomics

(b) Select one of the following (3 hours)
•    ECO 206: Economic Thought
•    BUS/ECO/WST 210: Women and Economic Development

(c) Select two of the following (6 hours). Courses used for (a) and (b) may not be chosen from the above, and to fulfill this requirement, at least one course must be at the 300-level or higher.
•    ECO 202: Intermediate Macroeconomics
•    ECO 204: Intermediate Microeconomics
•    ECO 206: Economic Thought
•    BUS/ECO/WST 210: Women and Economic Development
•    ECO 300: Money and Banking
•    ECO 302: International Trade
•    ECO 330: Econometrics
•    ECO 396: Special Topics in Economics
•    ECO 451: Directed Independent Study (1-9 hours)
•    ECO 452: Field Study (1-12 hours)
•    ECO 499: Honors Thesis 

Economic (ECO) Course Descriptions

ECO 102: Issues in Macroeconomics
Goal: To acquaint students with the structural framework and principles involved in the determination of the level of aggregate economic activity: national income, output, employment, and price levels.
Content: Functioning of the economy from the national policy perspective through the study of national income and output, interest rates, money supply, price level, federal budget deficits, and international trade deficits.
Taught: Fall, Spring
Prerequisite: MAT 130 or higher
Gen. Ed. Category: Exploring; Historical Events & Phenomena; (PS)
Credit: 3 hours

ECO 104: Issues in Microeconomics
Goal: To acquaint students with theory relating to decision-making by consumers and firms in product markets.
Content: Study of choice in the face of scarce resources; the analysis of the consumer trying to maximize satisfaction and of the firm trying to maximize profits under varying market structures.
Taught: Fall, Spring
Prerequisite: MAT 130 or higher
Gen. Ed. Category: Exploring; Individuals & Communities; (PS)
Credit: 3 hours

ECO 202: Intermediate Macroeconomic Theory
Goal: To examine the economy-wide consequences of the choices we make, individually and collectively. A defining feature of
macroeconomic events is interaction and interdependence, reflecting the linkages among decision-makers and among various segments of the economy that extend even to events and policies taking place in distant parts of the world.
Content: This course is a continuation of the study of the structural framework and principles involved in the determination of the level of aggregate economic activity. Primary emphasis is placed upon the development of models which explain the behavior of national income, output, employment, price levels and interest rates.
Taught: Alternate years
Prerequisites: ECO 102, ECO 104, and MAT 205
Credit: 3 hours

ECO 204: Intermediate Microeconomic Theory
Goal: To explore in greater detail the incentives which determine individual and firm behavior. We will do this by practicing the application of the microeconomic way of thinking. Introductory courses rely primarily on intuition and logic as the basis for theory; Intermediate courses develop theory from a more mathematical perspective.
Content: This course is a continuation of the study of the nature of decision making in markets. Primary emphasis is placed upon the development of models which explain the behavior of consumers and producers, the importance of market structures, and the appropriate role of the government.
Taught: Alternate years
Prerequisites: ECO 102, ECO 104, and MAT 205
Credit: 3 hours

ECO 206: Economic Thought
Goal: To familiarize students with the historical and philosophical foundations of economic thought.
Content: Students will study ethical and logistical roots of economic thought and their impact on the economic theory developed by Smith, Ricardo, Mill, Marx, Hayek and Keynes. The course will also explore the various concepts of freedom, and the extent to which capitalist and socialist economies satisfy these definitions of freedom.
Taught: Annually
Gen. Ed. Category: Exploring; Historical Events & Phenomena; (PS)
Credit: 3 hours

ECO 210: Women and Economic Development
Goal: To study the impact of economic change on women by analyzing how age, sex and race hierarchies modify changes in women's roles in different societies of Asia, Africa and Latin America.
Content: This course focuses on the effects of economic growth on the socioeconomic status of women. Most importantly, students will study the means by which patriarchy has persisted in various parts of Africa, Asia, and Latin America by redefining itself, even as economies have modernized.
Taught: Annually
Gen. Ed. Category: Synthesizing; Women's Experiences; (PS)
Cross-listed as: BUS 210 and WST 210
Credit: 3 hours

ECO 300: Money and Banking
Goal: To analyze and understand the rapidly changing financial market, emphasizing the role of money and banking institutions in the economic system.
Content: Analysis of money in the economic organization, monetary theory, methods of stabilizing the price level, theories of bank deposits, discount policy, and the regulation of credit by central banks and interest rates.
Taught: Annually
Prerequisites: ECO 102 and 104
Credit: 3 hours

ECO 302: International Trade
Goal: To study the theory of international trade with special emphasis on the gains from trade, the terms of trade, the balance of payments, foreign exchange rates, and international monetary systems.
Content: Examination of international economics from the standpoint of theory, with a special emphasis on several current topics: the growing economic strength of the Pacific Rim, Europe, and the rapidly changing economics of Eastern Europe and the former Soviet Union.
Taught: Alternate years
Prerequisites: ECO 102 and ECO 104
Credit: 3 hours

ECO 330: Econometrics
Goal: This course provides an introduction to methods of quantitative analysis of economic data.
Content: This course reviews basic statistical methods and probability distributions. Topics include data management using professional statistical software applications, multiple regression analysis, hypothesis testing under conditions of multicollinearity, heteroscedasticity, and serial correlation.
Taught: Alternate years
Prerequisites: ECO 102, ECO 104, and MAT 220
Credit: 3 hours

ECO 396: Special Topics in Economics
Goal: To provide an opportunity for exploration of a topic not offered as part of the curriculum.
Content: Examination of special topics, problems, or issues in economics that seem particularly relevant to student needs and interests.
Taught: Offered occasionally
Prerequisite: Dependent on topic
Credit: 3 hours. A student may take a maximum of six to eight semester hours (two courses) of special topics in any one field.

ECO 451: Directed Independent Study
Goal: To provide the student with the opportunity for independent study, under careful supervision, of significant topics in economics selected in consultation with the instructor.
Content: Varies
Prerequisites: Adequate coursework, as determined by the Department of Business and Economics, and permission of the faculty advisor
Credit: 1-9 hours

ECO 452/199: Field Study
Goal: To provide the student with intensive, specialized work experience in the area of economics.
Content: Observation and participation in the work of economics professionals.
Prerequisites: Adequate coursework, as determined by the Department of Business and Economics, and permission of the faculty advisor 
Credit: 1-12 hours

ECO 499: Honors Thesis (Fee required)
Prerequisites: Adequate coursework, as determined by the Department of Business and Economics, and permission of the faculty advisor

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