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- Demonstrate understanding of the concept of scarcity of resources and the opportunity cost associated with choices made.
- Demonstrate understanding of basic economic models of supply and demand, the role of prices in efficient allocation of resources, and how changes to supply and demand affect the market price and quantity of a particular good or service.
- Demonstrate understanding of how the national economy works, the role of government in the economy, and the reasons for macroeconomic policy proposals.
- Understand interactions in a global economy setting, the basis for exchange and the sources of comparative advantage that drive trade.
- Demonstrate understanding of international trade issues and the impact of appreciations and depreciations of exchange rates on different sectors of the economy.
- Understand economic data and some basic analysis methods.
ECON-105 Elements of Economics
Basic macro- and microeconomics principles. Discusses unemployment, inflation, resource scarcity, and consumer and business behavior under various market structures. Not open to students pursuing a major in the Sigmund Weis School of Business or pursuing an economics B.A. major. 4 SH. CC: Social Interactions.
ECON-201 Principles of Macroeconomics
Introduces aggregate economics. Emphasizes current issues such as unemployment, inflation, stagflation, monetary and fiscal policies, and international economics. 4 SH. CC: Social Interactions.
ECON-202 Principles of Microeconomics
Introduces principles of supply and demand and how they affect levels of output, price and employment under various market structures. Prerequisite: Math placement of MATH-101 or higher or completion of MATH-099. 4 SH. CC: Social Interactions.
ECON-311 Intermediate Macroeconomics
A comprehensive study of the major economic aggregates and the theories of income determination. Includes applications to contemporary public issues, such as achieving full employment, price stability and a desired rate of economic growth. Prerequisites: ECON-105, or ECON-201 and ECON-202. 4 SH.
ECON-313 Intermediate Microeconomics Theory
Analyzes how consumers, businesses and suppliers of labor and other resources make their choices. Covers how individual markets for products and resources determine resource allocation, wages, prices, income distribution and levels of production. Students may earn credit for only ECON-313 or ECON-315. Prerequisites: Either a calculus course or MGMT-203 and either ECON-105, or both ECON-201 and ECON-202. 4 SH.
ECON-315 Managerial Economics
A study of the application of economic theory and methods to business and administrative decision-making processes, emphasizing the role that economic analysis plays in managerial decisions. Quantitative methods and tools—such as simple regression analysis, statistics, time series forecasting models, linear programming and spreadsheet packages—are introduced to assist students in gaining better insight into the methods of economic analysis and the applications of managerial economics to real-life decisions. Students may earn credit for only ECON-313 or ECON-315. Prerequisites: ECON-105, or ECON-201 and ECON-202. 4 SH.
ECON-322 Introduction to Econometrics
Examines the general linear regression model and its use to analyze economic data. Focuses on estimating economic models, verifying economic theories by testing alternative hypotheses and forecasting the future of economic variables. Prerequisites: ECON-105, or ECON-201 and ECON-202, and MATH-108, MATH-180, MGMT-202, or PSYC-123. 4 SH.
ECON-325 Labor Economics
Theoretical and empirical investigation of the functions and outcomes of labor markets. Discusses and analyzes current labor issues, trends and developments. Emphasizes how public policies, individual market characteristics of employees, firms and organized labor influence human resource allocation and compensation. Prerequisites: ECON-105, or ECON-201 and ECON-202. 4 SH.
ECON-330 International Trade and Finance
Examines contemporary and historical patterns of economic interactions and interdependence among national economies. In-depth analysis of exchange rates, capital flows and trade flows. Discusses problems of international resource transfers in the context of evolving international economic institutions. Prerequisites: ECON-105, or ECON-201 and ECON-202. 4 SH.
ECON-331 Money, Banking and Financial Markets
Examines depository and nondepository financial institutions, financial markets and instruments. The Federal Reserve System's structure and role in controlling the money supply and regulating financial institutions and markets are discussed in detail. The course examines Keynesian, monetarist and new classical approaches to monetary policy and controversies concerning inflation, unemployment, economic growth and balance of payments. Prerequisites: ECON-105, or ECON-201 and ECON-202. 4 SH.
ECON-332 Public Finance
Examines the influence of government in a market-oriented economy. Analyzes how tax and spending policies reallocate resources, redistribute income and affect stable economic growth. Prerequisites: ECON-105, or ECON-201 and ECON-202. 4 SH.
ECON-335 Economic Development
Examines theories of economic growth and development. Includes in-depth discussions of problems of economic development that confront developing nations. Prerequisites: ECON-105, or ECON-201 and ECON-202. 4 SH.
ECON-338 International Political Economy
Examines issues of political interaction with economic forces at the national, international and global levels. Topics studied include economic systems, international trade and finance, the European Union, NAFTA, CAFTA, OPEC, multinational corporations, economic development, poverty, inequality, and global environmental issues. Same as POLI-338. Prerequisites: Sophomore standing, ECON-201 or ECON-105, or instructor's permission. 4 SH. CC: Interdisciplinary.
ECON-341 Economic Policy
Examines theory and practice of economic policy in the contemporary open-economy environment. Includes detailed analysis of fiscal and monetary policies for interdependent national economies. Emphasizes the relationship between deficit financing and inflation. Prerequisites: ECON-105, or ECON-201 and ECON-202. 4 SH.
ECON-370 Game Theory
Analyzes the strategic interaction between parties. Normal and extensive form games will be studied, with discussions of dominant and mixed strategies, Nash Equilibrium, and incentive compatibility. This course has applications to economic decision making, industrial organization, bargaining and negotiation, and political science. Prerequisites: An introductory statistics course, ECON-202 or ECON-105, or instructor's permission. 4 SH. CC: Writing Intensive.
ECON-373 Political Economic Thought
Study the writings on political and economic issues from several different writers. The readings will be from a diverse set of writers, with views ranging from politically liberal to politically conservative. This course will examine and analyze these writers' views on social justice, tax policies, discrimination, socialism and much more. Prerequisites: Junior or senior standing, ECON-105, or both ECON-201 and ECON-202 or instructor's permission. 4H. CC: Diversity Intensive.
ECON-375 Topics in Economics
Study of selected topics as needed, based on student and instructor interest. 2-4 SH.
ECON-441 History of Economic Thought
A survey of the development of economic ideas. Examines the parallel development of economic doctrines and industrial systems from the Middle Ages to the present. Examines implications of these doctrines for current policy issues. Prerequisites: ECON-105, or ECON-201 and ECON-202. 4 SH.
ECON-442 Emerging Market Economies
Examines emerging market economies on both theoretical and practical bases and in historical perspective. Compares market-oriented economies arising from different sociocultural backgrounds. Prerequisites: ECON-105, or ECON-201 and ECON-202. 4 SH.
ECON-465 Global Financial Markets
Introduces the new and intriguing world of global finance. Explores theoretical and practical reasons for international capital flows. Studies the evolution of financial liberalization on a world scale in conjunction with interest rate and exchange rate dynamics. Practically analyzes the interplay of capital inflows and domestic economic policies using examples of economic collapses of Asia, South America and Eastern Europe. Impacts of European Monetary Union and the co-integrating relationship between the major financial centers conclude the course. Prerequisites: ECON-105, or ECON-201 and ECON-202. 4 SH.
ECON-499 Applied Econometrics
Introduces students to the empirical research methods in economics. Students are expected to use real data in a topic chosen in consultation with the instructor and present their findings. Prerequisites: Senior standing, statistics (MGMT-202, MATH-108, MATH-180, or PSYC-123), and either ECON-105 or both ECON-201 and ECON-202. 4 SH. Capstone.
ECON-500 Seminar in Economics
A course focusing on varying topics of interest to the students and the instructor. Topics may include public policies toward business, problems of manpower development, the role of population in economic development, development of various regions, or the use of mathematics in economics. Prerequisites: Senior standing, either ECON-105 or both ECON-201 and ECON-202, and instructor's permission. 2-4 SH.
ECON-501 Independent Study
Individual work on selected topics for qualified students under faculty supervision. Prerequisites: ECON-311 and ECON-313, plus four additional semester hours in economics and department head's permission. 2-4 SH.
ECON-503 Economics Internship
Off-campus, on-the-job supervised employment for juniors and seniors at a firm, corporation, government agency or nonprofit organization. Prerequisites: Faculty member's permission and acceptance by organization. 2-4 SH.