College Catalog
Course Descriptions
Economics (ECON)

ECON 101 Principles of Macroeconomics
Introduction to macroeconomic problems: unemployment and inflation. National income accounting: measures of gross domestic product. Aggregate demand and supply. Fiscal and monetary policies. Open-economy issues.

ECON 102 Principles of Microeconomics
Resource allocation by consumer and producer. Derivation of demand and supply curves. Market structure; perfect competition and imperfect competition. Determination of wages and other factor prices.

ECON 251 Intermediate Macroeconomics
National income, employment, interest rate, exchange rate, and price level. Classical and IS-LM framework in an open economy. Fiscal and monetary policies and issues. Prerequisites: ECON 101 and 102. Offered once a year.

ECON 252 Intermediate Microeconomics
Consumer demand theory; utility maximization; elasticity. Theory of the firm; production and cost functions; profit maximization. Price and output decisions under perfect competition, monopoly, and imperfect competition. Factor markets. General equilibrium and pareto-optimality; income distribution. Market failure. Prerequisites: ECON 102. Offered once a year.

ECON 300 History of Economic Thought
Study of the principal thinkers in economic philosophy. Topics to include: Ancient and Medieval Economic Thought; Mercantilism and the Dawn of Capitalism; the Classical Period; Criticisms of Classical Economics; Socialism; Marginalism; the Neoclassical Period; Institutionalism; John Maynard Keynes; the Austrian School; and the Chicago School. Readings from primary sources. Prerequisite: Junior or senior standing. Fulfills General Education Area 10- Western Tradition Requirement. See General Education Extended Course Description.

ECON 320 Mathematical Modeling and Computers in Economics and Business
Limit, continuity and differentiability. Matrices and determinants. Unconstrained and constrained optimization; first and second-order derivatives. Comparative statics. Applications in Economics and Business. Use of mathematical software. Prerequisites: MATH 124; ECON 101 or ECON 102 or consent of instructor.

ECON 325 Introduction to Econometrics
Regression analysis; ordinary least squares method of estimating parameters of linear equation involving two or more variables. Hypothesis testing. Problems of estimation. Model building and forecasting. Use of econometric software. Prerequisites: BUAD 284 or SSCI 224 or MATH 321; ECON 101 or ECON 102 or consent of instructor.

ECON 326 Advanced Applied Econometrics
Topics in advanced econometric analysis. Incorporating lags optimally; stationarity and cointegration; simultaneous models; pooling data; and systems of equations. Recommended for students interested in graduate study. Prerequisite: ECON 325.

ECON 330 Labor Economics
Theory of labor supply and demand. Theory of human capital. Compensation issues; wages, fringe benefits; minimum wage. Unions and collective bargaining. Employment and unemployment: measurement issues; labor force participation; full employment; immigration. Income distribution; discrimination. Prerequisites: ECON 101 and ECON 102.

ECON 335 Industrial Organization
Theory of the firm, nature of different market structures, relationships between industry structure and performance, pricing strategies, vertical integration and restriction, role of information and advertising, antitrust policy and its effects. Prerequisite: ECON 102.

ECON 340 Economics of Professional Sports
Economic analysis of the professional spectator sports industry. Sports fans as consumers. Teams as profit-maximizing firms. Athlete labor markets. Economics of sports and media. Sports leagues as cartels. Stadium subsidies. Sports antitrust policy. Prerequisite: ECON 102.

ECON 350 Environmental Economics
The study of the economic aspects of environmental issues such as water and air pollution, global warming and deforestation, in a microeconomic framework. Possible consequences of economic activity on the environment. Design of policies meant to foster economic development along with environmental protection. Benefit-cost analysis. Optimal use of natural resources. Prerequisite: ECON 102. Cross listed with PEAC 350.

ECON 357 Economics of Globalization
This course is an introduction to the economics behind globalization, and is designed for non-economics majors. The course explores the historical development of international trade and finance. Examination of data will lead to the establishment of various economic theories to explain trade patterns, and will cover theories ranging from those brought forth by Ricardo to those brought forth by new trade theorists such as Paul Krugman. The course will explore many of the contentious issues related to international trade and international finance, and will consider the forces that drive increased economic integration. Not open to Economics, Business Administration majors. Fulfills General Eduaction Area 11- Global Society See General Education Extended Course Description. Cross listed with PEAC 357.

ECON 370 Comparative Economic Systems
Analytical framework for defining and classifying economic systems. Theoretical basis of capitalism, socialism, market socialism, Marxist-Leninist, and planned socialism. Comparative evaluation of economic outcomes and performance. Case studies: U.S., Western Europe, emerging Asian nations. Socialist economic systems in transition. Prerequisites: ECON 101 and ECON 102.

ECON 375 Growth and Development
Characteristics of developing countries. Theories of economic growth: neoclassical and structuralist models, endogenous growth. Importance of physical and human capital. Export-led growth vs. import substitution. Fiscal, monetary and exchange-rate policies. Regional and global trade agreements. Country studies. Prerequisites: ECON 101 and ECON 102. Cross listed with PEAC 375.

ECON 376 International Trade
Comparative advantage; theories of international trade; terms of trade and welfare. Commercial policy-tariffs and quotas. Regional trading blocs, international trade agreements. Prerequisites: ECON 101 and ECON 102.

ECON 377 International Finance and Monetary Economics
Balance of payments - current account and capital account. Exchange rate determination; purchasing power parity. Open- economy macroeconomics: Fiscal and monetary policies; fixed and flexible exchange rates. The role of IMF and World Bank; international debt crisis. Prerequisites: ECON 101 and ECON 102.

ECON 380 Managerial Economics

The application of microeconomic theory to managerial decision making regarding demand, production, and cost. Traditional neo-classical theory of the firm combined with modern adaptations addressing property rights, transaction costs, imperfect information, and global markets. Use of linear programming techniques; emphasis on critical thinking skills in managerial problem solving. Prerequisite: ECON 102.

ECON 390 Monetary Theory and Policy
The nature of money and the function of money in an economy. How banks and financial institutions affect the economy and the role of the Federal Reserve as a policy-making and stabilizing force. Monetary policy and its effectiveness in the context of various macroeconomic models. The role of policy in the world economy. Prerequisites: ECON 101 and ECON 102.

ECON 391 Public Finance
Role of government: allocation, distribution, stabilization. Welfare economics; externalities; public goods. Public choice theory. Government expenditures; cost-benefit analysis. Government finance; tax vs. debt financing; deficits and the public debt. Taxation theory; income, consumption, and wealth taxes. Fiscal federalism; state and local government issues. Prerequisites: ECON 101 and ECON 102.

ECON 489 Special Topics in Economics
This is a seminar course that is offered whenever a mutual interest in a more specialized topic in economics exists for a member of the faculty and a sufficient number of students. Prerequisite: consent of instructor.

ECON 490 Independent Study
Individual study of an approved topic in economics under the direction of an economics faculty member. Permits faculty and students to explore together some subject of special or personal interest. Reading and tutorial discussion are required, written work is optional. Prerequisites: consent of instructor and approval of Division Chair.

ECON 492 Directed Research
Qualified students may perform economics research projects under the supervision of an economics faculty member. Prerequisites: consent of instructor and approval of Associate Dean of Social Science.

ECON 494 Internship
Appropriate work experience with business firms or government agencies may be undertaken for course credit, when directly related to the educational goals of the student. Prerequisites: consent of instructor and approval of Associate Dean of Social Science. At intervals.

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