Economics is often called the science of rational behavior; it emphasizes formal, systematic and analytical thinking.

Economics Course Offerings

ECON 100 Fundamentals of Economics – GS 3 C-IS
Introduction to the study of decision making under conditions of scarcity. Basic economic questions (What is produced? How? For whom?) are identified, using a market framework, the social science method, and simple models. Underlying values embedded in decision making are identified, using broad social goals criteria. Course incorporates topics from macroeconomics, microeconomics and global economics. Intended for non- Business and non-Economics majors only.

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 ECON 102. Spring semester.

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. Prerequisite: ECON 102. Fall semester.

ECON 300 History of Economic Thought – GS10 C-WT
Study of the principal thinkers in economic philosophy. Topics 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.

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 instructor consent.

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
(See Infrequently Offered Courses section of the catalog.)

ECON 340 Economics of Professional Sports 1
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 anti-trust policy. Prerequisites: ECON 102, BUAD 284 or SSCI 224.

ECON 341 Economics of Professional Sports 2
Survey of major issues in sports economics research literature. Considers topics in individual sports/leagues (e.g. MLB, NBA, NHL, NFL, European soccer, women’s athletics, college athletics) and topics across different sports (e.g., measuring athlete labor productivity, athlete discrimination, competitive balance, demand estimation issues). Prerequisite: ECON 340.

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.

ECON 357 Economics of Globalization – GS 11 C-BB
This course is an introduction to the economics behind globalization and is designed for students with little or no previous training in economics. 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 of Ricardo to those related to 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.

ECON 375 Growth and Development
(See Infrequently Offered Courses section of the catalog.)

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
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: instructor’s consent.

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. Prerequisite: instructor consent and approval of Associate Dean of Social Science.

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

Alumnus Perspective

“St. Norbert provided me with a number of amazing experiences, including a semester in London with an internship at the London Stock Exchange, a ‘Semester at Sea’ academic voyage around the world, a 10-day Geography of Mexico field study and a United Nations seminar in New York City. I credit much of my career success to my experiences inside and outside of the classroom at SNC.”

Steve Peterson, AICP ’04
Senior Transportation Planner, SRF Consulting Group, Minneapolis

Faculty Perspective

“Teaching undergraduates at a small liberal arts college is the ultimate source of challenge, growth and professional satisfaction.”

Sandra Odorzynski
Professor of economics