Economics

Economics

Program Goals

The goal of the Department of Economics is to help students prepare for a career requiring a bachelor’s degree in economics and for graduate study. In order for a student to be successful in these pursuits, the following skills must be obtained:

  1. Learn how economists interpret and apply economic data to understand and predict economic events.
  2. Develop an ability to objectively and critically identify and analyze economic issues.
  3. Acquire an understanding of the theory and technical analysis required for graduate study.

One way or another, economic forces affect every individual, and thus an understanding of economics helps individuals cope with and adapt to the rapidly changing global marketplace. Most issues discussed at local, domestic, and international centers have an economic component. As our society moves through the twenty-first century, issues such as the role and the size of the government, to what extent a nation’s borders remain open to the foreign sector, the trade-off between the quality of the environment and the ­quantity of production, and the distribution of a country’s income between labor and other resources will continue to dominate the national agenda. Indeed, the technological advances of the past century, which could have alleviated problems of scarcity and the need to make difficult decisions, seem only to have exacerbated the trade-offs nations face and the competing uses for the world’s limited resources.

While it is true that to be hired with the title of economist generally requires graduate study, there are ample employment opportunities for those who achieve a baccalaureate degree. An economics degree is an excellent background for careers in banking, real estate, litigation analysis, planning, government, bond trading, financial analysis, teaching and a host of other employment opportunities. An economics background is also excellent preparation for graduate study in economics, law, ­business and international relations.

Bachelor of Arts or Bachelor of Science in Economics

The following courses are required in addition to completion of eight (8) of the nine (9) General Education Objectives for the B.A. or B.S. degree (a minimum of 36 credits--see the General Education Requirements described in the Academic Information section of this catalog).  Recommended electives for economics majors are political science, finance, mathematics, marketing, or other relevant courses depending upon the student’s specific interests.

ECON 2201
ECON 2202
Principles of Macroeconomics
and Principles of Microeconomics
6
(Each course above partially satisfies General Education Objective 6)
ECON 3301Macroeconomic Theory3
ECON 3302Microeconomic Theory3
ECON 4474Capstone Economic Concepts, Study, and Issues3
ECON 4485Econometrics3
MATH 1143College Algebra3-4
or MATH 1160 Applied Calculus
or MATH 1170 Calculus I
MATH 1153Introduction to Statistics3
or MGT 2216 Business Statistics
(Any of the last 4 courses satisfies General Education Objective 3)
Plus 15 additional hours of upper-division courses in economics and nine (9) additional hours in advisor-approved courses.

 Economics Minor

ECON 2201
ECON 2202
Principles of Macroeconomics
and Principles of Microeconomics
6
(Each course above partially satisfies General Education Objective 6)
ECON 3301Macroeconomic Theory3
ECON 3302Microeconomic Theory3
Plus 9 additional upper-division economics credits. 19
Total Hours21
1

All electives shall be selected by the student with prior approval from a Department of Economics faculty member.

How to Read Course Descriptions

Courses

ECON 1100 Economic Issues: 3 semester hours.

Introduction to current economic issues and how they affect individuals and society. Inflation, unemployment, government spending, taxes, wages, discrimination, retirement, welfare, education, profits, poverty, pollution, quality of life, and other issues will be discussed. This course may not be taken if both ECON 2201 and ECON 2202 have been taken. Partially satisfies Objective 6 of the General Education Requirements. F, S, Su

ECON 2201 Principles of Macroeconomics: 3 semester hours.

Introduction to the U.S. economy. Includes analysis of demand and supply as well as the topics of natural output, unemployment and inflation. Examines the roles of governmental spending and taxation and monetary policy conducted by the Federal Reserve. Partially satisfies Objective 6 of the General Education Requirements. F, S, Su

ECON 2202 Principles of Microeconomics: 3 semester hours.

Introduction to demand and supply with applications to elasticity, consumer behavior, the cost structure of firms, the behavior of firms in industries that range from having monopoly power to being competitive, and the role of government in a market economy.Partially satisfies Objective 6 of the General Education Requirements. F, S, Su

ECON 3301 Macroeconomic Theory: 3 semester hours.

Examines and analyzes aggregate economic activity as measured by the unemployment rate, inflation rate, and total output. Monetary and fiscal policy are explored and evaluated for stabilization purposes; economic growth is explained. PREREQ: ECON 2201. F

ECON 3302 Microeconomic Theory: 3 semester hours.

Examines and analyzes how rational buyers make optimal choices given their budgetary constraints and preferences. Examines and analyzes how sellers make profit-maximizing decisions under different market structures. Explains how these individual choices are coordinated into outcomes which result in an efficient allocation of limited resources. PREREQ: ECON 2202. S

ECON 3303 Economics of Health Care: 3 semester hours.

Introduction to the economics of health and health care. Explores the health care sector and health policy issues from an economic perspective, and discusses how economic principles can be used to analyze health care issues and explain the behavior of patients, medical care providers, third-party payers, and employers in health care markets. PREREQ: ECON 2202. F

ECON 3306 History of Economic Doctrines: 3 semester hours.

Overview of the academic and philosophical development of economic thought since its inception to modern times. Readings will come from original sources including Aristotle, Aquinas, Smith, Malthus, Ricardo, Marx, Mill, Marshall, Veblen, and Keynes. D

ECON 3323 Economic History: 3 semester hours.

Qualitative and quantitative analysis of how society has dealt with the ever changing landscape of structural change and economic growth. How institutions evolve in response to the conflict of perpetuating the status quo and anticipating new technology reveals insights attainable only with an economics perspective. D

ECON 3341 Contemporary Labor Economics: 3 semester hours.

Apply economic theories to issues affecting workers in the 21st century. These include labor's supply and demand, wages, human capital, unemployment, collective bargaining, fringe benefits, and government legislation. PREREQ: ECON 2202. D

ECON 3352 Environmental Economics: 3 semester hours.

Analysis of the interaction between the natural environment and the economy, including how our decisions, values and institutions affect the quality of the environment. Examine the conditions required for a market allocation to be efficient, the reasons why a market economy could fail to provide an efficient allocation of environmental resources, how this market failure results in environmental degradation, and the economics of various environmental policies. PREREQ: ECON 2202. S

ECON 3362 Theory of Interest: 3 semester hours.

Interest rate concepts applied to solving time value of money problems such as: valuation of bonds and annuities (level, arithmetic increasing/decreasing, geometric increasing/decreasing), loan amoritization, capital budgeting, portfolio returns (dollar-weighted and time-weighted) and portfolio management (immunization). Introduction to financial instruments, including derivatives, and the no-arbitrage concept. Suitable for students pursuing a career in actuary, insurance or risk management. PREREQ: ECON 2201, ECON 2202; MATH 1160 or MATH 1170; and MATH 1153 or MGT 2216. F

ECON 3384 Mathematics for Economics: 3 semester hours.

Introductory study of mathematical methods that are frequently used in economics. Includes their application to basic economic theory. PREREQ: ECON 2201 and ECON 2202 or permission of instructor. D

ECON 3393 Economics Internship: 1-3 semester hours.

Internship program coordinated by faculty providing significant exposure to Economics issues. May not be used to fulfill major requirements. F, S

ECON 3399 Experimental Course: 1-6 semester hours.

This is an experimental course. The course title and number of credits are announced in the class schedule by the scheduling department. Experimental courses may be offered no more than three times with the same title and content.

ECON 4404 Games Conflicts Cooperation and Strategy: 3 semester hours.

Use game theory to model conflicts, cooperation and strategy, with applications in economics, business, political science, psychology, sociology, anthropology and biology. Equilibrium concepts, information structures, static and multi-period games will be discussed. PREREQ: ECON 2201 and ECON 2202 or permission of instructor. D

ECON 4409 Industrial Organization: 3 semester hours.

Industrial organization extends the theory of the firm to examine firms' strategic behavior, including methods to differentiate products and aggressive pricing schemes, and the government's response to these activities. PREREQ: ECON 2201 and ECON 2202. D

ECON 4411 Political Economy: 3 semester hours.

A critical introduction to the relationship between economic institutions and social analysis. The social implications of different views on economic concepts, such as the division of labor, capital, and value, are investigated from a classical, neoclassical and an institutional perspective. PREREQ: ECON 2201 and ECON 2202. D

ECON 4431 Money and Banking: 3 semester hours.

The study of financial instruments, money, interest rates, the banking industry, and the structure and monetary policies of the Federal Reserve Bank. An examination of past and present monetary policy. PREREQ: ECON 2201 and ECON 2202. F

ECON 4433 Economic Development: 3 semester hours.

A study primarily focused on differences between affluent areas of the world and developing nations and how this knowledge can be used to improve economic performance globally. In addition, a portion of the course will examine regional economic development models. PREREQ: ECON 2201 and ECON 2202. D

ECON 4434 International Trade: 3 semester hours.

Explain international trade patterns of goods, services and factors. Study government trade policies, trade laws, and national and international trade institutions. Study trade strategy from the perspective of governments and business. Understand the different levels of economic integration among countries and the political economy of trade policies and trade conflicts/cooperations. PREREQ: ECON 2201 AND ECON 2202. OS

ECON 4435 International Finance: 3 semester hours.

Study foreign exchange market and theories of exchange rate determination. Discuss the effectiveness of fiscal and monetary policies in an open economy and the implications of international macroeconomic policy coordination/conflict for government officials and business. Learn about foreign exchange hedging and risk management for country and business. Study lessons from recent international financial crises. PREREQ: ECON 2201 and ECON 2202. ES

ECON 4438 Public Finance: 3 semester hours.

Study of government revenues, expenditures, and debt management, including an analysis of the effects of these governmental activities on the American economy. PREREQ: ECON 2201 and ECON 2202. OF

ECON 4439 State and Local Finance: 3 semester hours.

Study of taxation, borrowing and spending by state, city, county and other local governments. Taxing and spending patterns are evaluated and compared by states. PREREQ: ECON 2201 and ECON 2202. D

ECON 4474 Capstone Economic Concepts, Study, and Issues: 3 semester hours.

Discussion driven capstone class that integrates selected topics in economics. Students will be required to do economic research, and write on and discuss current economic issues. PREREQ: At least senior standing. S

ECON 4485 Econometrics: 3 semester hours.

Overview of the practice of econometrics, which combines economic theory, analytical reasoning and statistical techniques to better understand and interpret economic, social science and experimental data. The primary purposes of econometrics are the estimation of equation coefficients, hypothesis testing, and forecasting. PREREQ: ECON 2201, ECON 2202, and MATH 1153. F

ECON 4491 Seminar: 1-3 semester hours.

F

ECON 4492 Special Problems in Economics: 1-3 semester hours.

Reading, discussion, and reporting on selected topics. May be repeated for up to 6 credits with permission of instructor. PREREQ: Senior status in Economics and permission of instructor. D

ECON 4493 Advanced Economics Internship: 1-3 semester hours.

Internship program coordinated by faculty providing significant exposure to Economics issues. May be used to fulfill major requirements. F, S

ECON 4497 Workshop: 1-2 semester hours.

Workshops aimed at the development and improvement of skills. Does not satisfy requirements for a major or a minor. May be repeated. Graded S/U. D

ECON 4499 Experimental Course: 1-6 semester hours.

This course is not described in the catalog. The course title and number of credits are announced in the class schedule by the scheduling department. Experimental courses may be offered no more than three times.

Faculty

Chair and Professor

Hackert

Professors

Benson

Hill

Stegner

Tokle

Assistant Professor

Buder

Back to Top