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Economics uses a small set of powerful and flexible tools to understand trades: trades between producers and consumers, trades between workers and employers, trades between investors and firms, trades among banks, trades between one generation and the next, trades between countries, and the taxation and regulation of trades. Further, economics considers issues associated with equity and property rights.

Progressing through a major in economics means acquiring a deepening understanding of the small set of basic tools of economics: understanding their
usefulness, their limitations, and the details of their application to important issues. An economics major is a firm foundation for a career in public policy analysis, banking, finance, market analysis, business management, or teaching, and for graduate study in economics, business, public policy, and law.

The core courses in both the major and the minor are two introductory courses (EC 201 and 202) and two intermediate courses (EC 308 and 309). Introductory courses in calculus and statistics are also required for the major. It is recommended that these six courses be completed prior to taking others in the major, and introductory calculus should be completed prior to taking Microeconomics (EC 309).

It is also possible to complete an interdisciplinary major in economics, philosophy and politics. This interdisciplinary major is designed to enable students to deal more adequately with the broad range of questions raised by contemporary social, economic and political issues. For more information see the Interdisciplinary Major Requirements section of this catalog.

Students completing the economics program should, at minimum, understand the following:

(a) The fundamental principles and language of economics.

(b) The usefulness of economic modeling as a tool of rigorous analysis.

(c) The nature of trade and how markets function to facilitate it.

(d) The role of economic theory in the examination of public policy issues.

(e) The economic impact of actions taken by individuals, firms, governments, and other groups and organizations.

The Division's programs are accredited by the Association of Collegiate Business Schools and Programs (ACBSP). The College is a member of both AACSB International and ACBSP.

Major Requirements

The following courses are required (13 units):

EC 201 and 202
EC 308
EC 309
six additional units in EC at the 300 level or above (other than EC 493, 498, or 499); BA 372 or BA 474 are acceptable in fulfilling this requirement
EC 499
MA 207
MA 231

Minor Requirements

The following courses are required (5 units):

EC 201 and 202
EC 308
EC 309
one elective unit in EC at the 300 level or above

Courses in Economics

EC 201 Principles of Economics I (1)

A general introduction to economics with emphasis on macroecononomic aspects: national income determination, monetary and fiscal policy. Fall, Spring.

 

EC 202 Principles of Economics II (1)

A general introduction to economics with emphasis on microeconomic aspects: the economic principles underlying price, production, distribution of income, and related problems. Fall, Spring.

 

EC 303 Money and Banking (1)

A study of the financial intermediary and payments system of the United States; operations, supervision and history of commercial banks; the Federal Reserve System and its control of the money supply; the economy of the United States and the influence thereon of monetary policy; the international payments system; money and capital markets. Prerequisites: EC 201and AC 221. Spring.

 

EC 305 Comparative Economic Systems (1)

The examination and analysis of alternative economic systems in theory and practice. Particular attention is paid to the economic structure, regulatory policies, fiscal and monetary policies of various nations which are committed to rival doctrines of economic organization. Prerequisites: EC 201 and 202. Spring.

 

EC 308 Macroeconomics (1)

A study in depth of the aggregates of economic society: Gross National Product, National Income, Personal Income; the balance of savings and investment; economic stability; economic growth. Prerequisites: EC 201 and 202. Fall.

 

EC 309 Microeconomics (1)

A survey of contemporary theory concerning consumption, production, demand, supply; market price under competition and monopoly; factor prices; wages, interest, rent; the concept of profits. Prerequisites: EC 201 and 202. Spring.

 

EC 311 Quantitative Analysis for Business and Economics (1)

A study of selected methods and techniques related to managerial choice and administrative decision making. The course is strongly recommended for majors (same course as BA 311). Prerequisite: MA 207. Fall, Spring.

 

EC 315 Managerial Economics (1)

A study of the fundamental concepts of managerial economics, including analysis of market conditions and demand, market structure and pricing strategies, production conditions and costs, value maximization and fixed capital investment decisions, together with relevant analytical and empirical methods. Prerequisites: EC201, EC202, and MA 207. Spring.

 

EC 402 Public Choice (1)

Government expenditures and revenues, the shifting and incidence of taxation, public debt, fiscal and monetary policies. Prerequisites: EC 201 and 202. Fall.

 

EC 410 International Trade (1)

The theory of international trade, balance of payments, international financial institutions, the structure of trade, international impacts on income distribution, trade policy including protection and regulation. Prerequisites: EC 201 and 202. Fall.

 

EC 415 Capital Markets (1)

A course examining the economic theory of capital and of capital markets. The course considers the purpose and function of capital in the economy and examines the impact of various government policies on such markets. Examination is also made of the current institutional structure of financial markets and how they function in practice. Prerequisites: EC 201 and 202. Fall.

 

EC 420 History of Economic Thought (1)

A study of the evolution of economic thought from Aristotle and Plato to New Keynesianism and Neo-classicism. Prerequisite: EC 201 or 202 or consent. Spring.

 

EC 425 Industrial Organization (1)

A course examining the economic behavior of producers in various situational settings. Prerequisite: EC 202. Fall.

 

EC 430 Economic Growth and Development (1)

A study of theories of economic growth, alternative approaches to development policy, and their applications in various developing countries or regions. Prerequisites: EC 201 and 202.

 

EC 435 Austrian Economic Theory (1)

A study of the underlying propositions which form the foundation of the Austrian tradition of economic analysis. Prerequisites: EC 201 and 202.

 

EC 440 Economics of Natural Resources and the Environment (1)

An examination of the economic theory of natural resource use and the environment. Prerequisite: EC 202 or consent. Spring.

 

EC 470-72 Senior Seminar (1)

A capstone experience providing for the integration and synthesis of subject areas pertinent to the major. This course is limited to advanced juniors and seniors who are majors or are interdisciplinary majors with an emphasis in economics.

 

EC 493 Independent Study (1)

Designed primarily for departmental majors: supervised reading, field work, written reports, analysis of theoretical and practical problems. Prerequisite: Consent.

 

EC 498 Teaching Experience in Economics (1)

Open to sophomores, juniors, or seniors with consent of major advisor.

 

EC 499 Senior Project in Economics (1)

An independent research project that brings to bear the student's accumulated knowledge and skills in economics. A substantial paper and/or oral presentation are required. Prerequisite: Senior standing or consent. Interim.