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Paul Cleveland, Sara H. Robicheaux, Kathleen Greer Rossmann
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 AACSB International.
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
Internships, interim projects, service-learning, and teaching experience
may not count toward the minor.
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
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. Prerequisite:
EC 201. Fall 2004.
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.
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: EC 201, EC 202, and MA 207.
EC 340 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.
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 2004.
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 2003.
EC 414 Investments (1)
A study of various financial instruments and investment theories. The
primary objective of this course is to develop analytical tools for
making investment decisions and to learn practical applications of
investment theory. These tools facilitate portfolio selection and the
relationship between risk and return. The application of these tools
leads to an understanding of stocks, bonds, options and mutual funds.
Prerequisites: BA 372. (Also listed as BA 414.) Spring 2004.
EC 415 Capital Theory (1)
Examines the theories of capital and financial markets. The course considers
the purpose and function of capital in the economy and examines the impact
of various government policies on such markets, as well as the various
theories aimed at explaining how financial markets function in practice.
Fall 2003.
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 2005.
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 470, 471, 472 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.
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