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Economics is the study of decision making. Economics is used to
examine individual behavior, interactions, and the resulting social
order. Basic economic principles govern all action. It is valuable
to go into negotiations in markets, as well as the voting booth,
prepared with a clear understanding of the business strategies,
government policies and decision outcomes that will affect society.
Knowledge of how markets function is helpful to both business people
and voters who will make decisions about such market-related
economic matters as taxes, interest ceilings, minimum wages, and
public utility rates. A student majoring in economics will evaluate
property rights assessments, the incentives created, and resulting
social order, replacing uninformed opinions about complex situations
with disciplined thought.
Students majoring in economics will be prepared to analyze
complex problems and communicate their findings. The student will be
introduced to the technical terminology of business, analytical
tools for problem solving, and communication methods, including
business writing and presentation. Internships are available to
provide preparation for careers after graduation.
The major provides an excellent foundation for careers in
business, law, politics, as well as government and other
not-for-profit entities, or to pursue graduate studies in economics
or business administration.
Major
Students pursuing a Bachelor of Science degree must complete the
following requirements with a grade of "C-" or higher:
ACC 230 Financial Accounting
ACC 231 Managerial Accounting
BUS 219 Management Science
BUS 260 Principles of Management
BUS 310 Corporate Finance
BUS 350 Marketing
BUS 469 Strategic Management
ECO 121 Introduction to Economics
ECO 221 Intermediate Microeconomics
ECO 222 Intermediate Macroeconomics
MAT 111 Statistics
MAT 121 Applied Calculus
In addition, the student must also complete three additional
electives in economics and satisfy the Computer Applications
Proficiency Requirement. This can be done in one of three ways: 1)
by assessment of skills with the student’s academic advisor, 2) by
successful completion of Introduction to Computer Applications
Software, or 3) by successful performance on the computer
proficiency examination.
Major
Students pursuing a Bachelor of Arts degree must complete the
following requirements with a grade of "C-" or higher:
BUS 219 Management Science
ECO 121 Introduction to Economics
ECO 221 Intermediate Microeconomics
ECO 222 Intermediate Macroeconomics
MAT 111 Statistics
MAT 121 Applied Calculus
One semester of a foreign language at the second semester
elementary-level or higher
In addition the student must also complete four additional
electives in economics and satisfy the computer applications
proficiency requirement. This can be done in one of three ways: 1)
by assessment of skills with the student’s academic advisor, 2) by
successful completion of Introduction to Computer Applications
Software, or 3) by successful performance on the computer
proficiency examination.
Minor
Students desiring to minor in economics must complete the
following courses with a grade of "C-" or higher:
ECO 121 Introduction to Economics
ECO 221 Intermediate Microeconomics
ECO 222 Intermediate Macroeconomics
In addition the student must complete two additional electives in
economics.
The following courses are offered in Economics:
| ECO 121. Introduction to Economics |
4 hours |
This course is designed to familiarize the
student with basic economic principles and concepts. The student
will be introduced to a few key economic principles that can be
used in analyzing various economic events. The materials will
include a history of economic thought, monetary and financial
economics, and supply and demand analysis.
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| ECO 221. Intermediate Microeconomics |
4 hours |
This course develops the economic principles
necessary to analyze and interpret the decisions of individuals
and firms with respect to consumption, investment, production,
pricing, and hiring. The principles are used to understand the
behavior of business firms and public policy-making
institutions. Prerequisites: ECO 121 and MAT 121.
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| ECO 222. Intermediate Macroeconomics |
4 hours |
This course examines the goals of economic
policy and the policy instruments available to achieve those
goals. Attention is given to both monetary and fiscal policy
along with the theory and measurement of national income,
employment, and price levels, and the international implications
of economic policy. Prerequisite: ECO 121.
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| ECO 223. United States Economic History |
4 hours |
This course will study the origin and growth of
the American economic system from pre-colonial through the 20th
century. The course traces the development of the evolution of
American agricultural, commercial, manufacturing, financial,
labor, regulatory, and technological sectors. Prerequisite: ECO
121.
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| ECO 224. Labor Economics |
4 hours |
This course will be a comprehensive study of the
cause and effect relationship between work and income. It will
examine labor market structures, human capital theory,
union-management relations, labor history, economic policy, and
earning profiles by gender and race.
Prerequisite: ECO 121
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| ECO 323. International Economics |
4 hours |
This course is a study of international trade
and finance. The microfoundations of the course will address why
countries trade, why special interest groups fight international
trade, regional specialization, international agreements on
tariffs and trade, and national commercial policies. The
macrofoundations of the course will focus on exchange rates,
balance of payments, international investments, and coordination
and cooperation of international monetary and fiscal policies.
Prerequisite: ECO 121.
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| ECO 324. History of Economic Thought |
4 hours |
This course is a study of the major writers and
schools of economic thought, related to the economic, political,
and social institutions of their times: the Medieval,
Mercantilist, Physiocrat, Classical, Marxist, Historical,
Neoclassical, Institutionalist, Keynesian, and post-Keynesian
schools. Prerequisite: ECO 121.
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| ECO 420. Economic Development |
4 hours |
This course is a study of the economic, social,
and political factors that account for the contrast between the
economic stagnation in much of the world and the steadily rising
incomes in the United States, Europe, and Japan. General
principles are applied to the development experience of selected
countries in the historically less-developed world and the
formerly centrally-planned economies of Eastern and Central
Europe. Prerequisites: ECO 221 and ECO 222.
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| ECO 421. Money and Banking |
4 hours |
This course will study the role of private
financial institutions and the Federal Reserve System in the
creation of the nation’s money supply and the theory that links
the money supply to the nation’s inflation rate and output
level. Additional topics are the international payments
mechanism, capital flows, the determination of exchange rates,
and the use of a common currency by several countries.
Prerequisites: ECO 221, ECO 222, and proficiency in the use of
spreadsheet software.
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| ECO 423. Business Structure and Antitrust Law |
4 hours |
This course is a study of the structure of firms
within a given industry, the corresponding strategic decisions
and conduct, and the United States' antitrust policy that is
intended to facilitate competitive market goals across the
economy. Topics will include competition, dominant firm and
cartel theory, measurement of industry structure and
performance, strategic behavior in pricing, advertising and
information, vertical integration, regulation, and law and
international markets. Prerequisite: ECO 221 with a grade of
"C-" or higher.
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| ECO 424. Labor Economics |
4 hours |
This course will be a comprehensive study of the
cause and effect relationship between work and income. It will
examine labor market structures, human capital theory,
unionmanagement relations, labor history, economic policy, and
earning profiles by gender and race. Prerequisites: ECO 221 and
ECO 222.
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| ECO 425. Public Finance |
4 hours |
An analysis of the impact of federal, state, and
local government expenditures, revenues, debt management, and
budgeting on the allocation of resources, the distribution of
income, the stabilization of national income and employment, and
economic growth. Topics will include expenditure patterns, tax
structure, benefit-cost analysis, policy analysis, and
microeconomic and macroeconomic theories of public expenditures
and taxation. Prerequisites: ECO 221 and ECO 222.
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| ECO 426. Internship in Economics |
1-4 hours |
An internship is designed to provide a
formalized experiential learning opportunity to qualified
students. The internship generally requires the student to
obtain a faculty supervisor in the relevant field of study,
submit a learning agreement, work 30 hours for every hour of
academic credit, keep a written journal of the work experience,
have regularly scheduled meetings with the faculty supervisor,
and write a research paper dealing with some aspect of the
internship. Written work should total five pages of academic
writing for every hour of credit. An extensive list of
internships is maintained by the Career Services Office,
including opportunities at the Federal Reserve Bank and
Prudential Securities. Graded on a satisfactory/unsatisfactory
basis. Prerequisites: Permission of the faculty supervisor and
qualification for the internship program.
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| ECO 427. Independent Study in Economics |
1-4 hours |
Supervised research on a selected topic.
Prerequisite: Submission of a proposed outline of study that
includes a schedule of meetings and assignments approved by the
instructor, the division chair, and the Provost and Senior Vice
President prior to registration.
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| ECO 428. Special Topics in Economics |
4 hours |
| An intense study of diverse topics under the
direct supervision of an economics faculty member. Prerequisite:
Permission of the instructor. |
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