Economics

SCHOOL OF COMPUTER SCIENCE AND INNOVATION

B.A. in Economics

In an increasingly interconnected world, where commerce, employment, banking, investing, currencies and trade affect everyone, an education in economics is more important than ever. Economists grapple with some of the most pressing issues facing society, including globalization and standards of living in the developing world, the impact of public policy on the economy and the balance between environmental goals and economic growth. The 120-credit Bachelor of Arts degree program in Economics is a comprehensive examination of the economies of the United States and the world, led by distinguished professors with backgrounds in a diverse range of economics disciplines.

Graduates of the B.A. in Economics can aspire to careers as policy analysts working for banks, corporations, and governments; aid workers helping poor countries improve their economies; and diplomats specializing in the relationship between industry and government, among others.

Small classes, faculty with expertise in diverse areas, and a comprehensive examination of the economies of the United States and the world provide students with excellent career preparation.


Program Curriculum

Course # Course Name Credits
Required Economic Courses
(36 Credits)
ECO 10 Introduction to Microeconomics 3
ECO 11 Introduction to Macroeconomics 3
ECO 61 Microeconomics Analysis 3
ECO 62 Macroeconomic Analysis
ECO 72 Statistics
ECO 73  Intermediate Business Statistics
 Choose Six of the Following Courses

ECO 7

Political Aspects of Economics 3
ECO 14 Everyday Economics
ECO 21 Money and Banking
ECO 22 Economics for Investors
ECO 23 /PSY 23 Behavioral Economics
ECO 25 Economic Geography  3
ECO 32 Economics of American Industry
ECO 35 Economics of Government
ECO 36 Health Economics
ECO 37 The Economics of Obesity
ECO 38 Sports Economics
ECO 40 Contemporary Chinese Economy
ECO 41 International Economics
ECO 42 Economics of Underdeveloped Countries
ECO 43 The Japanese Economy
ECO 44 The Transition Economies of Central Europe and the Former Soviet Union
ECO 45 Economics of the Middle East
ECO 46 Current Economic Issues 3
ECO 47 Economics and Aging
ECO 48 Economics and the Law
ECO 49 Economics of the Environment 3
ECO 54 History of Economic Thought 3
ECO 55 American Economic History 3
ECO 63  Labor Economics
ECO/FIN 65  Money and Capital Markets
ECO 74 Mathematical Economics 3
ECO 75 Game Theory: Individual Choices and Group Outcomes
ECO 81 Research Problems in Economics I
ECO 82 Research Problems in Economics II 
ECO 88 Economics in the World 
ECO 359 Honors Advanced Elective
3
ECO 360 Honors Advanced Elective 
ECO 385 Honors Tutorial 
ECO 386 Honors Tutorial
ECO 389  Honors Thesis
ECO 390  Honors Thesis
ECO 400 State, Society, and the Individual: Hoxie Colloquium 3
 
Liberal Arts and Science Electives
(27-28 Credits)
Required Courses (which can be included in core or electives; choose one sequence below)

MTH 5

Linear Mathematics for Business and Social Science

3

MTH 6

Calculus for Business and Social Science
3
 OR
MTH 7 Calculus and Analytic Geometry I
MTH 8

Calculus and Analytic Geometry II

3

 
 Course # Course Name  Credits
 Required Core Courses
(32-33 Credits)
POST 101 Post Foundations 1
FY First-Year Seminar 3
ENG 1** Writing 1 3
ENG 2** Writing 2 3
MTH 5 or 7 Quantitative Reasoning 3
 Choose one course from each of the five below course clusters and one additional course from one of the clusters.
Scientific Inquiry & the Natural World 4
Creativity Media & the Arts 3
Perspectives on World Culture 3
Self, Society & Ethics 3
Power, Institutions & Structures (ECO 10 Required) 3
One additional course from one of the five clusters. (ECO 11 Required) 3

* Some courses may count as core and others as electives.

** In addition to ENG 1 and 2, students take at least 3 more writing intensive (WAC) courses as part of their major, core, or elective courses.  ENG 303 and 304 can satisfy the ENG 1 and 2 requirement for students in the Honors College.

Credit Requirements
Total Major Requirement Credits 36
Total Elective Requirement Credits 24
Total Elective Liberal Arts & Sciences Credits 27-28
Total Core Requirement Credits 32-33
Total Degree Credits 120

Courses

ECO 7 Political Aspects of Economics
This course covers political aspects of economic institutions and processes with particular attention to the relationship of governments and markets on the domestic and international levels.
Credits: 3
On Occasion


ECO 10 Introduction to Microeconomics
This course discusses the important economic theories and concepts that facilitate understanding economic events and issues. Its main focus is on the choices made by consumers, producers, and governments, and there interactions of these choices. Topics include demand and supply, consumption, and production, competitive and non-competitive product markets, markets for resources, and welfare. This course fulfills the Power, Institutions, and Structures thematic cluster requirement in the core curriculum.
Credits: 3
On Occasion




ECO 11 Introduction to Macroeconomics
This course discusses the important economic theory and concepts that facilitate understating economic theories and concepts that facilitate understanding economic events and questions. Its main focus is on analyzing the behavior of important economic aggregates such as national income, unemployment, inflation, interest rates, exchange rates and economic growth.  The effects of the government's monetary and fiscal policies on economic growth and inflation are also examined. This course fulfills the Power, Institutions, and Structures thematic cluster requirement in the core curriculum. Prerequisite of ECO 10 is required.
Credits: 3
Every Fall, Spring and Summer



ECO 14 Everyday Economics
This course has students examine how economics decision-making influences their lives every day. It includes examining daily life choices in areas such as time management and financial management. Topics will include cost-benefit analysis, the time value of money, basic taxation concepts, employee benefits that help shelter income and the fundamentals of investing to plan for future financial security.
Credits: 3
On Occasion



ECO 21 Money and Banking
This course covers the description and analysis of the monetary and credit system and appraisal of the contributions of Federal Reserve policy to a program of economic stabilization. Prerequisite of ECO 5 or 11 is required.
Credits: 3
On Occasion



ECO 22 Economics for Investors
This course is a "hands-on" application of basic economic principles in asset allocation and portfolio selection.  Emphasis is given to macroeconomic and microeconomic indicators, and the ways they are used to make intelligent investment decisions.  The course is also valuable for students interested in pursuing Series 7 and Series 63 certification. Prerequisite of ECO 10 or 11 is required.
Credits: 3
On Occasion



ECO 23/PSY 023 Behavioral Economics
This course describes how the use of evidence from psychology can improve the predictive power of standard economic theories. Standard economic theories represent human beings in ways that are often different from how they really behave. Evidence suggests that human behavior diverges often from standard notions of economic rationality in predictable ways. Predictions about individual behavior are more accurate and the policies of governments are more effective when this evidence is effectively used.  This course is a non-technical introduction to the intersection of psychology and economics.
Same as PSY 23.
Credits: 3
On Occasion



ECO 25 Economic Geography
This course is a study of the area differentiation of economic activities over the surface of the earth, and the physical and human environmental factors affecting the geographical pattern of economic activity. Same as GGR 25.
Credits: 3
On Occasion



ECO 32 Economics of American Industry
This course looks at the factors - including government policies - that influence the behavior of firms. The effects of firms' choices on the welfare of consumers are examined. Topics include perfect competition, monopoly, oligopoly, monopolistic competition, pricing strategies, antitrust laws, and regulation. Prerequisite of ECO 10 is required.
Credits: 3
On Occasion



ECO 35 Economics of Government
This course examines the role of government in a market economy, the justification for government intervention, and the design of efficient government policies. Topics include the incidence and effects of taxation, government expenditure programs, public goods, externalities, benefits-cost analysis, efficiency, equity, budget deficits, national debt, and democratic politics. Prerequisite of ECO 10 or 11 is required.
Credits: 3
On Occasion



ECO 36 Health Economics
This course is an introduction to the field of health economics.  Health economics is an active field of microeconomics with a large and growing literature.  This course will cover a variety of topics concerning the determinants of health, the supply and demand for healthcare services, the impact of insurance on the demand for healthcare services, and the role of government in healthcare markets and in promoting health behavior. Pre requisite of ECO 10 is required. ECO 61 is recommended but not required.
Credits: 3
On Occasion



ECO 37 The Economics of Obesity
This course demonstrates how basic economic concepts, principles, and theories can be used to think about and illuminate the issue of obesity in the United States and worldwide. This course will cover a variety of topics concerning the determinants of the demand and supply for food. The impact of obesity on health insurance and healthcare will be analyzed. Government policies that are contributing to the growth in obesity and policies that may help reverse this trend will be  described and discussed. Pre requisite of ECO 11 or ECO 10 is required.  ECO 61 is recommended but not required.
Credits: 3
On Occasion




ECO 38 Sports Economics
This course focuses on the application of various economic models to enable student understanding of the sports industry.  Specifically the course examines the competitive structure of sports leagues and franchises and their profit maximizing behavior, including methods to maintain an adequate competitive balance between franchises.  Professional sports leagues maintain rich data on player (worker) performance providing unique opportunities for analyzing labor markets.  These labor markets are very complex in that they operate with a great deal of market power on each side.  The course also examines the public finance aspect of arena construction and the costs and benefits a city experiences by having a team. Same as PE 143.
Credits: 3
On Occasion



ECO 40 Contemporary Chinese Economy
This course covers a number of aspects of the modern Chinese economy:  its history, economic growth, sectoral analysis, foreign trade and investment, economic frictions, challenges and opportunities for the world economy.
Credits: 3
On Occasion




ECO 41 International Economics
This course examines the economic aspects of globalization. Attention is paid to international trade in goods and services, international flows of capital (through international lending and borrowing), and migration. Topics include trade theory, tariffs, and other protectionist policies, trade agreements between nations, the World Trade Organization, balance of payments, exchange rates, and the European Monetary Union.
Credits: 3
On Occasion



ECO 42 Economics of Underdeveloped Countries
This course is an introduction to the topic of global economic progress. It looks at the relevant data, examines the important theories, and discusses the effectiveness of prominent policy proposals.
Credits: 3
On Occasion





ECO 43 The Japanese Economy
Japan is one of the largest single economies in the world, an important U.S. trade partner and a major investor in the U.S. economy. Among the issues discussed are Japan's management system, trade with the U.S. and business opportunities and strategies for international firms. Prerequisite of ECO 10 is required.
Credits: 3
On Occasion



ECO 44 The Transition Economies of Central Europe and the Former Soviet Union
The historical analysis of the Soviet Union and Eastern European economic systems is studied along with a focus on recent changes and related problems in the region. Prerequisite of ECO 11 is required.
Credits: 3
On Occasion




ECO 45 Economics of the Middle East
This course surveys the major economic issues facing countries in the Middle East today: education, health, income distribution, poverty, labor migration, population growth, oil incomes, water supplies and military spending. The economic impact on the socio-political issues of the region will be discussed.
Prerequisite of ECO 11 or permission of instructor is required.
Credits: 3
On Occasion



ECO 46 Current Economic Issues
This course explains the economics of current issues such as: immigration, air pollution, health care, drugs and crime, college education, educational reform, social security, poverty, growth, deficits, surpluses and debt. Each issue is analyzed in detail and we discuss the possible outcomes for these issues. Prerequisite of ECO 10 or 11 is required.
Credits: 3
On Occasion




ECO 47 Economics and Aging
This course focuses on the economic issues and policies impacting the aging and the aged in addition to the market and non-market solutions to the problems of economic security and retirement for the aging portion of our population. Prerequisites ECO 10 and 11 or permission of instructor are/is required.
Credits: 3
On Occasion



ECO 48 Economics and the Law
This course explores the applications of economic knowledge to legal issues: an analysis of major court decisions in selected areas of the law including but not limited to property, contract, environmental law, antitrust, equal employment opportunity, labor law and securities. Prerequisites ECO 10 and 11 or permission of instructor are/is required.
Credits: 3
On Occasion

 




ECO 49 Economics of the Environment
Focuses on economic issues of vital interest in domestic and global environmental policy. This course demonstrates how solutions to environmental problems exhibit costs as well as benefits and examines ways in which public policy can be crafted to meet environmental concerns while maintaining important economic objectives such as economic growth, increased employment and international competitiveness. Prerequisite of ECO 10 is required.
Credits: 3
On Occasion



ECO 54 History of Economic Thought
This course highlights the contributions of leading economists and the relevance of their theories to later periods. Systems of economic thought and consideration of application are compared to address current problems.
Credits: 3
On Occasion





ECO 55 American Economic History
This course is a descriptive and analytical account of economic growth of the United States and  institutional and organizational changes that gave rise to rapid growth in living standards.
Credits: 3
On Occasion



ECO 61 Microeconomic Analysis
This course covers the theory of cost, demand, price, market structures and factor payments with special emphasis on firm economics. Prerequisite of ECO 10 is required.
Credits: 3
On Occasion



ECO 62 Macroeconomic Analysis
This course covers income and employment theory that deals with the dynamics of aggregate consumption, investment and government spending in relationship to stability and growth. Prerequisite of ECO 11 is required.
Credits: 3
On Occasion


ECO 63 Labor Economics

This course examines historical and institutional forces in industrial relations. Collective bargaining issues and public policy to promote labor-management cooperation, and other problems and issues associated with industrial society are covered.

Credits: 3

On Occasion



ECO 65 Money and Capital Markets Cross-listed with FIN 65
The main goal of this writing-across-the-curriculum course is to analyze and understand the main forces that are influencing and changing the U.S. financial system. Emphasis will be placed on both financial theory which includes the loanable funds theory, liquidity preference, the modern quantity theory of money, and theories of the term structure of interest rates and the U.S. institutional structure which includes an examination of financial markets and financial institutions and their competitive strategies. Regulatory changes and traditional and new financial instruments will be evaluated along with a discussion of the use of the Federal Reserve's flow of funds and material from rating agencies and major financial firms. Current events will also be covered. Cross-listed with FIN 65. Prerequisite:FIN 11 or permission of chair is required.
Credits: 3
On Occasion




ECO 72 Statistics
Topics covered include descriptive statistics, elementary probability theory and probability distributions, sampling, estimation, hypothesis testing. Analysis of variance, regression and correlation analysis and index numbers are introduced. Prerequisite of one of the following courses is required: MTH 1, 3, 3S, 4, 4S, 5, 6, 7, 8, 15, or 16.
Credits: 3
Every Fall, Spring and Summer




ECO 73 Intermediate Business Statistics
This course is an introduction to the theory and practice of econometrics, with the goal of making students effective consumers and producers of empirical research in economics. Emphasis is placed on intuitive understanding rather than on formal arguments; concepts are illustrated with applications in economics using statistical software (for example, STATA) to estimate models using data sets. Prerequisite of ECO 72 is required.
Credits: 3
On Occasion





ECO 81 Research Problems in Economics I
Guided student research in the field of economics. In special cases, the chairman of the department may permit students to enroll in graduate courses.
Credits: 3
On Occasion



ECO 82 Research Problems in Economics II
Guided student research in the field of economics. In special cases, the chairman of the department may permit students to enroll in graduate courses.
Credits: 3
On Occasion


 




ECO 88 Economics in the World
This is a capstone course that focuses on assisting students in applying economic thinking to situations in the world. Specifically the course will examine recent issues in macroeconomics, applied microeconomics, quantitative analysis and other economic sub-fields. In the world most situations involve imperfect markets with asymmetric information and/or market failures of some type. The analysis and understanding of these imperfect markets requires a deeper level of analysis and reflection, this course will develop this advanced level of critical thinking. Students will utilize economic theory to understand decision-making in these situations and describe the motivations, and actions of the agents involved. A pre-requisite of Senior Status, ECO 10, 11, 61, 62, 72, a pre or co-requisite of ECO 73 and a minimum of 5 additional upper level ECO courses are required.
Credits: 3
On Occasion



ECO 400 State, Society, and the Individual: Hoxie Colloquium
This course is a cross-disciplinary colloquium focusing on issues confronting the human community. Enrollment is limited to three advanced students selected by each of the participating departments. The course is led on a rotating basis by faculty from the departments of Earth and Environmental Science, Economics, History, Political Science/ International Studies and Sociology/ Anthropology. The faculty member leading the colloquium topic selects the colloquium's topic in consultation with the participating departments. Open to students with advanced standing (ordinarily senior status) in the participating department.  Same as ANT 400, GGR 400, HIS 400, POL 400 and SOC 400.
Credits: 3
On Occasion



ENG 1 Writing I: Composition and Analysis
English 1 is an introductory writing course that uses interpretation and analysis of texts to promote clear thinking and effective prose. Students learn the conventions of academic writing. In addition, students learn how to adapt writing for various audiences and rhetorical situations. This course is required Writing I, an introduction to composition, teaches an understanding of writing in various disciplines through the interpretation and analysis of texts. Students will learn conventions of academic writing. Additionally, students will learn how to adapt in response to different rhetorical situations, genres, purposes, audiences, and other issues of context. Writing I is a course that provides the foundation for understanding how to make meaning from texts. This course is required of all students unless exempted by Advanced Placement credit or successful achievement on the SAT examination in writing. Students exempted by assessment or department proficiency examination must take an upper-level English course in substitution after completing ENG 2. Special sections are offered for students in the Program for Academic Success (P sections), for non-native speakers (F sections), and for students identified as needing more personalized attention (S sections). No Pass/Fail option.
Credits: 3
Every Fall, Spring and Summer



ENG 2  Writing II: Research and Argumentation
Writing II, a course in research and argumentation, focuses on scholarly research and the citation of information supporting sustained, rhetorically effective arguments. Building on the work of Writing I, this course addresses sensitivity to complex rhetorical and stylistic choices. Students will learn to use sources and resources effectively and ethically, including library holdings and databases, in service of scholarly arguments grounded in research. This course is required for all students unless exempted by Advanced Placement credit. Special sections are offered for students in the Program for Academic Success (P sections) and for non-native speakers (F sections). No Pass/Fail option. Prerequisite of ENG 1 is required.
Credits: 3
Every Fall, Spring and Summer



FIN 65 / ECO 65 Money and Capital Markets
The main goal of this writing-across-the-curriculum course is to analyze and understand the main forces that are influencing and changing the U.S. financial system. Emphasis will be placed on both financial theory which includes the loanable funds theory, liquidity preference, the modern quantity theory of money, and theories of the term structure of interest rates and the U.S. institutional structure which includes an examination of financial markets and financial institutions and their competitive strategies. Regulatory changes and traditional and new financial instruments will be evaluated along with a discussion of the use of the Federal Reserve's flow of funds and material from rating agencies and major financial firms. Current events will also be covered. Cross-listed with ECO 65.
Credits: 3
Annually



FY  First-Year Seminar and Post 101
Provide an emphasis upon the intellectual transition to college, first-year seminars focus on oral communication and critical reading skills taught in the context of theme-oriented academic courses specifically designed to meet the needs of first-year students. The content of these courses varies by discipline, but each course is limited to twenty students and linked in a learning community with a section of Post 101. First-Year Seminars involve intensive faculty mentoring and provide a source of support and insight to students who are encountering the new responsibilities connected to college life. First-Year Seminars can also be used to fulfill major requirements or can be used as electives, including, in many cases, liberal arts electives. Post 101 is best understood a one-credit course preparing first-year students for the challenges of college life. It emphasizes engagement with the campus community as a preparation for engagement with the world as an active, informed citizen. Weekly hour-long class meetings emphasize a holistic approach to learning and introduce students to the behavior, foundational skills, and intellectual aptitudes necessary for success.
Credits: 4 
Every Semester



MTH 5 Linear Mathematics for Business and Social Science
Mathematical models for business, linear programming, matrix algebra and applications are covered. Prerequisite of Math 4 or 4S is required. Not open to students who have taken MTH 8, except for Business Administration, Accountancy, or Dual Accountancy Students.
Credits: 3
Every Fall, Spring and Summer




MTH 7 Calculus and Analytic Geometry I
This course covers the derivative of algebraic and trigonometric functions with applications to rates,
maximization and graphing and integration, the Fundamental Theorem, and logarithmic and exponential functions. Cannot be taken for credit by any student who has completed or is currently taking MTH 1. Pre requisite of MTH 3 or MTH 3S with a grade of C- or better; or sufficiently high math SAT or ACT score as set by the department; or passing grade on the departmental placement test; or permission of department.
Credits: 4
Every Fall, Spring and Summer




MTH 8 Calculus and Analytic Geometry II
This course covers the applications of the definite integral, the calculus of trigonometric methods of integration, improper integrals and infinite series. Prerequisite of MTH 7 with a grade of C- or better or permission of Dept is required.
Credits: 4
Every Fall, Spring and Summer




Post 101 and FY  First-Year Seminar
Provide an emphasis upon the intellectual transition to college, first-year seminars focus on oral communication and critical reading skills taught in the context of theme-oriented academic courses specifically designed to meet the needs of first-year students. The content of these courses varies by discipline, but each course is limited to twenty students and linked in a learning community with a section of Post 101. First-Year Seminars involve intensive faculty mentoring and provide a source of support and insight to students who are encountering the new responsibilities connected to college life. First-Year Seminars can also be used to fulfill major requirements or can be used as electives, including, in many cases, liberal arts electives. Post 101 is best understood a one-credit course preparing first-year students for the challenges of college life. It emphasizes engagement with the campus community as a preparation for engagement with the world as an active, informed citizen. Weekly hour-long class meetings emphasize a holistic approach to learning and introduce students to the behavior, foundational skills, and intellectual aptitudes necessary for success.
Credits: 4
Every Semester




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