Economics Minor - Undergraduate - 2015 University Catalog

A minor in economics builds analytical and computational skills and provides a solid background for students wishing to pursue careers in business, law, government, and academia. Through focused study on microeconomics and macroeconomics, the main disciplines of the field, students will garner a solid foundation upon which they can further build.


ECONOMICS MINOR

Complete 18 semester hours, including the following 2 requirement(s):

  1. ECONOMICS MINOR REQUIRED COURSES

    Complete the following 4 courses:

    ECON 101 Applied Macroeconomics (3 hours lecture) 3
    ECON 102 Applied Microeconomics (3 hours lecture) 3
    ECON 207 Intermediate Microeconomic Analysis (3 hours lecture) 3
    ECON 208 Intermediate Macroeconomic Analysis (3 hours lecture) 3
  2. ELECTIVE COURSES

    Complete 6 semester hours from the following:

    ECON 202 Economics and Finance for Business Minors (3 hours lecture) 3
    ECON 203 Economic Statistics (3 hours lecture) 3
    ECON 204 Real Estate Principles and Practice (3 hours lecture) 3
    ECON 205 Collective Bargaining: Theory and Practice (3 hours lecture) 3
    ECON 206 Managerial Economics (3 hours lecture) 3
    ECON 213 Economic History of the United States (3 hours lecture) 3
    ECON 215 The Economics of Social Problems (3 hours lecture) 3
    ECON 221 Economics of Professional Sports (3 hours lecture) 3
    ECON 222 Economic History of Europe (3 hours lecture) 3
    ECON 223 Economics of Fine and Performing Arts (3 hours lecture) 3
    ECON 224 Financial Economics (3 hours lecture) 3
    ECON 250 Selected Topics in Economics (3 hours lecture) 3
    ECON 300 World Resources and Industries (3 hours lecture) 3
    ECON 301 Money and Banking (3 hours lecture) 3
    ECON 303 Economic Growth and Development (3 hours lecture) 3
    ECON 304 Public Policies Toward Business (3 hours lecture) 3
    ECON 305 Commercial Real Estate Analysis (3 hours lecture) 3
    ECON 308 Public Finance (3 hours lecture) 3
    ECON 310 Urban and Regional Economics (3 hours lecture) 3
    ECON 311 Labor Economics (3 hours lecture) 3
    ECON 312 Business Cycles and Forecasting (3 hours lecture) 3
    ECON 314 Development of Economic Thought (3 hours lecture) 3
    ECON 317 Elementary Mathematical Techniques for Economics (3 hours lecture) 3
    ECON 320 Latin American Environments and Economies in a Global Framework (3 hours lecture) 3
    ECON 370 International Economics 3
    ECON 398 Economics Independent Study 3
    ECON 401 Financial Institutions (3 hours lecture) 3
    ECON 403 Comparative Economic Systems (3 hours lecture) 3
    ECON 404 Interdependence in the Global Economy (3 hours lecture) 3
    ECON 405 Economic Development of Sub-Saharan Africa (3 hours lecture) 3
    ECON 407 Economics of Industrial Organization (3 hours lecture) 3
    ECON 408 Strategic Thinking and Game Theory (3 hours lecture) 3
    ECON 409 Economics of National Security (3 hours lecture) 3
    ECON 410 Computer Applications in Economics and Finance (3 hours lecture) 3
    ECON 414 Economics of Natural Resources and Global Warming (3 hours lecture) 3
    ECON 419 Economics Of Energy And Environmental Policy (3 hours lecture) 3
    ECON 420 Applied Econometrics (3 hours lecture) 3
    ECON 438 Advanced Seminar in Economics (3 hours seminar) 3
    ECON 439 Advanced Seminar in Economics: Honors I (3 hours seminar) 3
    ECON 440 Advanced Seminar in Economics: Honors II (3 hours seminar) 3
    ECON 461 Seminar in International Economic Geography (3 hours seminar) 3
    ECON 490 Real Estate Internship 3
    ECON 497 Economics Independent Study 3

Course Descriptions:

ECON101: Applied Macroeconomics (3 hours lecture)

The course introduces undergraduate students to the macro economy of the United States of America. Students learn how to apply the mechanism needed for the achievement of an optimal allocation of resources, price stability, full employment level of national income and long-term growth. In addition, they learn to analyze the macroeconomic data and the implications of fiscal and monetary policies. Meets Gen Ed 2002 Requirements - Social Science. 3 sh.

ECON102: Applied Microeconomics (3 hours lecture)

In this course, undergraduate students will learn about the organization and operation of the American economy for the production and distribution of goods and services. Students learn the mechanism behind the pricing of products and factors of production in market situations varying from competition to monopoly. In addition, they learn to analyze microeconomic data and apply the abstract theoretical models into real life situations. Meets Gen Ed 2002 Requirements - Social Science. 3 sh.

ECON202: Economics and Finance for Business Minors (3 hours lecture)

This comprehensive course maintains a reasonable balance between the disciplines of economics and finance. It includes micro and macroeconomics as well as selected topics in finance. Economics underlines how market and non-market institutions can best allocate relatively scarce resources to promote individual and social welfare. Among other topics, students learn how one can measure in a precise way the responsiveness of the quantities bought and sold to changes in prices and other influences on buyers and sellers. They also explore how market economies operate by first working through the perfectly competitive model then turning to noncompetitive market structures. The finance portion of the course provides students with a basic professional background in both corporate finance and investment. They are exposed to the fundamentals of discounted cash flows valuations after they have been introduced to the time value of money in the most general sense. They also learn how to value major sources of financing for corporations such as bonds and stocks. This leads them to consider the most important techniques used by a firm to analyze possible investments to decide which ones are worth undertaking. 3 sh.

Prerequisites: MATH 106, MATH 109, MATH 114, MATH 116, MATH 122 or MATH 221. For Business minors only.

ECON203: Economic Statistics (3 hours lecture)

Basic elements of economic statistics including frequency distribution, sampling, index numbers, statistical inference, regression and correlation techniques. 3 sh.

Prerequisites: ECON 101, and 102, and MATH 113, and 114. Major within School of Business.

ECON204: Real Estate Principles and Practice (3 hours lecture)

An introduction to the economics of the real estate business, including the general practices and the language of real estate. Providing a basic knowledge of the real estate business the course covers such topics as the physical, legal, location and other characteristics of real estate. The course emphasizes the market evaluation and financing of real estate, the nature of real estate markets and the regional and local factors that may influence real estate values. Ethical issues are emphasized throughout the course. Cross listed with REAL 204. 3 sh.

Prerequisites: ECON 101 and ECON 102 and major within the School of Business.

ECON205: Collective Bargaining: Theory and Practice (3 hours lecture)

The development of collective bargaining in the United States and an analysis of the factors that account for present practices. The impact of collective bargaining on contemporary American life. Work in field. 3 sh.

Prerequisites: ECON 101 and 102. Major within School of Business.

ECON206: Managerial Economics (3 hours lecture)

The application of economic theory in the decision-making processes of the firm; utilization of economic analysis in the study of demand, costs, pricing and capital investment decisions. 3 sh.

Prerequisites: ECON 203 or ECON 101 and ECON 102 and INFO 240 or ECON 101 and ECON 102 and INFO 271. Major within School of Business.

ECON207: Intermediate Microeconomic Analysis (3 hours lecture)

The basic determinants of market demand. Input-output relationships in determining cost structure. Determination of prices received by resource owners in the productive process. Theory of the firm and pricing in different types of market organization with varying degrees of competitive conditions. 3 sh.

Prerequisites: ECON 101 and 102. Major within School of Business.

ECON208: Intermediate Macroeconomic Analysis (3 hours lecture)

The factors comprising aggregate demand and how they interact to determine the level of employment, output and the price level; the role of monetary and fiscal policy. 3 sh.

Prerequisites: ECON 101 and 102. Major within School of Business.

ECON213: Economic History of the United States (3 hours lecture)

Evolution of economic institutions with emphasis on development of domestic and foreign markets, technological changes and industrial growth. Analysis and interpretation of cyclical changes. Cross listed with History, HIST 213. 3 sh.

ECON215: The Economics of Social Problems (3 hours lecture)

The extent, causes and consequences of poverty, inequality and insecurity. An appraisal of reforms, social insurance, medical care, public housing, rural development. The economics of discrimination and educational opportunity. Meets World Cultures Requirement. 3 sh.

ECON221: Economics of Professional Sports (3 hours lecture)

This course applies economic analysis to the professional sports industry under alternative institutional structures. The course addresses the structure and conduct of various sports markets in terms of the relationship between economic theory and evolving public policy alternatives. 3 sh.

Prerequisites: ECON 101 and ECON 102. Major within School of Business.

ECON222: Economic History of Europe (3 hours lecture)

The economic life and development of Europe from the Middle Ages to the present, emphasizing the period from about 1750; economic causes that underlie the dislocations and perplexities of the 19th and 20th centuries. Cross listed with History, HIST 222. 3 sh.

ECON223: Economics of Fine and Performing Arts (3 hours lecture)

This course applies economic analysis to various aspects of the fine and performing arts field. It includes an examination of theater economics, museum economics, and cinema economics, based on microeconomic theory of decisions as it applies to for-profit and non-profit institutions. 3 sh.

Prerequisites: ECON 101 and ECON 102. Major within School of Business.

ECON224: Financial Economics (3 hours lecture)

This course is designed to introduce majors in economics and students throughout the wider University to the elements of modern finance in general, and the principles of investments and corporate finance, in particular. Major areas of focus in this course include interest rate, bond valuation, risk, risk adjusted rate of return, and asset pricing in the equity markets. The overall goal of the course is to allow students to explore how rational investors apply decision theory to the problem of investment under uncertainty. 3 sh.

Prerequisites: ECON 101; and MATH 109 or departmental approval. Not open to School of Business majors.

ECON250: Selected Topics in Economics (3 hours lecture)

An in-depth study of a particular theoretical or applied area of economics. May be repeated twice for a maximum of 9.0 credits as long as the topic is different. 3 sh.

Prerequisites: Major within School of Business.

ECON300: World Resources and Industries (3 hours lecture)

Distribution, flow and consumption of mineral resources. Political, economic and social implications of the geography of resources. Basic studies in industrial location, agricultural land use, problems of economic development and population-resource ratios. Examines world trend in production controls and market allocations. 3 sh.

Prerequisites: ECON 101 or EAES 161 or EAES 170. Major within School of Business.

ECON301: Money and Banking (3 hours lecture)

An analysis of the economic role of money and credit in our economy with primary emphasis on federal reserve and treasury operations. 3 sh.

Prerequisites: ECON 208 for ECON majors; ECON 101 and INFO 240 for all Business majors; or departmental approval.

ECON303: Economic Growth and Development (3 hours lecture)

Problems of hastening the growth of countries with low incomes per person; the requisites for the economic development, the obstacles to such development, the strategy and tactics of development and aid for development. 3 sh.

Prerequisites: ECON 207. Major within School of Business.

ECON304: Public Policies Toward Business (3 hours lecture)

The economic organization of particular American industries. U.S. policy toward competition, monopoly and bigness in business. Government control of public utilities, transportation, radio and television broadcasting. 3 sh.

Prerequisites: ECON 207 or 206. Major within School of Business.

ECON305: Commercial Real Estate Analysis (3 hours lecture)

This course provides an understanding of the relevant market structures, institutional frameworks (e.g., tax laws, social regulations, monetary policy, etc.), financial statements and other appropriate analytical tools used to decide whether commercial real estate investment opportunities are viable by providing students with an operational knowledge of investing in commercial real estate. The analysis focuses on real world qualitative and quantitative commercial real estate investment scenarios by emphasizing the use of computer?based programs such as Excel and Argus. 3 sh.

Prerequisites: ECON 204 or REAL 204. Major within School of Business.

ECON308: Public Finance (3 hours lecture)

The impact of governmental expenditures, taxes and debt operation on resource allocation, income distribution, economic stabilization and economic growth. 3 sh.

Prerequisites: ECON 207 or 206. Major within School of Business.

ECON310: Urban and Regional Economics (3 hours lecture)

This course studies urban economies and how they developed with respect to the regional and national economy via the underlying forces operating within urban economics such as land-use patterns, public and private sector involvement, housing, poverty, transportation, and education. 3 sh.

Prerequisites: ECON 204 or ECON 206 or ECON 207; major within School of Business.

ECON311: Labor Economics (3 hours lecture)

The determinants of wages in the organized and unorganized markets; a historical survey and analysis of the principal institutions and central processes in the labor and manpower areas; an examination of current issues in labor relations. 3 sh.

Prerequisites: ECON 207 or 206. Major within School of Business.

ECON312: Business Cycles and Forecasting (3 hours lecture)

Fluctuations in economic activity which characterize modern industrial economies. Definitions, descriptions and statistical measurement of business cycles are presented along with theories describing the causes of the cycles. Practical application of forecasting techniques to predict the course of future economic and business activity. 3 sh.

Prerequisites: ECON 203, or INFO 240, or INFO 271 and ECON 208. Major within School of Business.

ECON314: Development of Economic Thought (3 hours lecture)

Broadening and improving the command of modern economic theory by examining the outstanding contributors to economic thought over the past two centuries. 3 sh.

Prerequisites: ECON 101 and 102. Major within School of Business.

ECON317: Elementary Mathematical Techniques for Economics (3 hours lecture)

Introduction to elementary concepts of mathematics used in economics. Formulation of economic theory in mathematical language. Application of optimization techniques in economic models. Previous course ECON 417 effective through Fall 2014. 3 sh.

Prerequisites: ECON 206 or ECON 207; and ECON 208; or departmental approval.

ECON320: Latin American Environments and Economies in a Global Framework (3 hours lecture)

This course is structured to focus on the interactions of the physical world with economic, financial, commercial activities in a global perspective. Environment and economics serve as thematic threads to develop dynamic models that are representative of regional -- and increasingly -- global linkages. 3 sh.

Prerequisites: ECON 101 and 102.

ECON370: International Economics

This course is designed to introduce students to economic globalization and the resulting integrated world in general, and principles and policies guiding flows of trade and investment in particular. The major areas of focus include trends in international trade and investment, causes and effect of trade and investment flows, multilateral institutions and world trading system, political economy of trade and investment policies, international payment accounts, multinational enterprises and foreign direct investment, exchange rate determination, and international policy coordination. (Students completing this course will not be able to take INBS 370 as an elective.) Previous course ECON 402 effective through Fall 2014. 3 sh.

Prerequisites: ECON 207 or ECON 208. Major within School of Business.

ECON398: Economics Independent Study

Independent study for juniors and seniors who have developed a special interest as a result of work in a course or who wish to develop their interest through their own guided reading. A member of the Economics Department guides the student in his research and reading. May be repeated five times for a maximum of 18.0 credits as long as the topic is different. 3 sh.

Prerequisites: ECON 207 and ECON 208.

ECON401: Financial Institutions (3 hours lecture)

The structure and operation of financial institutions, their role in the economy and in the money and capital markets. The techniques and objectives of monetary policy and its effect on financial institutions. 3 sh.

Prerequisites: ECON 208 or 301. Major within School of Business.

ECON403: Comparative Economic Systems (3 hours lecture)

The economic systems of planned and mixed economies with special emphasis on the Soviet Union, China, the United Kingdom, the Scandinavian countries and the United States. 3 sh.

Prerequisites: ECON 101 and ECON 102. Major within School of Business, Russian Area Studies Minor.

ECON404: Interdependence in the Global Economy (3 hours lecture)

This course is a one semester introduction to the challenges and opportunities created by the increasing interdependence in the world economy. The emphasis is on empirical explorations of the implications of the core theories of international trade and finance for the U.S. consumer, entrepreneur and policymaker. In addition, some of the current economic issues flowing from our global linkages are examined with a view to assessing the propriety of the fiscal and monetary response. 3 sh.

Prerequisites: ECON 370. Major within School of Business.

ECON405: Economic Development of Sub-Saharan Africa (3 hours lecture)

An examination of economic policies in Africa as they affect prospects for growth and development of the region. Students will engage in a variety of research projects that combine theory with analytical tools to derive policy-relevant findings. Meets World Cultures Requirement. 3 sh.

Prerequisites: ECON 203 and 207. Major within School of Business, African-American Studies minor.

ECON407: Economics of Industrial Organization (3 hours lecture)

The causes and effects of structure, size and concentration on competition and market prices. 3 sh.

Prerequisites: ECON 207 or 206. Major within School of Business.

ECON408: Strategic Thinking and Game Theory (3 hours lecture)

This course is an introduction to strategic thinking and game theory. It describes the procedure of decision making in situations where the outcomes depend on the actions of several decision makers. The concept of Nash equilibrium is developed in situations with perfect or imperfect information, emphasizing its application in business and politics. 3 sh.

Prerequisites: ECON 102 and ECON 317 for Economics majors; ECON 102 and MGMT 300 for others; or departmental approval.

ECON409: Economics of National Security (3 hours lecture)

This course applies economic analysis to basic dimensions of national security under alternative institutional structures. The course addresses political, economic, financial, and environmental issues, and includes and analysis of recent innovations in risk management as they apply to the economics of national security in a variety of policy settings. 3 sh.

Prerequisites: ECON 101 and ECON 102. Major within School of Business.

ECON410: Computer Applications in Economics and Finance (3 hours lecture)

This course is designed to use computer concepts in the context of economics and finance applications. Empirical and theoretical aspects of economics and finance are studied. Computer applications are covered in statistics and econometrics, cost-benefit analysis, decision-making, portfolio analysis, input-output economics, and the simulation of economic and financial models. Students apply programming concepts, as well as use existing software. Cross listed with FINC 410. 3 sh.

Prerequisites: ECON 224 or FINC 300 or FINC 321; Major within School of Business.

ECON414: Economics of Natural Resources and Global Warming (3 hours lecture)

This course links economic analysis of the technology and economics of natural resources to global warming. The focus is on the structure of domestic and international natural resource markets, how pricing is derived, and how utilization of natural resources is related to patterns of global warming. 3 sh.

Prerequisites: ECON 101 and ECON 102. Major within School of Business.

ECON419: Economics Of Energy And Environmental Policy (3 hours lecture)

An examination of the economic, technological, and environmental dimensions of energy policy choices. Emphasis is given to the linkages among various economic models, elementary principles of energy storage and conversion, and specific energy technologies as they apply to past and current energy policy alternatives. 3 sh.

Prerequisites: ECON 207 or 206. Major within School of Business.

ECON420: Applied Econometrics (3 hours lecture)

This course is an introduction to the techniques of applied economic research. Starting with economic data collection techniques, the course surveys the tools necessary for applying econometric techniques to modeling and analyzing data sets of interest. In addition, the course takes note of the methods for dealing with certain problems inherent in economic data sets. The primary emphasis of the course is to orient students with the techniques of applied economic research using Microsoft Excel and Eviews econometrics software. 3 sh.

Prerequisites: ECON 101 and ECON 102 and INFO 240 and ECON 317. Major within School of Business.

ECON438: Advanced Seminar in Economics (3 hours seminar)

A seminar designed to integrate economic theory, quantitative tools, and institutional knowledge in a series of applied issues. Students are required to undertake a number of specific oral and written projects that describe their understanding of key elements within the discipline. This course serves as a capstone for Economics students. Meets the University Writing Requirement for majors in Economics and Business Administration with a Concentration in Economics. 3 sh.

Prerequisites: ECON 206 or ECON 207; and ECON 208 and ECON 317 and INFO 240; Seniors only; Economics (ECON), Economics w/conc: Business Economics (ECBE) and Business Administration w/conc: Economics (BAEC) majors only.

ECON439: Advanced Seminar in Economics: Honors I (3 hours seminar)

Define the scope and methodology of the honor project through the presentation of a thesis prospectus. This process will involve preparation of a review of the relevant research literature, specification of an appropriate research methodology, gathering and testing of preliminary data where appropriate, as well as submission of the thesis prospectus to the departmental honors committee. 3 sh.

Prerequisites: Departmental approval. Major within School of Business.

ECON440: Advanced Seminar in Economics: Honors II (3 hours seminar)

Student will complete all appropriate quantitative and qualitative analysis of Seminar in Economics Honors I as well as prepare a summary and interpretation of their findings. Through discussion of findings, faculty and student will make suggestions for any additional analysis or revisions to be undertaken. 3 sh.

Prerequisites: ECON 439. Major within School of Business.

ECON461: Seminar in International Economic Geography (3 hours seminar)

An interdisciplinary seminar focusing the techniques of economics and geography on a common theme to achieve a synergistic conclusion. 3 sh.

Prerequisites: ECON 101 or 102. Major within School of Business.

ECON490: Real Estate Internship

This course provides students with professional work experience before completing their concentration degree. The Real Estate Internship course enables students to apply their knowledge from various real estate courses in the areas of verbal and written communication, critical thinking, self directed learning, career readiness, decision-making, technology awareness, leadership and social responsibilities. 3 sh.

Prerequisites: ECON 305. Major within School of Business.

ECON497: Economics Independent Study

Open to students who wish to undertake reading and/or research in specialized areas of economics. May be repeated five times for a maximum of 18.0 credits as long as the topic is different. 3 sh.

Prerequisites: ECON 207 and ECON 208. Major within School of Business.