Economics Major (B.A.) - Undergraduate - 2015 University Catalog

Studying Economics is an excellent way to hone your analytical and critical thinking skills—expertise that offers a natural path into business, law, research or government careers. With this major, you will become an expert in the two fundamental areas of economics: macroeconomics—the study of the entire economy and microeconomics—the study of decisions made by individuals, households and businesses. These two disciplines will provide you with insight into how choices are made at every level, enriching your problem solving skills and decision-making aptitude.

A minimum of 120 semester hours of coursework is required for the baccalaureate degree with a minimum 2.0 overall GPA, and a minimum 2.0 major GPA. However, more than 120 semester hours may be required depending upon the major field of study. In addition to the major requirement outlined below, all university students must fulfill the set of General Education requirements applicable to their degree.



ECONOMICS MAJOR

Complete 45 semester hours including the following 3 requirement(s):

  1. ECONOMICS MAJOR REQUIRED COURSES

    Complete the following 2 requirements:

    1. Complete 7 courses:

      ECON 101 Applied Macroeconomics (3 hours lecture) 3
      ECON 102 Applied Microeconomics (3 hours lecture) 3
      ECON 208 Intermediate Macroeconomic Analysis (3 hours lecture) 3
      ECON 317 Elementary Mathematical Techniques for Economics (3 hours lecture) 3
      ECON 370 International Economics 3
      ECON 420 Applied Econometrics (3 hours lecture) 3
      ECON 438 Advanced Seminar in Economics (3 hours seminar) 3
    2. Complete 1 course from the following:

      ECON 206 Managerial Economics (3 hours lecture) 3
      ECON 207 Intermediate Microeconomic Analysis (3 hours lecture) 3
  2. ECONOMICS MAJOR ELECTIVE COURSES

    Complete 5 courses from the following as per career interest. See adviser. .

    ECON 204 Real Estate Principles and Practice (3 hours lecture) 3
    ECON 224 Financial Economics (3 hours lecture) 3
    ECON 250 Selected Topics in Economics (3 hours lecture) 3
    ECON 301 Money and Banking (3 hours lecture) 3
    ECON 303 Economic Growth and Development (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 401 Financial Institutions (3 hours lecture) 3
    ECON 403 Comparative Economic Systems (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 414 Economics of Natural Resources and Global Warming (3 hours lecture) 3
  3. COLLATERAL COURSES

    Complete the following 2 courses:

    INFO 173 Spreadsheet Modeling for Business Decisions (3 hours lecture) 3
    INFO 240 Statistical Methods in Business (3 hours lecture) 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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

INFO173: Spreadsheet Modeling for Business Decisions (3 hours lecture)

This course will emphasize analysis and solutions to contemporary business problems through the use of current version of Microsoft Excel. Recognizing that the business world is technology-driven, affecting people both professionally and personally, extensive knowledge of application-based software is essential as the language of business. Students will be introduced to business decision modeling processes to strengthen their logical and analytical skills. Strong emphasis of the course will be to use Excel as the basis for managerial decision support through the analysis of contemporary business case problems. Students will apply the appropriate functions and features of Excel to solve business cases. The course will also emphasize oral presentation and written reports on business processes used in case solutions in order to further strengthen students' communication skills. 3 sh.

INFO240: Statistical Methods in Business (3 hours lecture)

This course is a comprehensive introduction to the application of modern statistical methods used in enumerative and analytic studies in business. Topics covered include: use of percentages, proportions, rates, ratios and indices; descriptive statistical methods of data analysis; probability; an introduction to discrete and continuous probability distributions; the normal distribution; classical statistical inference - sampling distributions, confidence interval estimation and hypothesis testing for the mean and the proportion and for differences in two means and differences in two proportions; an introduction to control charts. Spreadsheet software is integrated in all topics. 3 sh.

Prerequisites: MATH 100 or Placement Through MSU Placement Test.