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Economics and Business  

Associate Professor George Smith, Ph.D., Chair
Assistant Professor Suzanne Palmer, J.D., L.L.M., Vice Chair
Professors David Martin, D.A. and Farhad Saboori, Ph.D.
Associate Professors Soma Ghosh, Ph.D. and Lisa Wilder, Ph.D.

Assistant Professor Huy Tran, M.B.A.
Instructors Jayanthi Rajan, M.B.A., Bonnie Rohde, M.B.A. and Richard P. Schott, M.B.A. 


The Economics and Business Department offers two majors: Economics (Bachelor of Arts) and Business Administration (Bachelor of Science).

Economics, a liberal arts discipline, is utilized in both majors as a foundation to better understand the world we live in as well as to prepare the student for a career in business, government, law or nonprofit organizations.


Major in Economics (Bachelor of Arts)

Requirements

• ACC 101
• ECO 105 (satisfies general studies social science requirement)
• ECO 207
• ECO 302, 307, 335, 336
• ECO 492
• MAT 125 or 131 (satisfies general studies quantitative reasoning requirement)
• An economic fields requirement of five additional economics courses above the 100-level

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Combined Major in Economics

Students combining economics with another major (other than business administration) are required to complete the following:

Requirements

• ECO 105 (satisfies general studies social science requirement)
• ECO 207
• ECO 302, 307, 335, 336
• ECO 492
• MAT 125 or 131 (satisfies general studies quantitative reasoning requirement)
• One additional economics course above the 100-level

Students considering combining economics and business administration should consult the department chair for the required courses.

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Courses

ECO 100
The Economics of Social Issues and Public Policy

This course introduces and reinforces economic principles through the study and discussion of current controversies and policy issues. The course is strongly based in the use of economic terminology and tools. It is intended as an introduction to the study of economics and as a means of reinforcing economic modeling and critical thinking skills. The course also provides an overview and discussion of many important policy issues. General studies social science credit.

ECO 105
Principles of Economics

An introduction to the methodology of economics and basic principles of microeconomics and macroeconomics. This course provides a foundation for further study in economics. It also serves as an introduction to basic economics as a social science.

ECO 207
Statistical Analysis for Economics and Business

Introduction to the concepts, theories and methods of statistical problem-solving in business and economics. Topics include: frequency distributions, descriptive statistics, elementary probability and sampling theory, probdistributions, elementary hypothesis testing, analysis of variance, correlation and regression. Satisfies general studies quantitative reasoning requirement. Not open to first-year students
Prerequisite: Sophomore standing

ECO 223
Law and Economics

The economic analysis of law brings together two fields of study and facilitates a greater understanding of both. Economics provides a theory of behavior useful for understanding the effects of the law as well as a normative standard for evaluating the law. Topics covered include property, contracts, tort liability and the economics of crime and punishment.

ECO 224
Environmental Economics

The application of economic principles to a variety of environmental problems. Attention is given to the economics of resource depletion, waste disposal, population growth and economic growth.

ECO 233
Comparative Economics

An important aspect of the trend toward the globalization of markets is that economic decisions and their outcomes are becoming increasingly intertwined and interdependent. This growing interdependence requires knowledge of the rules and institutional mechanisms by and with which other economies operate. Such knowledge has become a crucial economic resource, the use of which economic policymakers, industrial leaders and individual firm managers can no longer do without. This course examines the various approaches and methods used to solve economic problems in a number of societies, both past and current, with a special emphasis on today's key European and Asian economies. It analyzes the principles and institutions by which these economies have sought to improve their objectives of better resource allocation, technological progress, income distribution and growth.
Prerequisite: ECO 105

ECO 234
Economic Development

This course deals with economic development problems in the third world among the less-developed countries. Topics include: characteristics of underdevelopment, theories of development, poverty and population pressures, international trade, third world debt and foreign aid.
Prerequisite: ECO 105

ECO 273
Globalization

Globalization represents one of the most important forces shaping our world today – while some argue that it brings people closer together, others view it as a source of fragmentations and destruction.  This course explores the economic, political and social impacts of globalization on our world. Students will analyze globalization in historical, economic, political and cultural contexts. The topics in this course will be examined from a range of perspectives, and students will be encouraged to draw their own conclusions on the positive and negative impacts of globalization.

ECO 301
International Economics and Finance

A study of international economics and finance. Topics include a survey of the major theories of international trade, foreign exchange systems and markets, international money and capital markets and international banking. Special attention is given to these topics as the framework within which the financial managers of multinational corporations operate.
Prerequisite: ECO 105

ECO 302
History of Economic Ideas

A survey of the major schools of economic thought from the 17th century to the present. Mercantilist, Physiocratic, Classical, Marxist, Neoclassical, Keynesian, Neo-Marxist and Modern conventional economic theories are examined.
Prerequisite: ECO 105

ECO 307
Econometrics

A study of the applications of mathematical and statistical techniques to the analysis of economic data, with special emphasis on economic and business forecasting. Topics include simple regression, multiple regression, simultaneous equations models, models of expectations, model selection criteria and time series analysis.
Prerequisites: ECO 105, 207

ECO 313
Money and Banking

A study of depository banking institutions, financial markets and the Federal Reserve System. The supply of and demand for liquidity is examined in both microeconomic and macroeconomic aspects. Alternative rules for the conduct of monetary policy are evaluated.
Prerequisite: ECO 105

ECO 322
Labor Economics

A study of the labor process, labor markets and labor relations in a global economy. An examination of labor problems from the viewpoint of the employee, the employer and the public, with special emphasis on rapidly changing labor market configurations for the 21st century.
Prerequisite: ECO 105

ECO 335
Intermediate Microeconomic Analysis

A study of the principles of demand, production, pricing of commodities, productive series and productive resources in various industries and market situations.
Prerequisite: ECO 105

ECO 336
Intermediate Macroeconomic Analysis

An examination of the modern history of determination of the level and rate of growth of income, employment, output and general price level. Alternative fiscal and monetary policies to facilitate full employment and stable economic growth.
Prerequisite: ECO 105

ECO 337
Public Finance and Policy

This course will provide an understanding of the reasons for and consequences of government intervention and policies. It combines public finance (how the government allocates resources) and public choice (how the political decisions of voters and their elected representatives will be translated into public sector policies). Economic tools will be used to analyze public policy issues such as government intervention in global warming, public education, health care, social security, and other issues.
Prerequisite: ECO 105

ECO 364
Industrial Organization

This course focuses on the structure, conduct and performance of industries and markets. Emphasis is on evaluating public policy towards business and business practices and the relationship between the structure of markets and the socioeconomic performance of business enterprises. Lectures, group projects and case analysis are utilized.
Prerequisite: ECO 105

ECO 492
Senior Seminar in Economics

An intensive research course resulting in the submission of a senior thesis. Advanced topics in economic theory and policy are considered throughout the semester.
Prerequisite: Senior status or permission of the instructor

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