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Next: Education (EDU) Up: Academic Information Previous: Computer Science (CSC)
Economics and Business (ECB)
Donald Cell, A'amer Farooqi (chair), Imran Farooqi, Jerome Savitsky, James Stout, Gordon Urquhart
Major: A minimum of 10 course credits, including nine in Economics and Business; also one course in statistics (INT 201, 211 or MAT 347). The courses in ECB must include 101, 102, 151, 301, 302; and two courses selected from 320, 321, 323, 325, 352, or 361.
Note: A student may not major both in Economics and Business and in International Business.
Teaching Major : The same as above. In addition to the foregoing requirements, prospective teachers must also apply for admission to the Teacher Education Program (preferably at the start of their sophomore year) and complete a second major in Secondary Education described under Education.
Second Teaching Area in Economics : The following program in conjunction with a teaching major in Anthropology (interdisciplinary major), History, Psychology, or Sociology will enable the student to apply for licensure to teach both the major subject and Economics: ECB 101, 102, and any two of the following: 203, 215, 223, 245, 301, 302, or 315.
Concentrations : A combination of courses from several disciplines may be used as a basis for advanced training in law, government service, and a number of other professional programs. The Department will assist students in selecting interdepartmental programs for special purposes: e.g., with the other social sciences and natural sciences for environmental studies, and with history and politics for international studies. Students interested in business may design a curriculum to develop (1) the broadly transferable skills needed in management, especially analysis, writing, and quantitative methods; and (2) an understanding of the government policies which affect business. In addition to ECB 151, 352, and 361, which meet requirements for the major, students may elect courses from among ECB 219, 220, 230, 240, 243, 245, 253, 315, 341, 351, 357 and 480. Related courses in other departments are PSY 384 (Industrial Psychology) and SOC 337 (Work and Organizations).
Quantitative Skills: For basic skills, majors should take CSC 131 (Computing Practice and Perspectives) and MAT 141 (Calculus I). For strong graduate school preparation in either economics or business, students should take CSC 140, INT 211, and MAT 141, 142, 221, and possibly 347 and 348.
101. Macroeconomics
Basic macroeconomic theory. Analytical evaluation of the determinants of national output, inflation, and unemployment. Examination of fiscal and monetary policies, and issues in international trade and payments. Introduction of tools necessary to analyze economic models. (Social Science)
102. Microeconomics
Basic microeconomic analysis of consumer choice, the business firm, and resource markets in labor, capital, and land. Analysis and critique of government policy in problem areas such as monopoly power and government regulations and expenditures. Prerequisites: MAT 112 or two years of algebra in high school. (Social Science)
151. Financial Accounting
Accounting concepts and principles. Asset and liability valuation, income determination, financial statement presentation and analysis, and the use of accounting information for business decision making. Objectives of accounting rather than bookkeeping techniques.
203. History of Economic Thought
Evolution of ideas and theories in economics. Classical value theory, marginalist revolution, general equilibrium analysis, and Keynesian macroeconomics. Prerequisites: ECB 101 and 102. Alternate years. (Social Science) I. FAROOQI
213. Economic Development
Economic development problems and policies of Third World countries. Profiles and historical records of developing countries. General theories of development, and the role of agricultural strategy, international trade and finance, population growth, income distribution and savings and capital formation. Prerequisite: ECB 101. Alternate years. (Social Science) A. FAROOQI
215. Agricultural Economics
Descriptive and theoretical examination of problems facing U.S. and world agriculture. Topics include: the farm income problem in the U.S., historical efforts to deal with the problem, international trade in farm commodities, and the world hunger problem. Prerequisite: ECB 102. Alternate years. (Social Science) URQUHART
219. Human Resources Management
Introduction to effective management of an organization's employees. Supervision and direction, compensation, and effective communication. Labor relations, unions, contract negotiations, and the grievance procedure. Prerequisites: ECB 102 and either PSY 161 or any 200-level Psychology course. (Social Science) STOUT
220. Labor Economics
Economics of labor markets: why wages differ, the issues of sex and race discrimination, explaining trends in real wages, economic effects of unions, impact of government regulations on wages and job opportunities. Prerequisite: ECB 102. Alternate years. (Social Science) SAVITSKY
223. International Economics
Survey of international trade and finance with a theoretical emphasis. Why nations trade, the theory of protection and commercial policy. Balance of payments, theories of exchange rate determination, and international macroeconomic theory and policy. Prerequisites: ECB 101 and 102. (Social Science) A. FAROOQI
230. Business Regulations
Economics of business regulations and political forces that shape these regulations. The regulatory reform movement that has led to deregulation of such industries as airlines and telecommunications. Countervailing growth of social regulations concerning job safety, health, and consumer protection. Prerequisite: ECB 102. Alternate years. (Social Science) CELL
240. Econometrics
Introduction to the use of statistics in economics and business, employing economic theory and real-world data in order to predict future demand for a product and to forecast levels of inflation and unemployment. Statistical methods include cross-section and time series and single and multi-variate regression. Prerequisites: ECB 101, 102, and one course in statistics (INT 201, 211, or MAT 347-348).
243. Investments
Investment alternatives from the investor's perspective. Stock market indices, trading procedures, evaluation techniques, and investment strategies. Dow, valuation, portfolio, and efficient stock theories. Government regulation of securities markets. Prerequisites: ECB 102 and 151. Alternate years. (Social Science) STOUT
245. Marketing Management
Analytic-systems approach to marketing decisions. Consumer behavior; marketing research; pricing, product and promotion strategy; distribution channels; marketing activities in an industrial economy. Social issues and ethical problems. Prerequisite: ECB 102. (Social Science) URQUHART
253. Managerial Accounting
Continuation of ECB 151. Application of accounting data to management decisions. Prerequisites: ECB 102 and 151. STOUT
263. Multinational Corporation in Central America
The effects of interaction between large-scale business organizations from industrial countries and Third World economies, particularly those of Central America. Appropriate case studies, historical materials, and other readings will be widely used. Prerequisite: ECB 101. Alternate years. (Social Science) URQUHART
301. Intermediate Price Theory
Economic theory of choice in a price system. The forces that determine price and production decisions of business firms in competitive and monopolistic markets, and the allocation of resources through these markets. Economic analysis applied to decision making in government and business firms, and to clarify social issues. Prerequisite: ECB 102. (Social Science) CELL or SAVITSKY
302. Income, Employment, and the Price Level
Factors influencing the level of national income and employment, movement of prices, and behavior of other macroeconomic variables. Postwar economic developments and contemporary monetary and fiscal policy problems. Problems of economic growth and international trade. Prerequisites: ECB 101 and 102. (Social Science) A. or I. FAROOQI
311. Industrial Organization
Theories of market structure: perfect competition, perfect monopoly, oligopoly, cartels. Theories of strategic behavior, emphasizing game theoretic approaches to the study of market structures. The economics of information. Prerequisite: ECB 301. Alternate years. (Social Science) SAVITSKY
315. Law in a Market Society
Social issues in the law of property, contracts, negligence, and product liability from the perspective of economics. Fields of law with which business managers must cope. Readings of court cases. Prerequisite: ECB 102. Alternate years. (Social Science) CELL
320. Labor Economics Seminar
Investigation of selected topics in the economics of labor markets. Topics may include labor market discrimination and anti-discrimination laws, the economics of women and the family, investment in human capital, the economics of labor unions, and government regulation of labor markets. Prerequisite: ECB 301. (Social Science) SAVITSKY
321. Macroeconomics Seminar
The role of money in the economy. Connections between the investment decisions of the firm, the financial milieu in which these decisions are made, and the impact of these decisions on the macroeconomy. The impact of monetary and fiscal policies on the financial sector. Financial crises and business cycles. Prerequisite: ECB 302. (Social Science) I. FAROOQI
323. International Economics Seminar
Theory of international specialization and world trade, the institutions and mechanisms of world trade and payments, and major policy issues of concern to both industrial and developing economies. Prerequisites: ECB 223 and 302. (Social Science) A. FAROOQI
325. Economics of Environment and Conservation Seminar
Economics of environmental protection and natural resource conservation. Comparison of the conservation capabilities and limitations of markets and government. Relevant economic concepts of collective goods, property rights, and conservation pricing. Case studies of pollution and depletion problems such as acid rain, city smog, solid waste, and wildlife species. Prerequisites: ECB 102 and junior standing. (Social Science) CELL
335. Money and Banking
The role of financial institutions and financial assets in macroeconomic activity. The Stock Market, money markets, monetary policy, money supply and demand, interest rates, inflation, international financial markets, and the International Monetary Fund. Prerequisite: ECB 302. (Social Science) I. FAROOQI
341. Mathematical Economics
Application of mathematical techniques to economic analysis, with emphasis on the theory of demand and the theory of the firm. Constrained and unconstrained optimization. Decision making under uncertainty. Linear programming. Prerequisites: ECB 102, MAT 141, and one course in statistics (INT 201, 211, or MAT 347-348). Alternate years. (Social Science) SAVITSKY
351. Financial Management
Analytic tools of economics and accounting applied to financial decisions. Financial theory, cash flow, asset and liability management. Economics of the securities and financial markets in which firms obtain capital. Prerequisite: ECB 253. (Social Science) STOUT
352. Financial Management Seminar
Long-term financial planning, capital markets analysis, economics of investment decision making, mergers and acquisitions, and current financial problems. Prerequisite: ECB 351. (Social Science) STOUT
357. Business Policy
Case studies. Application of analytical tools in the areas of economics, accounting, financial management, and organizational theory. Prerequisite: ECB 351. (Social Science) STOUT
361. International Business Seminar
Problems and opportunities peculiar to multinational firms and those engaging in international trade. Marketing, financial, ethical, cultural, and political issues facing such firms and their host countries. Prerequisites: ECB 245 and 253. (Social Science) URQUHART
390. Individual Project: see Courses 390.
480. Internship in Economics and Business
Observation of and participation in activities related to Economics and Business courses and to the career goals of the student. The student works with a business, government, or other appropriate institution under the direction of the organization's leaders and a faculty representative. Prerequisites: junior standing; courses that adequately prepare the student for the internship; and approval by the faculty supervisor. Internships are normally for two terms. The maximum credit that may be earned in an Economics and Business internship is three term credits. (CR)
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