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Next: Education (EDU) Up: Courses of Instruction Previous: Computer Science (CSC)
Economics and Business (ECB)
Donald Cell, A'amer Farooqi, Todd Knoop, Jerome Savitsky (chair),
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 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:
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 select courses from among ECB 230, 240,
243, 245, 253,
315, 320,
341, 345, 351,
357, and 380. Related courses in other departments are PSY
384 (Industrial and Organizational Psychology) and SOC
337 (Work in a Changing World).
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
(Foundations of Computer Science), INT 211 (Fundamentals of
Statistics), and MAT 141-142 (Calculus I &
II), 221 (Linear Algebra), and possibly 347
and 348 (Mathematical Statistics I & II).
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. Prerequisite: 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.
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) FAROOQI
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)
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 analysis, and
single and multivariate regression. Prerequisites: ECB
101, 102, and one course in statistics (INT
201, 211, or MAT
347-348). Alternate years.
KNOOP
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. Introduction to Marketing
Investigation of the modern marketing orientation toward business
management. Study of the basic theories, tools, and methods of marketing.
Exploration of the contribution of the social sciences to the
development of marketing practices. 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
290/390. Individual Project: see Courses 290/390.
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) 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) FAROOQI or KNOOP
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) KNOOP
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) 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) KNOOP
337. Business Cycles and
Forecasting
Investigation into the causes and economics
of recessions, depressions, and expansions. Included will be a broad
review of the history of macroeconomic thought, the development of which
has focused on explaining business cycles. The Great Depression will be
examined in detail. An introduction to business forecasting will also be
covered. Prerequisite: ECB 302. Alternate years. (Social Science)
KNOOP
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
345. Marketing Management
Application of quantitative and other advanced tools to market
decision-making. Extensive use of case studies. Opportunity to
participate in term-long class group projects, providing marketing
assistance to small businesses, non-profit organizations, and community
groups. Prerequisite: ECB 245. Alternate years. (Social
Science) URQUHART
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. Prerequisites: ECB 151, and either 245 or 253. Alternate years. (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
380. 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. A maximum of two course
credits may be counted toward satisfying the requirement of nine course
credits numbered in the 300s or 400s for the Bachelor of Arts degree. (CR) See Index. Courses 280/380.
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