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Economics and Business (ECB)
A'amer Farooqi, Santhi Hejeebu, Todd Knoop (chair), Jerome Savitsky, James Stout
Major: A minimum of 10 course credits, including nine in Economics
and Business; also one course in statistics (INT 201 or MAT 347). The courses in ECB must
include 101, 102, 151,
301, 302, and two courses selected from
320, 321, 323, 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 (individualized 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, 225, 301, or 302.
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 interdisciplinary
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 the broadly transferable skills
needed in management, especially analysis, writing, and quantitative
methods; and 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 243, 245, 253,
320, 340, 341, 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
121 (Calculus of a Single Variable). For strong graduate school preparation in
either economics or business, students should take CSC 140
(Foundations of Computer Science), MAT 121 (Calculus of a Single Variable), 122 (Calculus of Several Variables), 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: 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.
Offered subject to availability of faculty. (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
225. 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
101. (Social Science) 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)
253. Managerial Accounting
Continuation of ECB 151. Application of accounting data to management decisions. Prerequisites: ECB 102 and 151. STOUT
265 through 275. Topics in Economics and Business
Selected topics of current interest in economics and business. See Topics Courses.
290/390. Individual Project: see Courses 290/390.
301. Intermediate Microeconomics
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. Prerequisites: ECB
102 and junior standing. (Social Science) SAVITSKY or HEJEEBU
302. Intermediate Macroeconomics
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, 102, and junior standing. (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
320. Women, Men, and the Labor Market Seminar
The seminar examines male/female differences in labor market outcomes. Theoretical explanations will be confronted with empirical evidence. Topics to be covered include: labor supply behavior and the allocation of time in the household, human capital investments in education and labor market experience, discrimination against women in the acquisition of human capital, labor market discrimination against women and the pay gap, and the economics of anti-discrimination laws. 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. Prerequisite: ECB 223 or
302. (Social Science) FAROOQI
337. Economics of Recessions and Depressions
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
340. 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 or MAT 347). Alternate years.
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
121 or 122, and one course in statistics (INT 201 or MAT 347). Alternate years. (Social Science) SAVITSKY
351. Financial Management
Analytic tools of economics and accounting applied to a firm's financial value. Economics of the securities and financial markets in which firms obtain capital. Prerequisite: ECB 253. (Social Science) STOUT
352. Financial Management Seminar
A continuation of ECB 351 focused on completion of the valuation project begun in ECB 351. A week-long trip to the international financial district in Chicago is included at additional cost. 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)
365 through 369. Advanced Topics
Selected topics of current interest in economics and business. Check individual course description for prerequisite(s). See Topics Courses.
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 supervisor. 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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