Economics

ECO 101 — (S) Current Economic Issues — 3 credits

Intended to provide a foundation in economics for non-business students. This course provides analysis of contemporary economic issues relevant to the U.S. economy and the world. Issues such as economic policy, budget deficit, federal debt, recession, inflation, health care, environment, and regulation of business are studied. Not a substitute for ECO 153-154 or other upper-level economics courses.

ECO 103 — (S) The Economics of Environmental Issues — 3 credits

This course provides students with a framework for viewing environmental issues as economic issues. Alternative methods for addressing environmental problems are examined, including “command and control” regulatory policies and “market-based” policies. The evolution of public policies toward the environment is discussed. Not open to Economics or Business majors or minors.

ECO 153 — (S) Principles of Microeconomics — 3 credits

This course centers on the salient characteristics of the modern free-enterprise economy. Topics include the operations of the price system as it regulates production, distribution, and consumption, and as it is in turn modified and influenced by private groups and government.

ECO 154 — (S) Principles of Macroeconomics — 3 credits

This course analyzes the determinants of aggregate economic activity. The main areas studied are the monetary and banking system, the composition and fluctuations of national income, and inflation, all as influenced by monetary and fiscal policy.

ECO/IB 351 — (D) Environment of International Business — 3 credits

(Prerequisites: ECO 153-154 or ECO 101, junior standing) This course introduces the student to the growing field of international business, touching on the economic, social and political environments of international trade and multinational corporations. International institutions and agencies that impact on international business are discussed and practical aspects of these topics are emphasized.

ECO 361 — Intermediate Microeconomics — 3 credits

(Prerequisite: ECO 153) This course centers on the analysis of production and cost theories. The topics studied are pure competition, monopoly, oligopoly, monopolistic competition and factor pricing. Economics majors take in sophomore year; Finance majors in the junior year.

ECO 362 — Intermediate Macroeconomics — 3 credits

(Prerequisite: ECO 154) Course centers on the study of national income accounting, price level fluctuations, issues of unemployment, inflation, full employment, and impact of monetary and fiscal policy on income level and distribution. Economics majors take in sophomore year; Finance in junior year.

ECO 363 — Applied Econometrics — 3 credits

(Prerequisites: ECO 361, ECO 362, STAT 253) This course deals with the modeling and estimation of relationships as applied to economics. The topics covered include single-equation structural modeling and time-series modeling; estimation methods and problems; testing of economic hypotheses; and forecasting. The emphasis of the course is on applications involving the use of actual data.

ECO 364 — Labor Economics and Labor Regulations — 3 credits

(Prerequisites: ECO 153-154) Analysis of labor supply and demand; measurement and theory of unemployment; occupational choice; wage differentials; labor-market issues and policies; labor legislation.

ECO 365 — Mathematical Economics — 3 credits

(Prerequisites: ECO 361, ECO 362, STAT 253, MATH 107, MATH 108 or permission of the instructor) This course studies the methodology of modern economic analysis. Emphasis is placed on developing the rigorous theoretical foundations of micro and macroeconomics using tools of calculus and linear algebra. Topics such as comparative static analysis, general-equilibrium analysis, consumer and firm behavior, intertemporal decision making, decision-making under uncertainty, theory of growth and rational-expectation hypothesis are covered.

ECO 366 — Economic Geography — 3 credits

(Prerequisites: ECO 153-154) This course examines the broad areas of the spatial organization of economic systems and the location of economic activity; the role of transportation in determining optimal locations and optimal flow of goods, information, and people; and spatial organization of the growth and development of cities, regions and nations.

ECO/IB 375 — International Economics — 3 credits

(Prerequisites: ECO 153-154 or ECO 351 or permission of the instructor) This course explains the rationale for international trade and gains from trade and discusses various trade policies. Topics covered in the course include: comparative advantage, free trade and trade restrictions (tariffs, quotas, etc.), the trade policy of the United States, exchange rates and their determinants, balance-of-payments analysis and the significance of multinational corporations.

ECO 410 — Economics for K-12 Teachers — 3 credits

Provides an introduction to fundamental economic concepts as well as a review of techniques and materials (print, audiovisual, etc.) that can be used to teach economics at the K-12 grade levels. Emphasis is placed on strategies designed to integrate economics into such courses as language arts, mathematics and social studies. Not a substitute for other economics courses.

ECO 460 — Monetary and Financial Economics — 3 credits

(Prerequisite: ECO 362, FIN 351) This course emphasizes the interrelations between financial markets, financial institutions and aggregate economic activity. Topics include: an overview of financial institutions, introduction to money and capital markets, fundamentals of interest rates, the money supply process, the conduct of monetary policy, and other topics that occupy the subject matter of money and financial markets.

ECO 461 — Managerial Economics — 3 credits

(Prerequisite: ECO 361) Teaches the use of economic tools for managerial decision making. Topics include discussion of applicable economic, statistical and computer skills. Emphasis is on the microeconomic theory of the firm and how this is applied.

ECO 465 — Development Economics — 3 credits

(Prerequisites: ECO 153-154) This course introduces students to contemporary development economics. Topics include: the concept and measurement of economic development, the problems and prospects of the less developed countries, and the alternative theories and processes of economic development.

ECO 470 — Law and Economics — 3 credits

Prerequisite: ECO 361 or permission of the instructor) This course focuses on the publicpolicy implications of law and economics. It is based on the notion that legal rules establish implicit prices for different types of behavior and that consequences of these rules can be analyzed using microeconomics. In particular, micro- economic theory is used to analyze economic aspects of property, contracts, torts, and crime.

ECO 471 — Advanced Macroeconomics — 3 credits

(Prerequisites: ECO 362, 460, 363 or permission of the instructor) This course centers on the study of recent advances in macroeconomic analysis. Topics include empirical macroeconomic analysis, open- economy macroeconomics, the role of expectations, economic policy and economic growth.

ECO 490 — Economics Seminar — 3 credits

Advanced study of a special area in economics. Topics and prerequisites vary.

The following courses are offered infrequently:

Please contact the department chair for course schedules and detailed descriptions.

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