Economics

The Department of Business Administration and Economics at Georgetown College seeks to achieve the following goals:

  • To provide students with the intellectual skills needed to deal with the problems, challenges, and opportunities that they will encounter throughout their lives. More specifically, we aim to
    • develop students’ abilities to analyze problems and formulate appropriate solutions
    • develop students’ abilities to communicate ideas effectively
  • To prepare students to be successful and productive individuals. To do so, we strive to
    • prepare students to begin meaningful careers immediately after graduation
    • prepare capable, motivated students to enter good graduate or professional programs
  • To promote growth of personal characteristics that will enable our graduates to become contributing members of their communities. Our specific objectives are to
    • foster development of personal responsibility
    • foster development of leadership skills
    • promote global awareness

The Department is committed to providing a broadly oriented professional education to prepare students for careers in business, government, and not-for-profit organizations. Our majors in Business Administration are built around a large number of required core courses that provide our students the basic skills in the quantitative and qualitative aspects of Business Administration. The business program provides the students with the basic introduction to the primary functional areas of business, and the opportunity to pursue a limited specialization in one or more specific functional areas. Additionally, these courses allow the students the opportunity to develop a substantive business knowledge prior to choosing an area of specialization. A student majoring in a departmental program will be required to maintain a minor in an area of interest outside the department.

Major in Economics

(B.A. degree) Thirty hours in the Department of Business Administration and Economics including BUA 210, BUA 211, ECO 221, ECO 223, ECO 311, and ECO 313; twelve additional hours chosen from BUA 335, ECO 304, ECO 317, ECO 337, ECO 355, ECO 405, ECO 410, ECO 425, or ECO 470; plus 6 allied hours consisting of MAT 111 and either MAT 125 or MAT 109. Total hours required, thirty-six.

Minor in Economics

Twenty-one hours; fifteen hours in the Department of Business Administration and Economics including ECO 221 and ECO 223; ECO 311 or ECO 313 or ECO 324; and six additional hours chosen from ECO 304, ECO 317, ECO 337, ECO 355, ECO 405, ECO 410, ECO 425, or ECO 470; plus 6 allied hours consisting of MAT 111 and either MAT 125 or MAT 109.

Courses

221. Principles of Macroeconomics. (3 hours) A study of national income determination, commercial and central banking, money, monetary policy, fiscal policy, economic growth, and the economics of trade and exchange rates. Some knowledge of basic mathematics and algebra as well as the ability to understand and interpret economic data is desirable. This course is not a prerequisite for Principles of Microeconomics 223. Fall and Spring

223. Principles of Microeconomics. (3 hours) The study of markets, supply and demand, value distribution, business organization, market structure, and selected problems in microeconomics. Some basic mathematics and facility with graphs are necessary. Principles of Microeconomics 223 may be taken before Principles of Macroeconomics 221. Fall and Spring

304. Regression Analysis in Business and Economics. (3 hours) Application of elementary econometric procedures and statistical inference as used in business and economics. Prerequisites: ECO 221, ECO 223, MAT 111. Even Springs

311. Intermediate Macroeconomic Theory. (3 hours) Examination of determinants of aggregate income, the price level, and employment; the role of policy in influencing aggregate economic activity. Prerequisites: ECO 221 and 223; MAT 109 or 125 Spring

313. Intermediate Microeconomic Theory. (3 hours) Price theory, including analysis of consumer behavior, production costs, and firm behavior. Prerequisites: ECO 221 and 223; MAT 109 or 125 Fall

317. Economic History of the United States. (3 hours) American economic development from colonial times to Great Depression; economic analysis of impact of colonial system, free banking, and slavery; identification of major sources of economic growth. Prerequisites: ECO 221 and 223 or consent of instructor. Odd Springs

324. Economics and Managerial Decision Making. (3 hours) The application and extension of microeconomics to the problems and decisions of business firms relating to output and pricing policy. Prerequisites: ECO 223, MAT 109 or 125, MAT 111. Fall

337. Environmental Economics. (3 hours) Economic principles applied to environmental quality and resource utilization; origins of and approaches to environmental problems. Prerequisites: ECO 221 and 223 or consent of instructor. Even Falls

355. Public Finance. (3 hours) Institutional and theoretical perspectives of the role of government as an economic agent; impact of tax policy and spending programs within a market economy. Prerequisites: ECO 221 and 223 or consent of instructor. Even Springs

405. Government Regulation of Business. (3 hours) Application of the economic theory of industries and markets to government regulation; topics include legal foundations and economic impact of market regulation, antitrust policy, competitive practices, monopolies, and workplace safety. Prerequisites: ECO 221 and 223. Odd Falls

410. International Economics. (3 hours) Causes and consequences of international flow of goods, services, and money; topics include trade incentives, trade regulation, and foreign exchange markets. Prerequisites: ECO 221 and 223. Even Falls

425. Financial Institutions and Monetary Economics. (3 hours) A study of banks and other institutions and their relationship to money and credit and their impact on financing business firms. Prerequisites: ECO 221 & 223, BUA 211. Even Springs

440. Independent Study. (1-3 hours) Fall and Spring

470. Topics in Economics. (3 hours)



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