Economics

The BUA department strives to prepare students to take their places in society and to thrive in whatever roles they choose. The successful student who completes the program will:

• be able to analyze problems and formulate appropriate solutions;
• be able to communicate ideas effectively;
• demonstrate knowledge of the basic content of economics.

The Department is committed to providing a broadly oriented professional education to prepare students for careers in business, government, and not-for-profit organizations. A student majoring in a departmental program will be required to maintain a minor in an area of interest outside the department.

Major

(B.A. degree) Thirty-six hours required. Thirty hours in the Department of Business Administration and Economics including BUA 210, BUA 211, ECO 221, ECO 223, ECO 311, and ECO 313; and twelve additional hours chosen from ECO 304, ECO 315, ECO 317, ECO 337, ECO 355, ECO 405, ECO 410, ECO 420, ECO 425, or ECO 470; plus 6 allied hours consisting of MAT 111 and either MAT 125 or MAT 109.  

Minor

Twenty-one hours required. 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 315, ECO 317, ECO 337, ECO 355, ECO 405, ECO 410, ECO 420, ECO 425, or ECO 470; plus 6 allied hours consisting of MAT 111 and either MAT 125 or MAT 109.   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   315. Behavioral Economics. (3 hours) The study of situations in which actual human choices differ from the predictions of standard economic theory. Topics may include cooperation versus self interest, altruism, bounded rationality, and the use of reference points to shape decisions. Students will also explore experimental economics as the primary source of learning in this field. Prerequisites: ECO 223.                                                                                                                               Odd Falls   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. Prerequisite: ECO 221 or 223.                                                                     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. Prerequisite: ECO 223.            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 or 223.  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. Prerequisite: ECO 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 420. Labor Economics. (3 hours) This course uses empirical and theoretical models to examine the behavior of firms as the buyers of labor services, the behavior of households as the sellers of labor services, and the attempts of third parties (such as policy makers or unions) to influence outcomes in the market for labor services. Prerequisites: ECO 223.     Odd Springs   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 and 223, BUA 211.Even Springs   440. Independent Study. (1-3 hours)                                                    Fall and Spring   470. Topics in Economics. (3 hours)                                                           As needed