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“By virtue of exchange, one person’s property is beneficial to all others.” —Frederic Bastiat
Economics is the study of how people establish social arrangements for producing and distributing goods and services to sustain and enhance human life. Its main goals are both to understand these arrangements and to improve them, seeking the best possible allocation of our scarce resources.
Bachelor of Arts Degree
Major in Economics
Minimum of 44 semester hours
- Required Courses for all Economic Majors
28 semester hours- ECON 101 or 111, 102, 301, 302, 499
- STAT 231 or MATH/STAT 242
- 4 semester hours selected from: CSCI; BUSA 202 or 302
- Required Field Courses
12 semester hours- Choose one course (4 semester hours) from each of the following three categories:
- Micro: 313, 321, 323, 325, 331, 333
- Macro: 322, 327, 337, 386
- Approaches: 311, 341, 344, 345
- Choose one course (4 semester hours) from each of the following three categories:
- Additional Required Elective
4 semester hours- Choose a fourth course from any of the three categories listed above or from the following:
- ECON 215, 235, 287, 387, 487, or 495
- Choose a fourth course from any of the three categories listed above or from the following:
Note: ECON electives labeled 287, 387, or 487 may be counted toward one of the required field course categories with the approval of the chair of the Department of Economics.
To remain in the major, junior and senior-level students must:
- maintain a minimum 2.50 overall GPA, and
- maintain a minimum 2.50 GPA in courses to be counted towards the economics major.
To register for an economics course with any prerequisites, a grade of C- or better must be attained in each of the prerequisite courses. Economics majors may transfer in a maximum of 20 semester hours toward the economics major, unless they have permission from the chair of the Department of Economics. With departmental approval, ECON 111 may be substituted for ECON 101 for purposes of major and minor requirements. ECON 499 meets the senior seminar/project requirement. For students planning graduate work in economics or business, additional math preparation will be necessary. For specific courses, consult your major advisor.
Minor
24 semester hours
- ECON 101 or 111; 102; 301 or 302
- 12 additional semester hours of electives, 4 of which may be in statistics
All courses counted toward an economics minor must be completed with grades of C- or higher and with a cumulative GPA of 2.5 or higher in those courses. Economics minors may transfer in a maximum of 12 semester hours toward the economics minor, unless they have permission from the chair of the Department of Economics.
Economics (ECON) - Undergraduate Courses
ECON 101 : Principles of Microeconomics - SO
Introduces the study of economic decision making by firms and individuals. Economic tools and concepts such as markets, supply and demand, and efficiency applied to contemporary issues. Students cannot take both ECON 101 and 111 for credit. (4)
ECON 102 : Principles of Macroeconomics - SO
Introduces the economy as a whole and major issues such as inflation, unemployment, economic growth, and international trade. Prerequisite: ECON 101 or 111 (4)
ECON 111 : Principles of Microeconomics: Global and Environmental - SO
Analysis of public policy and private behavior; appropriate pricing, resource valuation, taxes and subsidies, trade policies, sustainable development, and income growth and distribution. Students cannot take both ECON 101 and 111 for credit. (4)
ECON 190 : FYEP190: Inquiry Seminar
A four-credit seminar to introduce students to the methods and topics of study within a particular academic discipline or field. Students practice the academic skills that are at the center of the General Education Program. (4)
ECON 215 : Investigating Environmental and Economic Change in Europe - SO
An introduction to the environmental economic problems and policy prospects of modern Europe. Focus on economic incentives and policies to solve problems of air and water pollution, sustainable forestry, global warming, and wildlife management in Austria, Germany, Hungary, the Czech Republic, and Italy. Prerequisite: ECON 101 or 111, or consent of instructor. (4)
ECON 235 : European Economic Integration
An introduction to integration theory and its application to the problems and policy prospects for deepening European integration. Economic analysis of the development of economic institutions in the European Union. Topics include: German unification, enlargement, the European monetary system, Scandinavian participation, and relevance of the European integration model for the developing world. Prerequisites: ECON 101 or 111, or consent of instructor. (4)
ECON 287 : Special Topics in Economics
To provide undergraduate students with new, one-time, and developing courses not yet available in the regular curriculum. The title will be listed on the student term-based record as ST: followed by the specific title designated by the academic unit. (1 to 4)
ECON 288 : Special Topics in Economics
To provide undergraduate students with new, one-time, and developing courses not yet available in the regular curriculum. The title will be listed on the student term-based record as ST: followed by the specific title designated by the academic unit. (1 to 4)
ECON 289 : Special Topics in Economics
To provide undergraduate students with new, one-time, and developing courses not yet available in the regular curriculum. The title will be listed on the student term-based record as ST: followed by the specific title designated by the academic unit. (1 to 4)
ECON 291 : Directed Study
To provide individual undergraduate students with introductory study not available in the regular curriculum. The title will be listed on the student term-based record as DS: followed by the specific title designated by the student. (1 to 4)
ECON 301 : Intermediate Microeconomic Analysis
Theory of consumer behavior; product and factor prices under conditions of monopoly, competition, and intermediate markets; welfare economics. Prerequisites: ECON 101 or 111, or consent of instructor; and MATH 128 or 151. (4)
ECON 302 : Intermediate Macroeconomic Analysis
National income determination including policy implications within the institutional framework of the U.S. economy. Prerequisites: ECON 101 or 111; ECON 102; MATH 128 or 151. (4)
ECON 311 : Dynamic Modeling Natural Resources
An introduction to dynamic modeling and optimization, with consideration of both market and socially optimal outcomes. Examples used include fisheries, forestry, mining, renewable energy and sustainability. Extensive use of spreadsheets to build and solve dynamic resource allocation problems. Prerequisite: ECON 101 or 111 and MATH 128 or consent of instructor. (4)
ECON 313 : Environmental Economics
Examines the theory of externalities, pollution regulation, open-access conditions as a basis for environmental degradation, methods of non-market valuation of environmental amenities, and valuation of a statistical life. Attention will be given to both domestic and global examples. Prerequisites: ECON 101 or 111, or consent of instructor. (4)
ECON 321 : Labor Economics - SO
Analysis of labor markets and labor market issues; wage determination; investment in human capital, unionism and collective bargaining; law and public policy; discrimination; labor mobility; earnings inequality, unemployment, and wages and inflation. Prerequisites: ECON 101 or 111, or consent of instructor. (4)
ECON 322 : Money and Banking - SO
The nature and role of money; monetary theory; tools and implementation of monetary policy; regulation of intermediaries; banking activity in financial markets; international consequences of and constraints on monetary policy. Prerequisite: ECON 101 or 111; ECON 102 or consent of instructor. (4)
ECON 323 : Health Economics - SO
Analysis of health care markets including hospitals, providers, and insurer/managed care organizations; demand for care; economics of insurance; role of government and regulation; access to care; non-price competition; impact of new technology; analysis of reform. Prerequisites: ECON 101 or 111, or consent of instructor. (4)
ECON 325 : Industrial Organization, Management Strategy and Market Structure
An analysis of the structure, conduct, and performance of American industry and public policies that foster and alter industrial structure and behavior. Prerequisites: ECON 101 or 111, or consent of instructor. (4)
ECON 327 : Public Finance - SO
Public taxation and expenditure at all governmental levels; the incidence of taxes, the public debt and the provision of public goods such as national defense, education, pure air, and water. Prerequisites: ECON 101, or 111, or consent of instructor. (4)
ECON 331 : International Trade and Commercial Policy
Theories of trade based on labor productivity, factor endowments, and scale economies. Welfare analysis of commercial policy instruments. Political economy of interest groups and trade policy. Critical analysis of multilateral efforts to promote trade. Theoretical and empirical linkages among trade policy, renewable resource depletion, and environmental degradation. Prerequisites: ECON 101 or 111, or consent of instructor. (4)
ECON 333 : Economic Development: Comparative Third World Strategies - C
Analysis of the theoretical framework for development with applications to alternative economic development strategies used in the newly emerging developing countries. Emphasis on comparison between countries, assessments of the relative importance of cultural values, historical experience, and governmental policies in the development process. Prerequisites: ECON 101 or 111, or consent of instructor. (4)
ECON 337 : International Macroeconomics
An introduction to international macroeconomic theory and policy, including the balance of payments accounts, foreign exchange markets, theory of exchange rates, policies under fixed and flexible exchange rates, economic integration, global financial crises, policy coordination. Prerequisite: ECON 101 or 111; ECON 102 or consent of instructor. (4)
ECON 341 : Strategic Behavior - SO
An introduction to game theory and analysis of interactive decision processes. Interactive game playing, cases, and examples drawn primarily from economics, but also includes sports, political science, business, and biology. Prisoner's Dilemma, sequential games, Nash equilibrium, mixed and pure strategies, collective action and bidding strategies, bargaining. Prerequisites: ECON 101 or 111, or consent of instructor. (4)
ECON 344 : Econometrics
Introduction to the methods and tools of econometrics as the basis for applied research in economics. Specification, estimation, and testing in the classical linear regression model. Prerequisite: ECON 101 or 111; ECON 102; STAT 231 or equivalent, or consent of instructor. Cross-listed with STAT 344. (4)
ECON 345 : Mathematical Topics in Economics - SO
An introduction to basic applications of mathematical tools used in economic analysis. Prerequisites: ECON 101 or 111; ECON 102 or consent of instructor. (4)
ECON 386 : Evolution of Economic Thought
Economic thought from ancient to modern times; emphasis on the period from Adam Smith to J.M. Keynes; the classical economists, the socialists, the marginalists, the neoclassical economists, and the Keynesians. Prerequisite: ECON 101 or 111, or consent of instructor. (4)
ECON 387 : Special Topics in Economics
To provide undergraduate students with new, one-time, and developing courses not yet available in the regular curriculum. The title will be listed on the student term-based record as ST: followed by the specific title designated by the academic unit. (1 to 4)
ECON 388 : Special Topics in Economics
To provide undergraduate students with new, one-time, and developing courses not yet available in the regular curriculum. The title will be listed on the student term-based record as ST: followed by the specific title designated by the academic unit. (1 to 4)
ECON 389 : Special Topics in Economics
To provide undergraduate students with new, one-time, and developing courses not yet available in the regular curriculum. The title will be listed on the student term-based record as ST: followed by the specific title designated by the academic unit. (1 to 4)
ECON 487 : Special Topics in Economics
To provide undergraduate students with new, one-time, and developing courses not yet available in the regular curriculum. The title will be listed on the student term-based record as ST: followed by the specific title designated by the academic unit. (1 to 4)
ECON 488 : Special Topics in Economics
To provide undergraduate students with new, one-time, and developing courses not yet available in the regular curriculum. The title will be listed on the student term-based record as ST: followed by the specific title designated by the academic unit. (1 to 4)
ECON 489 : Special Topics in Economics
To provide undergraduate students with new, one-time, and developing courses not yet available in the regular curriculum. The title will be listed on the student term-based record as ST: followed by the specific title designated by the academic unit. (1 to 4)
ECON 491 : Independent Study
To provide individual undergraduate students with advanced study not available in the regular curriculum. The title will be listed on the student term-based record as IS: followed by the specific title designated by the student. Prerequisites: ECON 301 or 302 and consent of the department. (1 to 4)
ECON 495 : Internship
A research and writing project in connection with a student's approved off-campus activity. Prerequisites: ECON 101 or 111; ECON 301 or 302, sophomore standing, and consent of the department. (1 to 4)
ECON 499 : Capstone: Senior Seminar - SR
Seminar in economic problems and policies with emphasis on encouraging the student to integrate problem-solving methodology with tools of economic analysis. Topic(s) selected by class participants and instructor. Prerequisite: ECON 101, 102, 301 or 302, senior standing; satisfactory completion of two 300-level economics courses other than ECON 301 or 302, all with grade of a C- or above, and declared economics major; or consent of instructor. (4)
Economic Graduate Courses Offered for the M.B.A. and M.S.F. Programs
ECON 500: Applied Statistical Analysis: An intensive introduction to statistical methods. Emphasis on the application of inferential statistics to concrete situations. (4)
ECON 503: Economics for Finance: Macro and micro-economics including market forces of supply and demand, the goal of the firm, national income and accounts, business cycles, the monetary system, inflation, international trade and capital flows, currency exchange rates, monetary and fiscal policy, economic growth, effects of government regulation and the impact of economic factors on investment markets. (4)
ECON 516: International Economics: Regional and international specialization, comparative costs, international payments and exchange rates; national policies that promote or restrict trade. (4)
ECON 520: Economic Policy Analysis: An intensive introduction to the concepts of macroeconomics and microeconomics with an emphasis on policy formation within a global framework. (3)
Statistics (STAT) - Undergraduate Courses
STAT 145 : Statistics for Biologists - QR
An introduction to statistics with a focus on topics and data relevant to biologists. Descriptive statistics and data representations, correlation and regression, experimental design, basic probability, binomial and normal distributions, confidence intervals, hypothesis testing, chi-squared test, ANOVA. Cross-listed with MATH 145. Prerequisite: MATH 140 or proficiency through MATH 140 as determined by the math placement exam. (4)
STAT 231 : Introductory Statistics - QR
Descriptive statistics: measures of central tendency and dispersion. Inferential statistics: generalizations about populations from samples by parametric and nonparametric techniques. Methods covered will include estimation, hypothesis testing, correlation analysis, regression, chi square, and ANOVA analysis. Includes a required computer lab. May not be taken for credit after MATH/STAT 242 has been taken. (4)
STAT 232 : Introductory Statistics for Psychology Majors - QR
Descriptive statistics: measures of central tendency and dispersion. Inferential statistics: generalizations about populations from samples by parametric and nonparametric techniques. Methods covered will include estimation, hypothesis testing, correlation analysis, regression, chi square, and ANOVA analysis. Includes a required computer lab. Students should register for the lab corresponding to their lecture section. This section is intended for psychology majors. Prerequisite: PSYC 101 or equivalent. (4)
STAT 233 : Introductory Statistics for Sociology, Criminal Justice, and Social Work Majors - QR
Descriptive statistics: measures of central tendency and dispersion. Inferential statistics: generalizations about populations from samples by parametric and nonparametric techniques. Methods covered will include estimation, hypothesis testing, correlation analysis, regression, chi square, and ANOVA analysis. Includes a required computer lab. Students should register for the lab corresponding to their lecture section. This section is intended for sociology, criminal justice, and social work majors. Prerequisite: SOCI 101 or equivalent. (4)
STAT 242 : Introduction to Mathematical Statistics - QR
Data description, probability, discrete and continuous random variables, expectation, special distributions, statements of law of large numbers and central limit theorem, sampling distributions, theory of point estimators, confidence intervals, hypothesis tests, regression (time permitting). Cross-listing with MATH 242. Previously was STAT/MATH 341. Prerequisite: MATH 151. (4)
STAT 291 : Directed Study
To provide individual undergraduate students with introductory study not available in the regular curriculum. The title will be listed on the student term-based record as DS: followed by the specific title designated by the student. (1 to 4)
STAT 342 : Probability and Statistical Theory
Continuation of STAT 242. Topics may include: joint and conditional distributions, correlation, functions of random variables, moment generating functions, Bayesian and non-parametric inference, convergence of distributions. Cross-listed with MATH 342. Prerequisite: MATH 152 and four hours from STAT 231, 232, 233, or MATH/STAT 242. MATH 253 (or concurrent enrollment) is strongly recommended. (4)
STAT 348 : Statistical Computing and Consulting
Topics include qualitative data analysis, as well as the use of R statistical software to create data visualizations and to conduct, present, and interpret statistical analyses such as multiple regression and nonlinear (e.g. logistic) regression. Students will learn about issues that arise when working with real data such as data cleaning, data preparation, ethical guidelines for statistical practice, and the logical connections between study design and the appropriate inferences that can be made. Statistical consulting strategies and communication of statistical ideas to nonstatistical clients will guide the course topics as students perform consulting services for peers, faculty, and/or the surrounding community. Cross-listed with MATH 348. Prerequisite: DATA 133, CSCI 144, or MATH 151, and one of MATH/STAT 145, 242, STAT 231, 232, or 233. Strongly recommended: Prior experience with the programming languages R or Python. (4)
STAT 442 : Statistical Modeling
Continuation of MATH/STAT 242. Introduction to multiple linear regression models, indicator variables, interactions. Uses R statistical software to explore applications of course topics. Topics may also include extensions to generalized linear models, multilevel models, Bayesian inference, or other statistical modeling techniques. Cross-listed with STAT 442. Prerequisites: MATH 331 and any of MATH/STAT 145, STAT 231, 232, 232, or MATH/STAT 242. (4)
STAT 491 : Independent Study
To provide individual undergraduate students with advanced study not available in the regular curriculum. The title will be listed on the student term-based record as IS: followed by the specific title designated by the student. (1 to 4)
STAT 495 : Internship
To permit undergraduate students to relate theory and practice in a work situation. The title will be listed on the student term-based record as Intern: followed by the specific title designated by the instructor in consultation with the student. (1 to 12)