| Minor in Economics |

Economics is a discipline that examines society’s responses to the problem of scarcity. This necessitates that people make choices, and hence, deals with decision-making, problem-solving and critical thinking. Economics courses are offered to fulfill the social science requirement in the General Education Requirements, and to support the various majors offered by the Business Administration Division and various interdisciplinary majors. Although there is no major offered in Economics, students may obtain a minor.

MINOR IN ECONOMICS

Lower Biennium Prerequisites (6 Credits):
EC 201 Principles of Microeconomics
EC 202 Principles of Macroeconomics

12 additional credits in Upper Biennium Economics courses.

COURSE OFFERINGS
EC 100 Economics and Contemporary Issues 3 cr.
A general introduction to the study of economics, including both micro-and macroeconomics concepts and ideas, as reflected in current domestic socioeconomic and global issues. NOTE: This course is not open to students who have successfully completed the Principles sequence (EC 201, 202).

EC 201 Principles of Microeconomics 3 cr.
The second of a two-course sequence; this course introduces students to the social science of economics, and then examines the behavior of individual consumers and firms, as well as the role of government, in the product and resource markets. On what bases are decisions made to buy (demand) and sell (supply)? How are these markets structured? What if the market system does not work, or is not allowed to work? What is the proper role of the government in a market-based economy? Prerequisite: EC 202, or permission of instructor.

EC 202 Principles of Macroeconomics 3 cr.
The first of a two-course sequence in Principles of Economics; this course examines the goals of the macroeconomy (full employment, domestic price stability, economic growth, and stable international economic relations) and how they are promoted by the government’s use of fiscal and monetary policy; the course concludes with a formal introduction to international economics, including the micro-based topics of international trade theory and commercial policy, as well as international finance and open-economy macroeconomics. Prerequisite: MA 110 or equivalent recommended.

EC 221 Statistics I 3 cr.
See MA 221 for course description.

EC 300 Statistics II 3 cr.
See MA 300 for course description.

EC 304 Economic History of the United States 3 cr.
A topical approach, within a chronological context, to the development of the American economy; topics examined include agriculture, industry, finance, transportation and communication, commerce, labor, and the role of the government in the economy.

EC 305 Comparative Economic Systems 3 cr.
A non-quantitative course that examines the bases for comparing economies and economic systems; studies the models of perfectly competitive market economies, centrally planned command economies, and the hybrid of market socialism; views examples of each of these at various levels of maturity and development. Prerequisite: EC 100 or EC 201-202 or permission of instructor.

EC 331 Money and Banking 3 cr.
An examination of the various forms of money and other financial assets and the markets in which they are traded; the roles of banks and other financial intermediaries and the effect of their behavior on their customers and the economy; the government’s monetary policies and their impact on the economic activity of the country. Prerequisite: EC 201-202 or permission of instructor.

EC 350 Managerial Economics 3 cr.
An application of microeconomic theory and methods to business and administrative decision-making; both the neoclassical approach, including a detailed treatment of supply and demand, the theory of the firm, and efficiency in a general equilibrium framework, and modern contributions of economics in the areas of coordination, motivation, organization, and strategy, e.g., the economics of transactions costs and information problems, are presented. Historical and international comparisons of management issues are made. Prerequisite: EC 201-202 or permission of instructor.

EC 432 Public Finance 3 cr.
An examination of the role of the public sector (government) in the economy, especially how it spends and raises money: the traditional functions of government economic policy; how government spending and taxing policies are made; public expenditure programs such as welfare, social insurance, and health care; principles of government financing; the practice of taxation, especially by the national government; and intergovernmental financial relations. Prerequisite: EC 201-202 or permission of instructor.

EC 435 Business and Government 3 cr.
See BU 435 for course description.

EC 440 International Economics 3 cr.
An examination of key issues facing the global economy, including trade theory and policy, protectionism and trade blocs, the mobility of labor and capital through multinational corporations and otherwise, various exchange rate systems and how they affect international business, issues of economic development and transition to market economies. Prerequisite: EC 201-202 or permission of instructor.

EC 442 International Finance 3 cr.
A study of the international monetary system and the balance of payments; foreign exchange markets and their implications for businesses involved in global decisionmaking; the issues surrounding foreign investment; international banks and other global financial resources. Prerequisite: EC 201-202 or permission of instructor.

EC 480 Labor Economics 3 cr.
A study of the workings and outcomes of the market for labor: the factors determining the demand for labor, and the labor supply decisions of workers; issues relating to the structure of wages and compensation; the incentives for and effects of educational and training investments; the effects of unions on wages, productivity, etc; the employment and wage effects of such social policies as minimum wage, OSHA, and antidiscrimination laws; the problems of unemployment and the impact of wages on inflation. Prerequisite: EC 201-202 or permission of instructor.

EC 391, 392, 393, 394 Selected Topics 1-3 cr.
Possible topics include the economics of gender issues, health economics, and the economics of environmental issues. Prerequisite: EC 201-202 or permission of instructor.

EC 491, 492, 493, 494 Independent Study 1-3 cr.
Opportunity to work on a special project or investigation designed by the student and approved by the faculty sponsor. Prerequisite: Senior standing.

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