ECON 201. Principles of Macroeconomics (3; F/S)
Three hours per week. This course satisfies the University Core Curriculum requirement in economics. A "C" or better must be earned in ECON 201 as a prerequisite for ECON 305 and in order to use this course as part of the economics major or minor. In addition, a "C" (2.0) or better is required in order to use this course as part of the core requirement for any business major. This course provides students with an understanding of key macroeconomic issues facing our world and the policy prescriptions needed to address these challenges. Students gain an understanding of basic economic concepts, such as scarcity, resource allocation, opportunity cost, and supply and demand analysis. Students also learn the essentials of macroeconomic policy. These include the goals of economic growth, low unemployment, and low inflation, and the methods to measure them. The course also covers the fiscal and monetary policies used to achieve macroeconomic policy goals, and includes discussions of money, the Federal Reserve System, taxation, government spending, budget deficits, and public debt.
ECON 202. Principles of Microeconomics (3; F/S)
Three hours per week. Prerequisite: ECON 201. A "C" or better must be earned in ECON 202 as a prerequisite for ECON 304 and in order to use this course as part of the economics major or minor. In addition, a "C" (2.0) or better is required in order to use this course as part of the core requirement for any business major. This course is an introduction to microeconomics, the field of economics that deals with issues that affect individual markets, business firms, and households. Students learn about profit maximization, consumer theory, factor markets, the public sector, and the distribution of income. A significant portion of the course is devoted to the study of markets, market futures, and society's attempts to improve upon market outcomes under various market structures, including perfect competition, monopoly, monopolistic competition, and oligopoly.
ECON 301. Labor Economics (3)
Three hours per week. Prerequisite: ECON 202. Analysis of the characteristics of the American labor force, factors influencing employment and unemployment, market forces determining wages and hours, nature of wage and hour legislation and economic analysis of social security.
ECON 304. The Economics of Business Decisions (3; F)
Three hours per week. Prerequisites: A "C" or better in ECON 201 and ECON 202. A "C" or better is required in order to use this course as part of the economics major, and it should be completed before senior status. This Intermediate microeconomic theory course is designed to give the advanced student a more detailed and analytical understanding of the role of prices in economic decision making.
ECON 305. Macroeconomic Analysis & Policy (3; S)
Three hours per week. Prerequisites: A "C" or better in ECON 201, and ECON 202. A "C" or better is required in order to use this course as part of the economics major, and it should be completed before senior status. This intermediate macroeconomic theory course coves national income accounts and the determination of the level of gross domestic product. Students use Classical, Keynesian, and post-Keynesian models to analyze the forces that influence the price level and business cycles and examine the way each model interprets how monetary and fiscal policies alter macroeconomic outcomes..
ECON/INB 307. Comparative Economic Development (3;S)
Cross-listed with INB 307. Three hours per week. Prerequisites: ECON 201 or consent of instructor. A study of the development and philosophy of various economies in the world, including the European Union, Russia, China, Japan, India, Latin America and Africa. Student research projects are an integral part of the course. Credit cannot be awarded for both ECON 307 and INB 307.
ECON/FIN 310. Money & Banking (3; F)
Cross-listed with FIN 310. Three hours per week. Prerequisite: ECON 201. Topics include the role of money; commercial banks, other financial institutions, price level movements; money flow and the business cycle; Federal Reserve Bank organization and functions; the control of credit; and the interrelation of money and fiscal policy. Credit cannot be awarded for both ECON 310 and FIN 310.
ECON/SUST 335. Sustainability (3)
Cross-listed with SUST 335. Three hours per week. Prerequisite: ECON 201. This course is an exploration of the three components fundamental to sustainable development: economic growth, environmental protection, and social equity. Students review basic concepts and theories of both microeconomics and macroeconomics, including costs and benefits, economic growth, income, wealth, equity, and poverty, and then explore how nations, through economic growth, can meet their basic needs of employment, food, energy, water, and sanitation. Students also examine how natural resources can be used, conserved, and enhanced. Credit cannot be awarded for both ECON 335 and SUST 335.
ECON 340. Sports Economics (3)
Three hours per week. Prerequisite: A "C" or better in ECON 201 and ECON 202. This course uses economic analysis to examine aspects related to professional and amateur sports. Topics include sports leagues, the public finance of stadiums, event sponsorships, monopoly and antitrust issues related to league structure, game theory, and international sports.
ECON 345. Economic History (3)
Three hours per week. Prerequisite: A "C" or better in ECON 201 and ECON 202. This course explores the application of economics to the understanding of historical events. Emphasis is given to the development of economic organization, industries, institutions, and infrastructure. Attention is given to significant economic events, the spatial dimensions of economic growth, and the relationship between the changing structures of the economy and state. This course may be repeated for credit when the topic has changed.
ECON 350. Behavioral Economics (3)
Three hours per week. Prerequisite: ECON 201. Behavioral economics focuses on the relationships between economics and psychology. Standard economic theory assumes people behave rationally. Yet, there is substantial evidence to the contrary and there are patterns in the ways humans are predictably irrational. A better understanding of how psychology affects human decisions may lead to improved individual and collective choices and improved public policy.
ECON 365. Survey of Modern Economic Thought (3)
Three hours per week. Prerequisites: ECON 201 and ECON 202; junior or senior status. A study of the development of western economic thought beginning with the classical doctrines at the time of Adam Smith. Primary emphasis is on the high points in the main trains of thought and in the more significant departures from them.
ECON 381. Economic Policy Analysis (3)
Three hours per week. Prerequisite: ECON 201 and ECON 202. This public finance course is designed to study the functions of government in the three areas of allocation of resources, distribution of income, and stabilization of the economy. Special consideration is given to taxation, public expenditures, public borrowing, and fiscal administration. Additional topics treated include selection of a fiscal policy and analysis of revenue-expenditure relationships within the framework of that policy.
ECON 404. Current Economic Issues (3)
Three hours per week. Prerequisites: ECON 201 and ECON 202. A study of contemporary economic issues. Emphasis is given to the applications of the tools of economic analysis to specific current economic conditions.
ECON/INB 410. The Economics of Globalization (3; F)
Cross-listed with INB 410. Three hours per week. Prerequisites: ECON 201 and ECON 202. A study of the issues created when economies become more global in scope. Topics include the effects of trade, trade restrictions, economic integration, international factor movements and government policies on domestic and foreign economics. Credit cannot be awarded for both ECON 410 and INB 410.
ECON 411. International Economics (3)
Three hours per week. Prerequisite: A "C" or better in ECON 201 and ECON 202. This course uses economic analysis to explore international trade and finance. Topics include the evolution of trade theories from the mercantilists, Adam Smith, and David Ricardo through modern explanations of trade patterns; barriers to trade and their consequences; economic integration; a review of U.S. trade policy; and the fundamental concepts of international finance, such as the balance of payments, exchange rate regimes, and exchange rate determination.
ECON 450. Applied Economic Analysis (3; F)
Three hours per week. Prerequisites: Senior status, ECON 304 or ECON 305, at least one major economics elective course or permission of the instructor. This is a course on the techniques of applied economic research. Included in the course are basic elements of applied econometrics, economic impact study analysis, forensic applications of economics, applied economic policy analysis and applied economic modeling for business decisions.
ECON 480. Special Topics in Economics (3; max. 6)
Three hours per week. Prerequisites: ECON 201, ECON 202, Junior or senior status and consent of instructor. A study of selected topics of major interest in economics not covered in other course offerings. Topic for the semester will be indicated in advance, and the student may repeat the course once if the topic is different for a maximum credit of six hours.
ECON 490. Internship in Economics (var. 1-3)
Five to fifteen hours per week. Prerequisites: Junior or senior status and an overall GPA of 2.5 or better and 3.0 or better in the major. For additional information, see the introduction to the Davis College of Business section in this Catalog.
ECON 500. Essentials of Economics (2; F)
This course is intended to introduce MBA students to basic macro- and microeconomic principles and analytical tools that economists developed to study consumers, firms, markets and the economy as a whole. Its objective is to provide MBA students with a basic understanding of how individuals and firms make decisions, how markets function and how the overall economy operates.
ECON 520. Economics of High Performance (3)
Prerequisites: ECON 201, ECON 202 and MATH 140(Calculus) OR ECON 500. Designed to introduce MBA students to the application of macro- and microeconomic principles to managerial decision-making in the modern organization. Students discuss ways of directing scarce resources in an efficient manner to attain managerial goals and learn to strategically apply economic ideas, theories and methodologies to sustain high corporate performance. Special emphasis is placed on the concepts of corporate responsibility, demand analysis, production and cost determination, pricing and profit analysis, as well as application of computer-based forecasting and model building. Cases and problems are used to understand economic tools and their potential for solving real-world problems.
ECON 535. Economics for Executive Decisions (3)
Offered in the Executive MBA Program only. The nature of economic decisions within the corporation is explored using managerial economics. This course uniquely integrates the disciplines such as accounting, finance, human resource management and marketing. It helps executives recognize how economic forces affect organizations and how economic theories and methodologies can help optimize choices among alternative uses of the organization's resources.
ECON 587. Special Topics in Economics (var. 1-3)
A study of selected topics of major interest in Economics not covered in other course offerings. May be taken for credit more than once, if different topic.
ECON 592. Independent Studies in Economics (var. 1-3, max. 3)
A study of related Economics topics that is closely supervised by a faculty member. Activities will normally be conducted by students out of the classroom with periodic meetings and evaluation by the faculty member who is mentoring the project. May be taken for credit more than once, but only 3 credit hours will be counted toward satisfying the degree requirements.