Economics Economics General Information NOTE: Computer information systems courses require a significant amount of data entry through a video display terminal. Because of this, keyboarding skill is strongly recommended. It is further recommended that majors acquire a personal computer. DEPARTMENT OF ECONOMICS Chair: Michael B. Vaughan Location: Wattis Business Building, Room 226 Telephone Contact: Julia Atkinson 626-6066 Professors: Richard M. Alston, Wan Fu Chi, Dix Cloward, Elden E. Liechty, James Smith; Associate Professors: Dan A. Fuller, Scott Thompson, Michael B. Vaughan. Description Economics provides general analysis of and preparation for decision making where resource constraints are present As such, economists are found in such diverse fields as investment banking, securities analysis, corporate finance, law, politics, and environmental regulation, as well as government and acadernia. Education The career field selected will determine the educational goals a student must set Students with bachelors degrees in economics are often employed in private business firms in the financial, retailing, and industrial sectors of the economy. A degree in economics is also regarded by graduate schools as excellent preparation for advanced work toward an MBA or a degree in law as well as a PhD. in a number of business fields such as finance and international business. PROGRAM: BUSINESS ECONOMICS MAJOR-BACHELOR DEGREE College Requirements: • Specific College Requirements (see index). • Requirements for General Education (see index). School of Business and Economics Requirements: • See School of Business and Economics section of the catalog. Major Requirements (minimum of 35 credit hours): • Required courses (8 credit hours): Econ 301 (4), 302 (4). • Elective courses (minimum of 27 credit hours): Select fiom Econ SS274 (5), 303 (4), 309 (4), 311 (4), 320 (4), 340 (5), 430 (4), 455 (4), 480 (1-2), 532 (4). • Students may enhance their program by selecting a maximum of two non-economics courses to be included in these 27 hours. These must be upper-division courses (numbered 301-400) in related disciplines, and they must be approved by the department chair. PROGRAM: GENERAL ECONOMICS MAJOR-BACHELOR OF ARTS DEGREE (SOCIAL SCIENCE EMPHASIS) College Requirements: • Specific College Requirements (see index). • Requirements for General Education (see index). • A minor is required. School of Business and Economics Requirements: • Students must satisfy the School of Business and Economics advanced standing requirement (23 credit hours). This requirement is Acctg 201 (3); CIS PD170 (4); Econ SS101 (5), 102 (3); Quant 240 (4), 260 (4). Major Requirements (minimum of 45 credit hours): • Required courses (19 credit hours): Econ 102 (3), 301 (4), 302 (4), 309 (4); Quant 261 (4). • Elective courses (minimum of 8 credit hours): Econ SS274 (5), 292 (1-6), 303 (4), 311 (4), 320 (4X 340 (5), 430 (4), 455 (4), 480 (1-2), 492 (1-6), 532 (4). • Support courses required (minimum of 18 credit hours): One of the following: Mgmt 330 (4), 325 (4); or Mktg 301 (4). Select at least one class fiom each of the following groups: • Law: Poise 401 (5); Bus Adm 320 (4). • Philosophy: Engl 388 (3); Philo 116 (5). • Organization: Econ 532 (4); Mgmt 301 (4); Poke SS110 (5), SS111 (4), 370 (5), 375 (4). • International Studies: Econ 311 (4); Hist 433 (5), 440 (5), 451 (3), 459 (3), 461 (5), SS470 (5); Poise 383 (3), 448 (5). PROGRAM: ECONOMICS HONORS OPTION General Requirements: • Enroll in General Honors Program and complete at least 10 hours of general honors courses (see the Interdisciplinary Programs section of the catalog). • Maintain an overall GPA of 33 • Fulfill requirements for Economics Department major (given above). Specific Requirements: In fulfilling requirements for an economics honors major, students must take at least 14 hours of economics courses on an honors basis, 2 hours of which must be completed as a senior project (Honors 499). Either Economics 301 or 302 must be taken on an honors basis. The student may receive economies honors credit in any upper-division or graduate-level economics course. Permission from the department chair must be obtained before registering in a course for honors credit. A written agreement must also be reached with the appropriate professor regarding the work expected for honors credit. PROGRAM: ECONOMICS TEACHING MINOR General Requirements: • A grade of 2.50 or better in minor courses. Specific Requirements: (minimum of 30 credit hours): • Required courses (13 credit hours): Econ SS101 (5), 102 (3), SS274 (5). • Elective courses (11 credit hours): Courses must be approved by department chair prior to taking the courses. • Support courses required (6 credit hours): Commun HU102 (3) or its equivalent and Educ 450 (3). CENTER FOR ECONOMIC EDUCATION The Department has established a Center for Economic Education. Its basic function is to help educators in secondary and elementary schools improve their understanding and knowledge of economics. This will assist them in providing their students with the fundamental economic tools needed to evaluate complex national and international events that are a part of then- daily existence. ECONOMICS COURSES-ECON M SS101. Principles of Economics (5) Basic institutions of die economy, production of goods, standards of living, die exchange economy, introduction to niacroeconomics, national income, and levels of employment. 102. Principles of Economics (3) Introduction to microeconomics. Value and price of goods under varied degrees of competition and die distribution of income to wages, interest, rent, and profits. SS274. Economic History of the United States (5) A critical study of the growth and development of American society and its institutions. 292. Short Courses, Workshops, Institutes, and Special Programs (1-6) To provide flexibility and to meet many different needs, a number of specific offerings are possible using this catalog number. When the number is used, it will be accompanied by a brief and specific descriptive title. The specific title with die credit authorized for the particular offering will appear on the student transcript (All students must have advanced standing to register for all courses numbered 301 or above. Prerequisites other than advanced standing \courses must also be taken by all students. J 301. Intermediate Theory: Macroeconomics (4) Theory of general economic equilibrium, aggregate employment, inflation, and depression. 302. Intermediate Theory: Microeconomics (4) Consumer behavior, demand analysis, economics of the firm, and price theory. 303. Managerial Economics (4) The course utilizes microeconomic theory to analyze the managerial decisions of individual business firms. Optimization, demand, production, cost, and pricing theories are examined. Emphasis is placed upon problem solving including the use of computer software to forecast and simulate. The course is recommended for business students. 309. History of Economic Thought (4) The major concepts and contributions of the scholars of the past in economic doctrine and interpretations. Prerequisites: Econ 301, 301 311. International Economics (4) Concepts designed to acquaint students with economic relationships among nations. Areas of study will include pure theory of trade, common market associations, and trade problems facing underdeveloped countries. 320. Money and Banking (4) The history of money and credit, die evolution of banking, the Federal Reserve System, and other banking problems and functions. 340. Labor Economics (5) Historical development and growth of unionism and labor legislation. Analysis of wages, wage theory, collective bargaining, and labor-management relations. 430. Free Enterprise and Public Policy (4) Causal forces in the growth of large-scale business, government laws, intervention, and regulation. 455. Introduction to Econometrics (4) Advanced regression analysis. Topics include dummy variables, residual analysis, binomial dependent variables, simultaneous equations, and forecasting techniques. Computers will be used extensively although programming skills are not necessary. Prerequisite: Quant 261 or equivalent. 480. Independent Study (1-5) Individual work or work in small groups, by arrangement, in special topics not included in the announced course offerings. Prerequisites: Quant 261 and instructor approval (limited to 2 credit hours per quarter). 492. Short Courses, Workshops, Institutes, and Special Programs (1-6) (See 292 for description.) 532. Public Finance (4) This course explores the basic taxation and spending policies of the public sector. The role of the public sector, cost-benefit analysis, tax incidence, and the efficiency effects of taxation are stressed Senior standing, graduate standing, or a degree in accounting or economics is required. This requirement may be waived with instructor approval. Prerequisites: Quant 240, 261; Econ 302. Student Services Interdisc. Programs Allied Health Sciences Arts & Humanities Business & Economics Education Natural Sciences Social Sciences Technology 118 119 Continuing Education