Course Descriptions

EC 11 Introduction to Microeconomics
Analysis of the behavior of individual consumers and producers as they deal with the economic problem of allocating scarce resources. Includes a discussion of how markets function to establish prices through supply and demand, how resource costs influence firm supply, and how variations in the level of competition affect the efficiency of resource use. Topic areas include antitrust policy, the distribution of income, the role of government, environmental problems. Computer applications.
3 credits

EC 12 Introduction to Macroeconomics
Uses Keynesian theory to study the aggregate behavior of consumers and businesses as they affect the level of employment and prices. Examines the role of government and the ability of monetary and fiscal policy to stabilize the level of output and inflation. Topics include the functioning of the banking system, GNP, taxation, and government spending, monetarism, the influence of money. Computer applications.
EC 12 may be taken prior to EC 11.
3 credits

EC 112 Economic Aspects of Current Social Problems
A policy-oriented approach is used to study contemporary economic issues. Topics covered include: government spending, the role of federal budgets in solving national problems, poverty, welfare, social security, population, the limits to growth controversy, pollution, energy, regulation.
No prerequisite.
3 credits

EC 114 The Economics of Race, Class, and Gender in the American Workplace
Why do some people in the United States earn millions of dollars per year while others live in poverty? This course examines the impact of race, class, and gender differences on decisions made in households and in the workplace. It begins with an in-depth analysis of labor supply decisions and households responsibilities. This is followed by an examination of labor demand decisions and wage-rate determination. Applications of the theoretical predictions are reviewed as they relate to important public policy issues, such as childcare and eldercare, social security, pay equity, the glass ceiling, affirmative action, sexual harassment, and poverty.
No prerequisite. Fulfills U.S. Diversity requirement.
3 credits

EC 120 Environmental Economics
This course gives an overview of the theory and empirical practice of economic analysis as it applies to environmental issues. First, it establishes a relationship between the environment and economics. Then it develops the concept of externalities (or "market failures") and the importance of property rights. Next it explores the valuation of non-market goods. Of most current interest, it examines the practice of benefit-cost analysis. Finally, it offers economic solutions to market failures, while highlighting pollution control practices, especially those based on incentives. Throughout, the course examines current issues regarding environmental protection around the globe.
No prerequisite. Fulfills World Diversity requirement.
3 credits

EC 125 Competition and Competitiveness
The course identifies and explores the factors, which make products, firms, and nations competitive. It has a strong international, case study, and group discussion emphasis. Examples will be drawn from manufacturing and service activities in Asia, Europe, and North America.
No prerequisite.
3 credits

EC 150 Law and Economics
Using the case method, this course introduces topics from the central areas of the common law: property, contracts, torts, and criminal law. Attempts to explain the development of the law and legal institutions in terms of the basic tools of economic reasoning. Intended for students with no previous exposure to economics who may be contemplating graduate study of the law.
No prerequisite.
3 credits

EC 152 Economics of Sports
The tools and concepts of economic analysis are developed and examined with the sports industry providing the applications and topics. Some of the topics from professional sports addressed include free agency, salary cap, and new franchises. The economic issues and institutional structure of other areas of sports are explored, such as the NCAA, golf, tennis, sports equipment, advertising, minor leagues, and the Olympics. The combination of sports and economics offers another avenue for increased understanding of economics as it affects us.
No prerequisite.
3 credits

EC 175 Issues in Economic Policy
The course provides students with a way to understand the influence of government policies. It focuses on the policy options and consequences of economic decision-making in Washington. It will examine both monetary policy developed by the Federal Reserve and fiscal actions taken by Congress and the President.
No prerequisite.
3 credits

EC 204 Intermediate Microeconomic Theory
Builds upon and expands the theoretical models of EC 11. The course introduces indifference curves to explain consumer behavior; short and long-run production functions showing their relationship to product costs; and the efficiency of various competitive market structures. Topics include marginal productivity theory of income distribution, monopoly, and general equilibrium theory. Required for all majors. Prerequisite: EC 11.
3 credits

EC 204L Intermediate Microeconomic Theory Lab
The lab is designed to provide a wide variety of experiences for students, involving them in "doing" economics rather than more passively learning about theoretical models and constructs. Activities include lectures on advanced mathematical methods, advance problem-solving projects, collaborative teamwork experiences, and computer simulations.
Co-requisite: EC 204.
Note: This lab is required of all students pursuing the B.S. in economics; it is optional for students earning the B.A.
1 credit

EC 205 Intermediate Macroeconomic Theory
An analysis of the determination of national income and output; fiscal and monetary tools; growth, inflation, and stabilization policies. Computer applications. Required for all majors.
Prerequisite: EC12.
3 credits

EC 205L Intermediate Macroeconomic Theory Lab
The lab is designed to provide a wide variety of experiences for students, involving them in "doing" economics rather than more passively learning about theoretical models and constructs. Activities include lectures on advanced mathematical methods, advance problem-solving projects, collaborative teamwork experiences, and computer simulations.
Co-requisite: EC 205.
Note: This lab is required of all students pursuing the B.S. in economics; it is optional for students earning the B.A.
1 credit

EC 210 Money and Banking
Covers the commercial banking industry, the money market, Federal Reserve operations and policy making; classical, Keynesian, and monetarist theory.
Prerequisite: EC12.
3 credits

EC 224 Labor Economics and Labor Relations
Nearly 70 percent on income earned in the United States is a return to labor. This course applies the fundamentals of microeconomic and macroeconomic analysis to important decisions that people make in labor markets. From an employee's perspective, questions include: Should I work in exchange for a wage? If so, how much? How will my work affect my lifestyle and family decisions? Should I go to school to improve my skills? From an employer's perspective, questions include: Should I hire workers? If so, how many? How should I pick worker out of a pool of applicants? What techniques should I use to provide incentives for these workers? Many of the answers to these questions require complex analysis and an understanding of the impact of government policy on the workplace. The course explores a variety of public policy issues such as minimum wage programs, government welfare programs, workplace regulatory requirements, Title IX, immigration, and the union movement.
Prerequisites: EC 11 and EC 12.
3 credits

EC 225 Environmental Economics: Tools and Techniques
This in-depth examination of the economic tools used in environmental economics and policy making builds on basic environmental economic concepts and provides the opportunity to put those concepts into practice. The course explores common externalities and market failures in the United States and analyzes government policy used to control them. Prerequisite: EC 11 or EC 120.
3 credits

(Top)

EC 230 Comparative Economic Systems
Is communism dead? Is capitalism the only real economic system left? This course explores the various economic systems that are used to distribute resources, i.e., to decide "who gets what" in a nation's economy. The course considers the differences between alternative distribution mechanisms, what it means to transition from one system to another, and how these economic decisions are affected by political and national realities. Because there are so many international alternatives to be explored, each semester focuses on an economic region of the globe - Asian, Eastern European, African, or Latin American. This course, where appropriate, is available for credit in international studies or area studies programs.
Prerequisites: EC 11 and EC 12.
3 credits

EC 231 International Trade
This course deals with international trade theory, U.S. commercial policy (tariffs, quotas), foreign exchange, international finance, balance of payments disequilibria, and multinational enterprises.
Prerequisite: EC 11.
3 credits

EC 233 International Economic Policy and Finance
This offering explores international financial relations. Topics covered include the international monetary system, exchange rate systems, balance of payments adjustment mechanisms, as well as changes in international finance relations. The course treats theoretical concepts, and considers governmental policy approaches to the various problems.
Prerequisite: EC 12.
3 credits

EC 235 Economic Development of Third World Nations
The nature and causes of the problems facing the less-industrialized nations of the world are considered. Primary attention is focused on the impact that various economic policies have on promoting economic development in the "Third World."
Prerequisites: EC 11 and EC 12. Fulfills World Diversity requirement.
3 credits

EC 240 Health Economics
This course applies microeconomic theory to the health sector of the U.S. economy. Topics include: the demand for health care, health insurance, the physician "shortage," physician specialty choice, the hospital sector, and medical cost inflation. Prerequisite: EC 11.
3 credits

EC 245 Antitrust and Regulation
Examines the relationship between government and business. Antitrust laws and cases are reviewed in terms of their impact on resource efficiency. The format of agency command and control regulation is developed along with specific examples from the federal sector.
Prerequisite: EC 11.
3 credits

EC 246 Law and Economics
This course introduces topics from central areas of the common law: property, contracts, torts, and criminal law. The course is intended for students who desire an understanding of the important role of law in modern society or who are considering graduate study in law. It explains the development of the law and legal institutions in terms of the basic tools of economic reasoning.
Prerequisite: EC 11.
3 credits

EC 250 Industrial Organization
Extends microeconomic theory to examine the economic behavior of real firms and industries. The course identifies the factors affecting the competitive structure of specific markets. These structural characteristics are used to evaluate the efficiency of resource use. Specific topics include mergers, measures of concentration, pricing, entry barriers, technological change, and product development.
Prerequisite: EC 11.
3 credits

EC 252 Urban Economics
Analyzes the development of modern urban areas by applying the tools of economic analysis to the problems such areas face. Specific topics include transportation, housing, the provision and financing of public services.
Prerequisites: EC 11 and EC 12.
3 credits

EC 265 Distribution of Income and Poverty in America
Various theories of economic justice are studied so that the actual distribution of income in the United States can be analyzed. The factors that cause changes in the distribution of income and in the number of persons in poverty are considered.
Prerequisites: EC 11 and EC 12. Fulfills U.S. Diversity requirement.
3 credits

EC 273 History of Economic Thought
The development of economic thought from ancient times to the present.
Prerequisites: EC 11 and EC 12.
3 credits

EC 275 Managerial Economics
Applies economic concepts and theory to the problem of making rational economic decisions. Topics discussed include inventory control, decision making under risk and uncertainty, capital budgeting, linear programming, product pricing procedures, forecasting, and economic vs. accounting concepts of profit and cost. Computer applications.
Prerequisite: EC 11.
3 credits

EC 276 Public Finance
A study of government expenditure and tax policies. Emphasis is placed upon evaluation of expenditures, the structure of federal, state, and local taxes, and the budget as an economic document.
Prerequisites: EC 11.
3 credits

EC 278 Statistics
This course introduces students to descriptive statistics, probability theory, discrete and continuous probability distributions, sampling methods, sampling distributions, interval estimation, and hypothesis testing. A weekly lab provides opportunities for active exploration and application of course concepts.
Prerequisites: EC 11 and EC 12.
4 credits

EC 290 Mathematical Economics
This course applies mathematical models and concepts to economic problems and issues. Mathematical techniques employed include calculus and matrix algebra. Applications to economics address the areas of consumer theory, theory of the firm, industrial organization, and macroeconomic modeling. Prerequisites: EC 11, EC 12, and MA 19 or equivalent.
3 credits

EC 298 Independent Study
For economic majors only, this course is open to seniors by invitation or mutual agreement with the instructor.
3 credits

EC 299 Internship
Students are placed in a professional environment by the department. Interns are expected to use the economics and analytical skills they have acquired from the academic experience in a non-academic job setting. A written assignment which details the internship experience is expected to be submitted to a faculty sponsor by the end of the term.
3 credits

EC 306 Business Cycles and Economic Forecasting
This course considers the nature and causes of business cycles. Tools to analyze past fluctuations and to forecast future trends are developed. Both theory and practical applications are emphasized.
Prerequisite: EC 205.
3 credits

EC 320 Financial Markets and Institutions
Matters examined include: capital markets, financial intermediaries; equities, bonds, options, futures; security analysis, portfolio theory, the efficient markets hypothesis. Students manage a hypothetical portfolio and use a computer model.
Prerequisite: EC 210.
3 credits

EC 380 Econometrics
Introduces students to the process by which theories of economic behavior are formulated in mathematical terms and tested by the use of statistical methods. Both the technique and the limitations of econometric analyses are discussed as well as methods available for overcoming data problems in the measurement of quantitative economic relationships.
Prerequisites: EC 11, EC 12, and EC 278.
3 credits

EC 398 Senior Seminar
Limited to senior majors in economics. The seminar has two objectives. One aim is to familiarize the participants with recent developments in the discipline. The other goal is to sharpen each student's research skills. Each student is expected to engage in a research project concerning a topic of his/her choice. Enrollment requires the permission of the instructor.
3 credits