Courses In Economics

ECN 101. Principles of Microeconomics. The course examines how individuals and firms make choices within the institution of free-market capitalism. Individuals decide how much of their time to spend working and what to buy with the earnings of their labor. Firms decide how much to produce and in some cases what price to charge for their goods. Together these choices determine what is produced, how it is produced, and for whom it is produced in our economic system.  Fulfills general education requirement: Liberal Studies Area 2 (Social Science). 3 credits.

ECN 102. Principles of Macroeconomics. This course extends the study of consumer and producer choices to discover how they affect the nation's economy. Macroeconomics deals with the economy as a whole as measured by the key variables of inflation, unemployment, and economic growth. Emphasis is on both Keynesian and classical theories and how they predict what monetary and fiscal policies can be used to affect these variables and reach national economic goals.  Fulfills general education requirement: Liberal Studies Area 2 (Social Science). 3 credits.

ECN 105. Essentials of Economics. This course examines economics from both the microeconomic and macroeconomic perspectives. The course covers the basic principles of economics including the problem of scarcity, economics systems and models, supply and demand, market equilibrium, competition and monopoly, the banking system, monetary policy and inflation, fiscal policy, deficits, economic growth, and international trade. Does not equate to either ECN 101 or 102 where these courses are specifically required.   Fulfills general education requirement: Liberal Studies Area 2 (Social Science). 3 credits.

ECN 201. Intermediate Microeconomic Analysis. This course covers the major theories of mainstream neoclassical economics. There is intensive study of the models of consumer and firm behavior that permit understanding of how the prices and quantities of goods and services are determined in a free market capitalistic system. The implications for social welfare, and equity and efficiency issues that are inherent in the free-market system are emphasized.  Prerequisite: ECN 101, 102 and MAS 111 or 161, or by permission of the instructor. Economics majors need a cumulative GPA of 2.00 in all foundation courses completed to date. 3 credits.

ECN 202. Intermediate Macroeconomic Analysis. In this course, students develop a model of the macroeconomy which permits them to analyze the nature of the business cycle. The assumptions built into the model can be altered, rendering it capable of examining the macroeconomy from various theoretical viewpoints. In addition to unemployment, inflation and economic growth, the course covers real business cycles, the macroeconomic implications of free trade and emphasizes the microeconomic foundations of macroeconomics.  Prerequisite: ECN 101 and 102. Economics majors need a cumulative GPA of 2.00 in all foundation courses completed to date. 3 credits.

ECN 230. Benefit Cost Analysis. Benefit-Cost analysis (BCA) is the study of the of competing public policy alternatives. The purpose of benefit-cost analysis is to inform social decision-making and facilitate the equitable and efficient allocation of society's resources. This course introduces the basic theory and principles of benefit-cost analysis and examines its implementation and effectiveness.  Fulfills general education requirement: Writing Process. Prerequisite: ECN 101 and 102. 3 credits.

ECN 312. Money and Banking. The study of the nature and functions of money and credit, including the development and role of commercial and central banking, structures of the Federal Reserve System, and monetary and banking theory, policy and practice. The course considers the political nature of money and the tension between fiscal and monetary policy making.  Prerequisites: ECN 101 and 102. 3 credits.

ECN 316. Environmental Economics. Environmental economics stresses the co-evolution of human preferences, understanding, technology and cultural organization. This approach differs from that of conventional economics and conventional ecology in the importance it attaches to environment-economy interactions. The role that our economic system plays in decisions affecting the sustainability of our ecosystems is emphasized.  Prerequisites: ECN 101 and 102. 3 credits.

ECN 317. Energy and Natural Resource Economics. This course applies economic principles to the management of natural resources with a central focus on energy and climate change. It involves the study of resource use and conservation, utilization rates of renewable and non-renewable resources, the issue of economy size and the limits to growth, the natural resource economic issues of development versus preservation, and green accounting.  Prerequisites: ECN 101 and 102. 3 credits.

ECN 321. Public Finance. This course extends the study of public economics to its application in the principles of taxation and public expenditures. Topics include the structure of the Federal Budget, the national debt and fiscal deficits, but also state and local financing and the division of responsibilities between the federal and local governments.  Prerequisites: ECN 101 and 102. 3 credits.

ECN 322. Economic History. The modern economy provides us with enormous opportunities and problems. This course puts our economy into its historical context. The world was remade by the industrial revolution and market economies have been shaped and reshaped by new business forms, the changing policies of governments and the shifting preferences of citizens and consumers. Understanding the present requires appreciating human nature takes us into our ancient past, allowing us to see continuities and differences today.  Fulfills general education requirement: Liberal Studies Area 1 (History). 3 credits. [This course is cross-listed with HIS 322]

ECN 331. International Finance. This course extends the Keynesian Macroeconomic model to incorporate international financial flows; the determinants of the balance of payments; foreign exchange markets; exchange rate regimes; history of international economic institutions; and macroeconomic policy options. The course contains lectures, student presentations, theoretical problem solving, economic analysis of real-world events, reading, analyzing, and writing on academic and current event articles.  Prerequisites: ECN 101 and 102. 3 credits.

ECN 332. International Trade. This course introduces the theory and practice of international economic relations. It includes, not only the history and purpose of trade and the traditional theory of the gains from trade, but also the more modern theory of trade with imperfect competition. The history and nature of the institutional structures of trade (World Trade Organization) are covered.  Fulfills general education requirement: Writing Process. Prerequisites: ECN 101 and 102. 3 credits.

ECN 333. Game Theory: Economic Applications. Game theory studies how "rational" players should act and interact in strategic situations. In economics, players include people, firms, or countries. Game theory also helps predict and explain players' actions. Cooperative and non-cooperative games are used to measure behavior and identify ideal strategies in situations as diverse as industrial negotiations, marriage bargaining, and international environmental agreements.  Prerequisite: ECN 201 or permission of the instructor. 3 credits.

ECN 400. Internship. Practical and professional work experience related to the student's career interests, involving both on-site and faculty supervision. Internship credit does not fulfill required electives in the major.  Graded¬†pass/fail. May be repeated for credit (up to 12 credits of internship may be counted toward the degree). Prerequisites: 2.75 GPA, permission of the chairperson, completion of department's application form. Generally limited to juniors and seniors. 1-12 credits.

ECN 405. Applied Econometrics. In this course students apply statistical techniques to study the quantitative measurement and analysis of actual economic phenomena, describing economic relationships, and test hypothesis about economic theory and forecasting future economic events. Applications include examining violations of the classical assumptions and testing for specification errors.  Prerequisites: MAS 170, 270, or 372; ECN 201/202 or ASC 385; or permission of the instructor. 3 credits.

ECN 410. Senior Seminar. This small seminar course is a reading course in support of the research interests of the professor, the student, or both. The content and structure of the course will depend on the research interests of the professor, but will always require from each student a major paper related to this area. Reading and critiquing articles from refereed economic journals and the popular press are also included.  Fulfills general education requirement: Writing Process. Prerequisites: ECN 201 and 202 and junior standing. 3 credits.