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Chairperson: Joseph P. Daniels, Ph.D.
Department of Economics website

Business Economics Major

ECON 3004Intermediate Macroeconomic Analysis3
ECON 4060Introduction to Econometrics3
Three upper-division ECON electives (excluding ECON 4986)9
Four Business and/or Economics electives12
Total Credit Hours27

In addition to the bachelor's degree program outlined above, the Department of Economics offers a special five-year program enabling students to earn an undergraduate degree and a master of science in applied economics (MSAE) degree. For information, consult the Graduate School of Management section of the Graduate Bulletin or contact the Department of Economics at (414) 288-7377.


ECON 1001. Introduction to Economics. 3 cr. hrs.

An introductory survey of economic issues for non-majors with an emphasis on using economic concepts as elements of critical reasoning. Microeconomic topics include markets and the role of government in a market economy. Macroeconomic topics include the banking system, inflation and unemployment. International issues include the balance of trade and foreign exchange. Will not be counted towards the Economics major. Not available for students enrolled in the College of Business Administration.

ECON 2003. Principles of Microeconomics. 3 cr. hrs.

Institutions and processes of market specialization and exchange. Supply and demand and their determinants. Pricing and production decisions of the firm under varying competitive conditions. The role of government in a modern mixed economy. Microeconomic analysis applied to selected economic problems.

ECON 2004. Principles of Macroeconomics. 3 cr. hrs.

Processes and determinants of overall economic activity and growth. National income accounting, determination of aggregate income, employment, and the price level. Money and banking, government monetary and fiscal policy, and international economics. Prereq: ECON 2003.

ECON 3001. Applied Business Economics. 3 cr. hrs.

The focus of this course is to explain and develop key economic principles, models, and data that are relevant to business analysis and managerial decision-making. It expands on important economic principles including demand and supply, production and cost, market structures, profit maximization and pricing strategies under varying competitive conditions. Students are expected to develop skills in the practice of using economic models, data and statistical techniques in the process of business decision-making, as well as an understanding of both the usefulness and limitations of such models, data, and techniques. Students may not take both ECON 3001 and ECON 3003 for credit. Prereq: ECON 2003 and ECON 2004 and MANA 2028 or equiv. and BUAD 1060 (completed or concurrent).

ECON 3003. Intermediate Microeconomic Analysis. 3 cr. hrs.

A review of the tools of supply and demand analysis. A study of the market behavior of consumers and business firms and the way they interact with each other and with public policy. The application of market theory to questions of resource allocation efficiency, changing market conditions, optimal pricing and output strategies and to important social issues of the day. Prereq: ECON 2003, ECON 2004, and MATH 1400 or equiv. Students may not take both ECON 3001 and ECON 3003 for credit.

ECON 3004. Intermediate Macroeconomic Analysis. 3 cr. hrs.

Determination of the levels of aggregate output, employment, and prices. Inflation and unemployment. A description of available policy variables and their impacts upon the money, bond, goods, and labor markets. International macroeconomic interrelationships. Fundamentals of the economic growth process. Prereq: ECON 2003 and ECON 2004 and MATH 1400 or equiv.

ECON 3986. Internship Work Period. 0 cr. hrs.

SNC/UNC grade assessment. Prereq: Jr. standing, cons. of prog. dir. and cons. of Business Career Center.

ECON 4006. Public Policies Toward American Industry. 3 cr. hrs.

Role of competition as an economic regulator. Bases and consequences of monopoly power. Development of statutory and administrative law affecting market processes in the U.S. Antitrust policies applied to monopoly, oligopoly, mergers and restrictive trade policies. Alternatives to anti-trust, including utility regulation and social regulation. Prereq: ECON 2003 and ECON 2004.

ECON 4008. Economics and Law. 3 cr. hrs.

Relationship between the rights and obligations which the legal system confers on individuals and the allocation of resources which results from alternative assignments of legal rights. Uses and limitations of economic analysis in explaining the process by which legal rights are conferred. Prereq: ECON 2003 and ECON 2004.

ECON 4010. Public Finance. 3 cr. hrs.

Role of government in a market-oriented economy. Externalities, public goods and political decision-making. Analysis of major federal spending programs including social security, health care and welfare. Effects of government expenditure and tax policies on efficiency in the allocation of resources and on the distribution of income. Principles of taxation, budget deficits and the financing of public expenditures. Prereq: ECON 2003 and ECON 2004.

ECON 4012. Urban and Regional Economics. 3 cr. hrs.

Economic role of cities and systems of cities. Forces behind regional and urban growth. Explaining migration and employment changes. The role of quality of life in cities. Problems of central city economic decline, urban poverty, housing problems, and urban transportation. Suburbanization and urban sprawl. Prereq: ECON 2003 and ECON 2004.

ECON 4016. Environmental and Natural Resource Economics. 3 cr. hrs.

Economic analysis of environmental and natural resources including land, air, and water. Special emphasis on the role of human values and economic institutions in resource exploitation. Topics covered include air and water pollution, energy, ocean resources, forestry practices, mineral resources, the population problem, and agriculture. Prereq: ECON 2003 and ECON 2004.

ECON 4020. Economics of Labor Markets. 3 cr. hrs.

Supply and demand conditions unique to markets for services of human beings. The economics of investment and disinvestment of human capital. Topics include: determination of labor force size, geographic distribution and qualitative aspects; economic effects of institutional arrangements and labor laws; current issues. Prereq: ECON 2003 and ECON 2004.

ECON 4040. International Economic Issues. 3 cr. hrs.

Survey of international economics. Basis for and welfare effects of international trade, commercial policies, and economic growth. International organizations, trading regions, and trade accords. Balance of payments concepts and exchange rate theories. History and theory of international monetary systems including fixed versus flexible exchange rates. Prereq: ECON 2003 and ECON 2004. Credit not given if ECON 4044 or ECON 4046 has already been completed for credit.

ECON 4042. International Antitrust and Competition Policy. 3 cr. hrs.

Examines the economics of Antitrust or Competition Policy in an international context. Through readings, lectures, and class discussions it explores the economic rationale for Antitrust Policy, and examines the major topical areas that receive policy attention. Coverage includes a comparative survey of the policy approaches pursued by several major countries/economies, along with discussion of the conflicts and coordination issues that arise in a world characterized by extensive global trade. Prereq: ECON 2003 and ECON 2004.

ECON 4044. International Currency Markets. 3 cr. hrs.

Examination of various foreign exchange markets, including the spot, forward, futures and options markets. Risk, pricing and arbitrage procedures for cash and portfolio managers. Exchange rate management, structure of the international financial architecture, and the determination of exchange rates and the balance of payments. The role and practice of global financial intermediaries. Prereq: ECON 2003 and ECON 2004.

ECON 4045. Comparative Economic Development. 3 cr. hrs.

An analysis and description of institutional differences among national economies. A theoretical framework for analyzing the effects of alternative systems on social and economic behavior is developed. Theoretical models are applied to specific cases, with special emphasis on issues of growth and development in advanced variants of capitalist, post-communist and less developed economies. Prereq: ECON 2003 and ECON 2004.

ECON 4046. International Trade. 3 cr. hrs.

Sources, patterns, and welfare implications of international trade. Empirical investigations of traditional trade theories. Arguments for and impact of commercial policies. Trade effects of economic growth. Imperfect competition and intra-industry trade as alternatives to traditional theories and views. Prereq: ECON 2003 and ECON 2004.

ECON 4047. Development Economics. 3 cr. hrs.

Traditional economics is concerned with the allocation of scarce resources and emphasizes rationality and self-interest in decision-making. Political economy combines economics and politics to examine how social and institutional processes and power influence the allocation of scarce resources. Development economics deals with the economic, social, political and institutional mechanisms necessary to bring about rapid, large scale improvements in the lives of people in developing economies. Its ultimate goal is to understand the overall process of social and economic change in less developed countries in order to improve the lives of the majority of the world’s population. Prereq: ECON 2003 and ECON 2004.

ECON 4048. The Russian Economy. 3 cr. hrs.

Examines the development of the Russian economy, from the origin of the Muscovite state in 1462 to the present post communist state. Common elements as well as idiosyncratic peculiarities of each period are studied. Particular attention is paid to the Soviet Communist era, including examination of Lenin's New Economic Policy, Stalin's collectivization and creation of a planned economy, the Soviet experience in World War II, the gradual stagnation and decline of Soviet economic power beginning in 1965, and the end-game of Soviet communism engineered by Gorbachev from 1985 to 1991. The course concludes with a careful examination of the post communist transition and prospects for the future of Russia's economy. Prereq: ECON 2003 and ECON 2004.

ECON 4060. Introduction to Econometrics. 3 cr. hrs.

Designed to teach how to build an econometric model and to make forecasts using it. Models are constructed to explain phenomena that are observed frequently in business, economics and the social sciences. Linear regression analysis is employed and both single-equation and multi-equation models are investigated. Of practical value to economists, businessmen, engineers, statisticians, and other professionals for whom applied quantitative techniques are important. Prereq: ECON 2003 and ECON 2004 and MATH 1700 or equiv.; or ECON 2003 and ECON 2004 and MANA 2028 or equiv.

ECON 4065. Introduction to Mathematical Economics. 3 cr. hrs.

Designed to give students the quantitative background required to appreciate the use of mathematics in economic analysis. Emphasis is on developing important techniques. However, many economic applications are incorporated in order to demonstrate how standard economic models can be developed in mathematical terms. Topics include matrix algebra, differential calculus, both constrained and unconstrained optimization and comparative statistics. Prereq: ECON 2003, ECON 2004 and one of the following three options: MATH 1390 and MATH 1400; or MATH 1450 and MATH 1451; or MATH 1390 and MATH 1450.

ECON 4070. Economics and Ethics. 3 cr. hrs.

Examines the relationship between economics and ethics, or how moral values and ethical reasoning underlie both the science of economics and the operation of the economy. Aim of the course is to intrduce students to the role of ethical reasoning in economics and economic life, and thereby help create a capacity on their part for ethical reflection and action in connection with economic policy and individual economic experience. Prereq: ECON 2003 and ECON 2004.

ECON 4075. The Economics of Religion. 3 cr. hrs.

Explores how the tools of modern economic analysis, theoretical and empirical, can be used to better understand issues central to religious behavior and participation. Hence, the objective is to gain a better understanding of the breadth and application of economic concepts using the markets for religion as a vehicle for analysis. Including: Why do individuals allocate time and money to religious activities? How do they determine the allocation between the two? How does religious participation affect individual attitudes toward trust, trade and immigration? Prereq: ECON 2003 and ECON 2004.

ECON 4080. Money, Banking and Monetary Policy. 3 cr. hrs.

Origins, nature and importance of money. Money demand and supply. Types of financial markets and their role in the economy. Banking institutions and the Federal Reserve. Role of monetary policy in business cycles and its impact on financial institutions and markets. Prereq: ECON 2003 and ECON 2004.

ECON 4931. Topics in Economics. 3 cr. hrs.

Prereq: Jr. stndg and ECON 2003 and ECON 2004.

ECON 4953. Seminar in Economics. 3 cr. hrs.

Prereq: Jr. stndg. and ECON 2003 and ECON 2004.

ECON 4986. Economics Internship - Grading Period. 3 cr. hrs.

S/U grade assessment. Prereq: Jr. stndg., cons. of prog. dir. and cons. of Business Career Center.

ECON 4995. Independent Study in Economics. 1-4 cr. hrs.

Prereq: Cons. of dept. ch.

ECON 4999. Senior Thesis. 2 cr. hrs.

With department approval. Seniors may write a thesis under direction of an adviser. Prereq: Cons. of dept. ch.