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Economics Course Descriptions

ECO 2010 Principles of Microeconomics
3 credits
This course introduces the economic way of thinking. This encompasses the basic principles of microeconomic theory including opportunity cost, scarcity and marginal analysis. These and other principles will be used to understand the theories of supply and demand, utility, the consumer, the producer, the invisible hand, perfect and imperfect competition, externalities and market failure. In order to enhance an understanding of the theory it will concurrently be applied to every day issues and situations. The course has the dual role of preparing economics majors for more advanced courses and enabling non-majors to analyze rationally economic problems that are usually discussed at an emotional level. Prerequisites: College Algebra or fulfillment of math competency requirement. Distribution Requirement: CSI. Offered every Term I.

ECO 2020 Principles of Macroeconomics
3 credits
This course studies the economy from a macroeconomic perspective. Starting with a basic understanding of GDP, standards of living and inflation, the determination of economic growth in the long-run is examined followed by an in-depth analysis of short-run fluctuations of output and the price level. The latter includes a detailed understanding of the Federal Reserve System and its role in formulating monetary policy. In addition the government’s role in setting fiscal policy is discussed and the effects of both types of policy on the economy are examined. Prerequisites: College Algebra or fulfillment of math competency requirement. Distribution Requirement: CSI. Offered every Term II.

ECO-FIN 3030 Money and Financial Institutions
3 credits
This course is designed to enable students to have an understanding of financial institutions, money markets, and monetary policy in the United States. A detailed treatment of monetary theory and policy and such technical topics as the term structure of interest rates will be included. Prerequisites: ECO 2010 and ECO 2020. Offered every Term I and Term II.

ECO 3040 Intermediate Microeconomics (Price Theory)
3 credits
An extension and refinement of ECO 2010—Principles of Microeconomics and is primarily theoretical in its approach, although applications to the “real world” are an integral part of the course. A review of supply and demand concepts will be followed by a rigorous presentation of the theory of consumer behavior, including cardinal and ordinary utility functions, indifference curves, Engel curves, elasticity of demand and Giffen Goods. This will be followed by a discussion of the theory of the firm including perfect competition, monopoly, oligopoly, and imperfect competition. Finally, factor markets will be explored. Prerequisites: ECO 2010 and ECO 2020. Offered Term II.

ECO 3041 Intermediate Macroeconomics
3 credits
This course is designed to provide a comprehensive understanding of advanced macroeconomic theories and concepts. After examining national income accounting measures the behavior of the economy is studied in the long run, followed by the determination of output in the short run. Particular attention will be paid to the IS-LM model of aggregate demand but more contemporary models of aggregate supply will also be examined. Ends with debates about government policy, debt and deficits and finally recent developments in the theory of macroeconomic fluctuations. Prerequisites: ECO 2010 and ECO 2020. Offered Term I.

ECO 3050 Social Economics
3 credits
This course covers the allocative and distributional functions of government. Topics to be covered will include the theory of the public good, merit wants, tax policies, cost-benefit analysis, the elementary theory of collective choice, government budget determination, and some of the philosophical aspects of redistribution of income. Prerequisites: ECO 2010 and 2020. Offered alternate years.

ECO 3060 Urban Economics
3 credits
This course is primarily designed to introduce the student to urban economics and a unique discipline in economics. As a consequence, about 60% of the classes will be devoted to a study of the major theories of urban economists. Such topics as export base and central place theory will be discussed during this period. The remaining 40% of the class time will be spent on an examination of major urban problems, including housing, poverty and crime. Prerequisites: ECO 2010 and ECO 2020. Offered as needed.

ECO 3070 Econometrics
3 credits
Econometrics deals with the application of statistical methods to economics. In this course we will further develop the tools of statistics to estimate economic relationships, test claims of economic theory, and forecast the behavior of economic variables. We will introduce the techniques of econometrics and deal with the problems and solutions to common problems in economic data. A major focus of the class will be a research paper where each student will collect data to test his or her own hypothesis. Students who successfully complete this course will have strong skills in handling data and gain a significant exposure to empirical research in the field. Prerequisites: ECO 2010, ECO 2020, and MAT 2090 with a grade of C– or higher. Fulfills W-Course Requirement. Offered Term II, alternate years.

ECO 3140 Development Economics
3 credits
This course is designed to provide an understanding of the concepts of economic development and the obstacles faced by countries undergoing the process of development. This includes evaluating different indicators of development and studying classical and contemporary theories and models of economic development. After gaining this basic knowledge the following important issues are examined and addressed: economic growth and inequality; population growth and its consequences; unemployment and migration; agricultural development; environmental concerns; education; and international macroeconomic issues. Each question is discussed critically in the context of case studies and articles. Prerequisites: ECO 2010 and ECO 2020. Fulfills W-Course Requirement. Offered Term II alternate years.

ECO 3151 Labor Economics
3 credits
Labor Economics is the study of the economics of the markets for workers. This includes topics in educational attainment, firm’s hiring practices and the influence of public policy. In this course we will introduce and use the methodology commonly used in the field to address the issues and debates that arise in labor markets. Prerequisites: ECO 2010 and ECO 2020. Offered as needed.

ECO 3200 International Trade and Finance
3 credits
A survey of international trade from both economic and political viewpoints. Topics to be discussed will include the Ricardian Trade Model, the Ohlin Trade Model, tariffs and quotas, the international monetary system, multinational corporations, East-West and North‑South trade, and the effects on the domestic economy of international trade. Prerequisites: ECO 2010 and 2020. Offered Term II, alternate years.

ECO 3210 Environmental Economics
3 credits
A study of environmental problems and approaches to them. Alternatives such as user charges, tax subsidy schemes and regulation will be examined. Cost‑benefit analysis, the theory of the public good and externalities, and the problems in shadow pricing will be explored. Prerequisites: ECO 2010 and 2020. Offered as needed.

ECO 3300 Industrial Organization
3 credits
Is the study of the strategic interaction of firms. Examples of such interaction include strategic pricing behavior, collusion (both explicit and implicit), entry deterrence, and product differentiation. In this course we will introduce and use game theory as the primary method to evaluating this strategic interaction and cover many issues and topics of the field. Prerequisite: ECO 2010. Offered Term I.

ECO-MAT 3350 Game Theory
3 credits
Game Theory is the tool used to study the strategic interaction between players in a game. Used first in military strategy during World War II, it currently dominates economic theory and is beginning to be used in other fields such as Political Science, Biology, Law and Anthropology. This course is designed to be a thorough introduction to Game Theory. Emphasis will be put on applications in Economics, Political Science and Biology. Prerequisites: ECO 2010 and ECO 2020, or permission of the instructor. Offered Term II alternate years.

ECO 4000 Contemporary Issues in International Economic Policy
3 credits
Studies current topics relevant to international economic policy. Emphasis placed on issues concerning international trade, regional trading blocs, international macroeconomic and monetary policy and international financial institutions. Prerequisite: ECO 3200. Offered as needed.

ECO-PAF 4591 Public Affairs Advanced Seminar
3 credits
Advanced-level course in policy analysis. Topic areas will vary (e.g. defense policy, health care, taxation, and redistribution of income, national autonomy and international debt, justice, the public interest, rationality and irrationality in decision making). Pre-supposes coursework in economics, politics, and philosophy. Prerequisites: ECO 2010 and ECO 2020. Offered as needed.