ECO (Economics)

ECO 120  Principles of Microeconomics  (4 hours)

This course will introduce the fundamental economic principles and apply them to economic problems. The primary topics include scarcity and choice, the theories of consumption, production and markets, and the role of government and its’ policies in those markets. Analysis of policy surrounding income distribution, agriculture/government regulation of business, labor organizations, and international trade/elementary microeconomic models will be addressed.

ECO 122  Principles of Macroeconomics  (4 hours)

The changing economic system with its developing problems is studied from the simple circumstances of Colonial times, through the emergent industrialism of the middle period, to the complex, specialized, and diverse conditions of today.  This includes an introductory survey of aggregate economic principles.  The scope and method of economics, basic supply and demand theory, and national income theory are intermeshed.

ECO 200  Independent Study in Economics  (1-4 hours)

This course will be conducted as supervised research on a selected topic. Prerequisites: Submission of an application which contains a proposed, detailed outline of study approved by the instructor, the division chair, the student’s advisor and the provost or associate provost. The completed application must be submitted to the office of enrollment services no later than the final day of the drop/add period of the semester of study. For additional criteria, see Independent Study Policy (Sec. 6.15.).

ECO 220  Intermediate Microeconomics  (4 hours)

This course develops  an advanced investigation of the economic principles necessary to analyze and interpret the decisions of individuals and firms with respect to consumption, investment, production, pricing, market strategy, and hiring. The theories are used to understand the behavior of business firms and public policy-making institutions, and are also used to develop an understanding of new subjects, including empirical estimation of demand functions, two-variable constrained optimization techniques, optimal input usage, and partial equilibrium and general equilibrium analysis. Prerequisites: ECO 120, ECO 122, and math requirement (Sec. 6.4.1. and Sec. 6.4.3.).

ECO 222  Intermediate Macroeconomics  (4 hours)

This course examines the goals of economic policy and the policy instruments available to achieve those goals. Attention is given to both monetary and fiscal policy along with the theory and measurement of national income, employment and price levels and the international implications of economic policy. Prerequisites: ECO 120 and ECO 122.

ECO 290  Special Topics in Economics  (1-4 hours)

An intense study of diverse topics under the direct supervision of an Economics faculty member. Prerequisite: See individual course listing in the current semester course schedule.

ECO 320  Economic Development  (4 hours)

This course is a study of the economic, social and political factors that account for the contrast between the economic stagnation in much of the world and the steadily rising incomes in the United States, Europe and Japan. General principles are applied to the development experience of selected countries in the historically less-developed world and the formerly centrally-planned economies of Eastern and Central Europe. Prerequisite:  ECO 120 or ECO 122.

ECO 323  International Economics  (4 hours)

This course is a study of international trade and finance. The micro-foundations of the course will address why countries trade, why special interest groups fight international trade, regional specialization, international agreements on tariffs and trade and national commercial policies. The macro-foundations of the course will focus on exchange rates, balance of payments, international investments and coordination and cooperation of international monetary and fiscal policies. Prerequisite: ECO 120 or ECO 122.

ECO 324  History of Economic Thought  (4 hours)

This course is a study of the major writers and schools of economic thought related to the economic, political and social institutions of their times: the Medieval, Mercantilist, Physiocrat, Classical, Marxist, Historical, Neoclassical, Institutionalist, Keynesian and post-Keynesian schools. Prerequisite: ECO 120.

ECO 325  Environmental Economics  (4 hours)

This course is an introduction to economic methods that will allow the student to understand the economic causes of environmental problems and to evaluate the economic impact of environmental policies. It will introduce the student to a wide range of current environmental problems and issues such as hazardous and municipal solid waste, water and air quality concerns, biodiversity, global warming and sustainable development. Topics will include externalities, benefit-cost analysis, alternative policy instruments as solutions to environmental problems, market failures, policy decision process and risk analysis. Prerequisite: ECO 120.

ECO 326  United States Economic History  (4 hours)

This course will study the origin and growth of the American economic system from pre-colonial through the 20th century. The course traces the development of the evolution of American agricultural, commercial, manufacturing, financial, labor, regulatory and technological sectors. Prerequisite: ECO 120 or ECO 122.

ECO 400  Advanced Independent Study in Economics  (1-4 hours)

Supervised research on a selected topic. Prerequisite: Submission of a proposed outline of study that includes a schedule of meetings and assignments approved by the instructor, the division chair and the provost or associate provost no later than the final day of the drop/add period of the semester of study. For additional criteria, see Independent Study Policy (Sec. 6.15.).

ECO 421  Money and Banking  (4 hours)

This course will study the role of private financial institutions and the Federal Reserve System in the creation of the nation’s money supply and the theory that links the money supply to the nation’s inflation rate and output level. Additional topics are the international payments mechanism, capital flows, the determination of exchange rates and the use of a common currency by several countries. Prerequisites:  ECO 220 and ECO 222.

ECO 423  Economics of Antitrust Law  (4 hours)

This course is a study of the structure of firms within a given industry, the corresponding strategic decisions and conduct, and the United States’ antitrust policy that is intended to facilitate competitive market goals across the economy. Topics will include competition, dominant firm and cartel theory, measurement of industry structure and performance, strategic behavior in pricing, advertising and information, vertical integration, regulation and law and international markets. Prerequisite: ECO 220 with a grade of “C-” or higher. 

ECO 424  Labor Economics  (4 hours)

This course will be a comprehensive study of the cause and effect relationship between work and income. It will examine labor market structures, human capital theory, union-management relations, labor history, economic policy and earning profiles by gender and race. Prerequisites: ECO 220 and ECO 222.

ECO 425  Public Finance  (4 hours)

An analysis of the impact of federal, state and local government expenditures, revenues, debt management and budgeting on the allocation of resources, the distribution of income, the stabilization of national income and employment and economic growth. Topics will include expenditure patterns, tax structure, benefit-cost analysis, policy analysis and microeconomic and macroeconomic theories of public expenditures and taxation. Prerequisites: ECO 120 and ECO 122.

ECO 426  Internship in Economics  (1-4 hours)

An internship is designed to provide a formalized experiential learning opportunity to qualified students. The internship  requires the student to obtain a faculty supervisor in the relevant field of study, submit a learning agreement which includes 3-4 learning objectives, work 30 hours for every hour of academic credit, keep a  reflective journal of the  internship experience, have regularly scheduled meetings with the faculty supervisor, submit a professional resume,  write a research paper dealing with some aspect of the internship (length of paper dependent on number of academic credits), and deliver a presentation of the internship experience at the end of the semester.  Graded on a Satisfactory/Unsatisfactory basis. Prerequisites: Permission of the faculty supervisor, qualification for the internship program, permission of an internship site supervisor and acceptance of learning agreement proposal by the faculty advisor and division chair.

ECO 429  Econometrics  (4 hours)

This course will introduce basic econometric theory and applications related to the use of classic linear regression model. Students will perform empirical tests of various economic theories using Excel™ and other computer software. Particular emphasis will be placed on understanding the strengths and weaknesses of ordinary least squares regression (OLS) and interpreting its results. Offered every spring. Prerequisite: ECO 120, ECO 122, and MAT 111.

ECO 490  Advanced Special Topics in Economics  (1-4 hours)

Advanced courses of selected topics will be offered generally for juniors or seniors as determined by the needs of the curriculum. Prerequisite: See individual course listing in the current semester course schedule.