Economics | Academics

Bachelor of Science in Economics

Students will acquire:

Knowledge of microeconomic theory, macroeconomic theory, and market failure, and the ability to apply them to domestic and global economic issues.
The skills necessary to identify and analyze the economic dimensions of individual, firm, and social problems.
The ability to use an economic way of thinking to identify solutions to problems that are unfamiliar.
The ability to recognize the limitations of proposed solutions to individual, firm, and social problems and situations.

PROGRAM INFORMATION

Historically, economists have tracked and studied global and national macroeconomic trends, such as recessions and currency exchange rates, to either help a business better position itself for long run success, or to help large financial institutions and government agencies intervene appropriately during challenges and crises.

In the data age, as the pace of both business and behavioral change quicken, economists focus on smaller trends across shorter time frames. Questions of an economic nature include:
- Do supply chain efficiencies improve a hybrid carmaker’s profit?
- Will changes in insurance rules and procedures impact healthcare labor markets?
- Are default rates lower for consumers who secure a mortgage through an online app?
- What causes someone to begin to book online travel, then procrastinate?
As an economist, you might work in teams using data to innovate across a range of settings, including:
- law firms.
- government agencies.
- banks, national and regional.
- non-profit organizations.
Economics draws on important liberal arts frameworks, including history, philosophy, and mathematics, to address questions in diverse topics within business. Example economic topics of inquiry include:
- tax rates and impacts.
- marriage and child-rearing.
- criminal behavior.
- social justice and discrimination.
- sustainability and ethics.

The new “ordinary” business life is more global and extraordinary, you will need a broad understanding and specific skills to keep pace. The Boler Bachelor of Science in Economics combines the best of the liberal arts tradition with exposure to specific business skills. Your core courses will emphasize an ability to think critically, communicate orally, write, and solve problems as well as perform quantitative analysis.

The Bachelor of Science in Economics curriculum will challenge you to understand more detailed topics:
- microeconomic and macroeconomic theory
- market failure
- domestic and global economic diversity
- economic dimensions of individual, firm, and social problems
Your knowledge and experience will underpin an ability to use an economic way of thinking to identify solutions to problems that are unfamiliar. That’s why a major in economics provides a comprehensive background valuable in many academic and professional fields. Law and business graduate programs see economics as strong preparation because of its logical, ordered approach to problem solving.

Core Courses

Students who choose the Bachelor of Science in Economics (B.S.E.) complete the University’s Integrative Core Curriculum in addition to the Boler Core Curriculum. The Boler Core Curriculum provides business administration knowledge in addition to the theories and methods of economics.

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Major Courses

Major Courses
EC 3301	Microeconomics Analysis of the behavior of consuming and producing units, determination of prices and outputs through the market, resource allocation and distribution. Problems of decision-making and planning. Prerequisite: EC 2201, EC 2202; MT 1130 or MT 1133 and MT 1134 or MT 1135; or permission of chair.
EC 3302	Macroeconomics Theories of the determination of the level of national economic activity: output, income, employment, and its relationship to economic growth, stability, and the price level. Particular emphasis on the components of aggregate demand and aggregate supply. Prerequisite: EC 2201, EC 2202; MT 1130, MT 1133 and MT 1134, or MT 1135; or permission of chair.

During senior year, all economics majors must take an economics comprehensive examination. Consult the department for details.

Students who seek to double major in economics and finance can use their finance elective also to count as an economics elective, and are permitted the choice of taking MHR 4499 or EC 4499. Students may double major in economics and financial planning and wealth management. In addition, economics works well as a double major with disciplines in Arts and Sciences such as Sports Studies, Political Science, History and Philosophy. Economics majors who are interested in a double major should speak to their advisor or to the chair of the Economics department.

Professional Experience: Relevant professional work, internship, or volunteer experience is required prior to graduation. This requirement must be satisfied by completing BPD 4490.

Economics Electives

Economics Electives
EC 3310	Empirical Methods I This course is designed to prepare students to handle big data, run quantitative analyses of economic models using computers, interpret regression analysis, and perform several empirical analyses on their own using real-life data. Topics covered include linear regression models, simultaneous-equations models, panel data analysis, discrete choice models, among others. Offered: Fall only. Prerequisites: EC 2201, EC 2202, EC 2210, EC 3301, EC 3302.
EC 3311	Money & Banking Money and credit; historical and institutional development of the U.S. financial system; monetary theory; policies of financial regulators. Prerequisite: EC 2201 and EC 2202.
EC 3312	Economics of the Public Sector Theoretical and empirical analysis of public (government) expenditures and taxation. Topics include welfare economics, public goods, externalities, theories of distributive justice, income taxation, tax incidence, taxation and efficiency, and public choice theory. Prerequisite: EC 2201 and EC 2202.
EC 3315	Environmental Economics Designed to acquaint students with analytical tools of environmental economics, including cost-benefit analysis, user charges, rationing of scarce resources, investment allocation criteria, and public expenditure criteria. Prerequisite: EC 201 and EC 202.
EC 3318	Applied Global Health Economics Overview and analysis of health care systems around the world, including the US. Topics include the determinants of health disparities, new global health policies, global interventions, and how health care policies impact the political-economic environments. Students will examine how health economic principles and economic incentives are used to address sustainability issues to enhance healthier lifestyles and accessibility to quality health care, to impacts on the behavior of stakeholders in the healthcare industry. Through case studies, students will learn how to evaluate health programs and the impact of social and economic problems on public health. Prerequisite: EC 2201. Recommended prerequisite: EC 2202.
EC 3321	Labor & Human Resource Development Examines the organization, functioning, and outcomes of labor markets; the decisions of prospective and present labor market participants; and public policies that relate to the employment and payment of labor resources. Topics include determination of wages, prices, profits; individual human capital acquisition and labor supply decisions; labor unions and collective bargaining; labor law and public policy. Prerequisite: EC 2201 and EC 2202.
EC 3326	Sports Economics Designed to focus on the interface between sports, professional and amateur, and the economic behavior of individuals, teams, firms, and institutions. Students will learn how economic systems and economic incentives shape the world of sports. Further, students will become competent in using economic tools, and analytical methods, and quantitative skills to understand efficiency, trade-offs, costs, and benefits associated with decisions in the sports world. Prerequisite: EC 2201 and EC 2202.
EC 3342	International Economics International trade theory, commercial policy, and economic interdependence. Exchange rates and the foreign exchange market, the balance of payments, parity conditions, and the international monetary system. Prerequisite: EC 2201 and EC 2202.
EC 3343	Economic Development Theoretical and policy issues in economic growth and development with emphasis on specific country policies and experience; alternative development paths; problems of development planning; policies for achieving growth and development in emerging countries; and conditions necessary for continued growth in advanced countries. Prerequisite: EC 2201 and EC 2202
EC 3361	Urban & Regional Economics Applies analytical techniques of economic theory to urban and regional problems. Economic rationale of cities, urban and regional growth and development, classical location theory, analysis of urban markets, and policy approaches to urban and regional problems. Prerequisite: EC 2201 and EC 2202.
EC 4405	Seminar in Economics Contemporary issues in economics not covered in depth in other department courses. Specific topic, method of presentation, and student requirement designated by the seminar leader. Examples might include, but are not limited to, health economics, the portfolio approach to exchange rates and the balance of payments; alternatives to standard international trade models; causes and consequences of income and wealth inequalities. Prerequisite: EC 2201 and EC 2202, and/or as announced.
EC 4412	Empirical Methods II This course is designed to prepare students to take the Certified Business Economics and Data Analytics (CBE) exam. The course is a study support class provided by the Economics faculty and focuses primarily on economic measurement topics as well as additional topics of data analysis, including time series analysis and forecasting, serial correlation and inference, heteroscedasticity and inference, simultaneous equations, limited dependent variable models, and the polling of time series and cross-sectional data (among other topics). Offered: Spring only. Prerequisite: EC 3310 or Instructor’s permission.

A total of 5 elective courses (15 credits) are required for the major. Elective courses must be upper-division economics courses in addition to EC courses required in the business core (EC 2201, EC 2202, and EC 2210). Students may choose from the above courses.

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