Economics

A major in economics is built upon a strong liberal arts basis and is recommended for students who are interested in careers in government or business, or who plan to attend graduate school in economics. Taught by highly credential professors, our economics majors frequently record very high scores on the ETS placement test and often also earn a second major in actuarial science, business administration/finance or political science.

Business and economics department homepage

Major requirements

ECO 213 - Principles of Microeconomics
Microeconomics deals with price determination and how the price system functions. Supply and demand, output, competition, monopoly, resource pricing, international trade and finance will be studied. (4 credits)
ECO 214 - Principles of Macroeconomics
Macroeconomics concerns itself with economic aggregates such as inflation, unemployment, recessions, national debt, and international trades. Macroeconomic models will be introduced. These models will be used to understand the application of monetary and fiscal policy. Prerequisite: ECO213. (4 credits)
ECO 314 - Intermediate Macroeconomics
Builds on the concepts of inflation, unemployment and economic growth learned in principles level macroeconomics. Introduces models with which the student will become more proficient in understanding how the economy works. Prerequisite: ECO214 and MAT111 or 112. (4 credits; alternate years, consult department)
ECO 315 - Intermediate Microeconomics
This course will examine economic theory and methodology with emphasis on the principles of price determination, consumer behavior, market equilibrium, optimality of resource allocation, production and costs, comparison of market structures, and the behavior of firms in nonperfect competition. Prerequisite: ECO213 and MAT111 or 112. (4 credits; alternate years, consult department)
ECO 375 - Econometrics with Regression Analysis
This course, which is required for finance, economics, and actuarial science majors, is designed to introduce students to the fundamentals of econometric analysis. To this end, the primary focus is on simple and multiple linear regressions using cross-sectional data and time series regressions. We will also discuss highly useful extensions including regression with binary dependent variables, and regression analysis using panel data if time. The course will put a heavy emphasis on empirical applications, econometric theory will be discussed where necessary but will not be the central focus. Instead, we focus on estimating regression models using statistical packages such as R, SPSS, or Stata, and on interpreting the results. Both estimation and interpretation are highly marketable skills. The coverage of this course will be sufficient for SVEE Applied Statistics (SOA) and useful for CFA exams. More broadly, what you learn from this course will be valuable for a career in consulting, banking, insurance, and other related fields. Prerequisites: C- or better in MAT112QR and MAT116QR or MAT117QR.
Choose two courses:
ECO 301 - Money and Banking
This course is designed to increase understanding of how banks and the banking system fit into the entire economic system. The functions of money, the federal reserve system, monetary theory, inflation and the international financial system will be taught. Prerequisites: ECO213 and 214. (4 credits)
ECO 305 - Current Economic Problems
This is an upper-level discussion course designed to require students to apply economic principles and policies to issues confronting economists in business and government. Both micro and macro concepts are explored. Controversial issues to be confronted include the extent of government involvement in the economy, energy, employment, inflation, deficits and world trade. Prerequisites: ECO213 and 214. (3 credits; non-yearly, consult department)
ECO 333 - International Economics
This course is a study of the theory and practice of international trade, international economic and monetary activity, balance of trade international payment mechanisms, exchange rate systems, functions of the International Monetary Fund, and the World Bank. Prerequisites: ECO213 and 214. (4 credits)
ECO 390 - Game Theory
This course is an introduction to and survey of the theory of games (multiperson decision theory) and its applications, primarily in economics. The Nash equilibrium concept will be carefully developed to provide a basis for analyzing various forms of strategic interaction. Areas of application will include oligopolistic markets, common resource markets, stock market microstructure and corporate takeovers. In addition to economic applications, we will use game theory to explore selected political, social and religious issues. Prerequisites: MAT111 or 112, or permission of instructor. (4 credits; alternate years, consult department)
ECO 430 - Managerial Economics
Success in business depends on the positioning of the firm and the management of its resources. Through the lens of economics, students will learn to think systematically and strategically about critical management issues concerning consumer demand, costs, pricing, market competition, and organizational incentives. This course is an advanced economics course focusing on economic reasoning and decision-making in everyday life of a manager or an entrepreneur. Emphasis will be placed on case studies and quantitative data analyses. Prerequisites: ECO 213 and MAT 116QR or MAT 117QR. (4 credits)

Cognate requirements

BUS 315WI - Business Writing
(2 credits)(Writing intensive) Business Writing is an interdisciplinary writing course designed to provide instruction on writing skills relevant to the workplace. The course focuses on the practice and study of methods of written communication that are utilized in the professional world. This course explores techniques and strategies specific to business writing through in-class lectures and exercises, a group project, and individual writing assignments. Prerequisites: Sophomore standing and two business classes.
MAT 117QR - Applied Statistics for Management
(3 credits)(NWCore option under Quantitative Reasoning) The course is designed to study statistical methodology commonly used in business including descriptive statistics (the nature of data and how to summarize it), basic probability concepts, and inferential statistics (making claims or decisions from one or more sets of data using confidence intervals and multiple types of hypothesis testing). Note: Students may receive credit for only one course among MAT 116QR, MAT 117QR and MAT 208. Prerequisites: C- or better in MAT090, an ACT math score of 20 or above (SAT 510 or above), a passing score on the basic algebra placement exam, or permission of instructor.
Choose one option: 3-4
Option 1:
CSC 120 - Business Data Analysis Using Spreadsheets
This course teaches students to use spreadsheets to organize, calculate, analyze, and report on business data. Topics include using built-in statistical, logical, lookup, and financial functions, writing custom formulas and conditional formulas, using built-in data analysis tools, presenting information with charts and graphs, creating PivotTables and PivotCharts, exporting and importing data to and from other applications, sharing data on the World Wide Web, and using macros to automate tasks. The course will culminate by developing key performance indicators (KPIs) and dashboards. (2 credits)
CSC 130 - Business Data Management Using Databases
The course teaches students to use relational databases to organize, query, analyze, and report on business data. Topics include the relational database model, creating database tables and setting appropriate table options, querying tables to gain insight into data, aggregating and summarizing queries, and creating reports to professionally present and visualize data. Importing and exporting data, sharing data over the Internet, and automating tasks using macros will also be covered. (2 credits)
Option 2:
CSC 171QR - Computer Science I
(4 credits) (NWCore option under Quantitative Reasoning) This is the first in a two-semester sequence of courses that introduces students to fundamental aspects of the field of computing; focusing on problem-solving, software design concepts and their realization as computer programs. Topics include procedural abstraction, control structures, iteration, data types and their representation. An introduction to a high-level language, for the purpose of gaining mastery of these principles, will be provided in lectures and hands-on laboratory experiences. Prerequisite: C- or better in MAT090, an ACT math score of 20 or above (SAT 510 or above), or a passing score on the MAT090 placement exam.
Choose one course: 3-4
MAT 111QR - Calculus for Management, Life and Social Sciences
(3 credits)(NWCore option under Quantitative Reasoning) This course is a study of functions, limits, derivatives and integrals with an emphasis on techniques and applications in business, biology, health, and social sciences. Note: Does not count toward a math major or minor. Prerequisites: C- or higher in MAT109, or an ACT math score of at least 22 (SAT 550 or above), or permission of mathematics department chair.
MAT 112QR - Calculus I *
(4 credits) (NWCore option under Quantitative Reasoning) This course is a study of functions, limits, derivatives and integrals with a strong emphasis on both theory and applications. Note: Meets four times per week. Prerequisites: C- or higher in MAT109, or an ACT math score of at least 24 (SAT 570 or above), or permission of mathematics department chair.

Total credits required: 36-39

Note:

*It is recommended that students who will be going to graduate school take MAT112, Calculus I.

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