Department of Economics and Finance

Dr. Edwin T. Dickens, Chairperson

The Department of Economics and Finance offers majors in Economics, Finance and Mathematical Economics and minors in Economics and Finance.

Requirements for Economics Major

Degree of Bachelor of Arts

Three of the required credits for the major count towards the Core Curriculum Requirements.

EC-101Macroeconomic Principles 13
EC-102Microeconomic Principles3
EC-251Intermediate Microeconomics3
EC-252Intermediate Macroeconomics3
EC-300Statistics for Business, Finance and Economics3
EC-496Capstone Seminar (WI)3
EC/FNEconomics/Finance Electives 218
Total Credits36

Requirements for Economics Major

Degree of Bachelor of Science

Three of the required credits for the major count towards the Core Curriculum Requirements.

EC-101Macroeconomic Principles 13
EC-102Microeconomic Principles3
EC-251Intermediate Microeconomics3
EC-252Intermediate Macroeconomics3
EC-300Statistics for Business, Finance and Economics3
EC-496Capstone Seminar (WI)3
EC/FNEconomics/Finance Electives 218
AC-151Principles of Accounting I3
AC-152Principles of Accounting II3
BL-161Introduction to Law and Contracts3
BA-151Principles of Management3
BA-155Principles of Marketing3
Total Credits51

Requirements for Finance Major

Degree of Bachelor of Science

Three of the required credits for the major count towards the Core Curriculum Requirements.

EC-101Macroeconomic Principles 13
EC-102Microeconomic Principles3
EC-251Intermediate Microeconomics3
EC-252Intermediate Macroeconomics3
EC-300Statistics for Business, Finance and Economics3
FN-401Introduction to Corporate Finance 23
or FN-410 Business Finance
EC-496Capstone Seminar (WI)3
FNFN Electives18
AC-151Principles of Accounting I3
AC-152Principles of Accounting II3
BL-161Introduction to Law and Contracts3
BA-151Principles of Management3
BA-155Principles of Marketing3
Total Credits54

Requirements for Mathematical Economics Major

Degree of Bachelor of Arts

Nine of the required credits for the major count towards the Core Curriculum Requirements.

EC-101Macroeconomic Principles 13
EC-102Microeconomic Principles3
EC-251Intermediate Microeconomics3
EC-252Intermediate Macroeconomics3
EC-300Statistics for Business, Finance and Economics3
EC-301Mathematical Economics3
EC-302Elements of Econometrics3
EC-303Linear Programming for Economics3
EC-496Capstone Seminar (WI)3
EC/FNEconomics/Finance Electives 318
MA-123Elementary Calculus I 23
MA-124Elementary Calculus II 23
MA-218Quantitative Methods for Business3
Total Credits54

Special Notes on Core Curriculum Requirements for Economics, Finance and Mathematical Economics Majors

Special Notes on Major Requirements for Economics, Finance and Mathematical Economics Majors

Requirements for a Minor in Economics

EC-101Macroeconomic Principles3
EC-102Microeconomic Principles3
EC-Economics electives: EC-251 or EC-252 or any EC/FN- 300-level or above)12
Total Credits18

Requirements for a Minor in Finance

Students may earn a minor in Finance by completing a minimum of 18 credits including EC-101 Macroeconomic Principles, EC-102 Microeconomic Principles and any four FN electives for the major in finance. Economics majors and Economics minors are permitted to minor in Finance. However, with the exception of EC-101 and EC-102, none of the courses taken for the minor in Finance will count towards the completion of the major or minor in Economics.

EC-101Macroeconomic Principles3
EC-102Microeconomic Principles3
FNFinance Electives12
Total Credits18

EC Courses

EC-101. Macroeconomic Principles. 3 Credits.

Definition of economics and its methodology. Scarcity and the resulting macroeconomic problems. Measurement and determination of the level of macroeconomic activity (size and components of GNP, full employment, growth); stabilization problems (unemployment and inflation) and policies.

EC-102. Microeconomic Principles. 3 Credits.

Scarcity and the resulting microeconomic problems. Demand and supply analysis and applications. Production and cost functions. Market structures, industry and firm conduct and performance. Resource markets. Prerequisites: EC-101.

EC-251. Intermediate Microeconomics. 3 Credits.

The fundamentals of microeconomic theory. Consumer demand theory including the classical utility and indifference curve approach to consumer equilibrium. Firm behavior under various types of market structures. General equilibrium. Prerequisites: EC-101 EC-102.

EC-252. Intermediate Macroeconomics. 3 Credits.

Models of national income determination. Inflation, unemployment, and the role of monetary and fiscal policy. Prerequisites: EC-101 EC-102.

EC-295. Co-Op. 3 Credits.

EC-300. Statistics for Business, Finance and Economics. 3 Credits.

Introduction to the use of statistics in describing and solving economic and business problems. Frequency distributions, measures of central tendency and dispersion. Basic probability theory and acceptance sampling. Confidence interval estimation and hypothesis testing. Simple regression and correlation analysis. Prerequisites: # EC-101 EC-102 # MA-105 OR MA-123 # MA-106 OR MA-124.

EC-301. Mathematical Economics. 3 Credits.

The main applications of mathematics to economic concepts and problems. Maximization, minimization problems. Simultaneous equations, calculus, linear algebra. Prerequisites: EC-300.

EC-302. Elements of Econometrics. 3 Credits.

The application and limitation of statistical techniques in testing economic and finance theories: simple and multiple regression analysis, time series and cross section analysis, problems encountered in regression such as multicollinearity and serial correlation. Prerequisites: EC-300.

EC-303. Linear Programming for Economics. 3 Credits.

Algebraic and geometric prerequisites, the simplex method, transportation problems, network flows, application to industrial problems, and economic theory. Prerequisites: EC-301.

EC-324. Poverty and Inequality. 3 Credits.

Description and anaylsis of the causes, characteristics and consequences of poverty. Links between poverty and inequality. Measurement of the different dimensions of poverty and inequality. Comparative analysis of poverty and inequality across countries. Poverty reduction policies and strategies. Prerequisites: EC-101 EC-102.

EC-351. American Economic History. 3 Credits.

The formation and transformation of the American economy from colonial times to the present, with particular emphasis on the post-Civil War period. Prerequisites: EC-101 EC-102 OR PERMISSION OF INSTRUCTOR.

EC-353. Labor Economics. 3 Credits.

Labor aspects as a factor of production. Concept and changing composition of the labor forces competing theories of wage determination employment insecurity institutional and political developments consequent upon the emergence of the labor force as a separate economic entity. Prerequisites: EC-102.

EC-355. Government and Business. 3 Credits.

The nature and scope of the government's antitrust and regulatory policies and the impact of those policies on business and industry. Topics include: the legal basis, limitations, instruments and targets of control benefits versus costs of regulation evaluation of relevant governmental agencies and bodies (FDA, EPA, FCC, SEC, etc.). Prerequisites: EC-101 EC-102.

EC-356. Urban Economics. 3 Credits.

Inquiry into the growth and development of urban areas the location, form and structure of cities current urban problems and policies. Prerequisites: EC-101 EC-102.

EC-357. Economics of Human Resources. 3 Credits.

The economic dimensions of basic decisions made by individuals and families over their life cycles and the policy implications of those choices. Topics include: economic determinants of marriage, family size and migration labor supply and alternatives to working (public assistance or crime) investment in human capital (education, training, health) income inequality, poverty and discrimination. Prerequisites: EC-102.

EC-358. Public Finance. 3 Credits.

An analysis of the role of government in the economy. The efficiency and equity of government expenditures and tax programs. Prerequisites: EC-101 EC-102.

EC-450. International Trade. 3 Credits.

Trade theories: traditional and modern approaches. International resource allo-cation, trade flows, tariff and non-tariff barriers to trade, free-trade agreements, multinational corporations, location theory. Prerequisites: EC-101 EC-102.

EC-452. Economic Development. 3 Credits.

Measurement and income distribution - obstacles, constraints, factors, and theories of economic development. Aid, planning, and actual experiences. New consideration to the development process. Prerequisites: EC-101 EC-102 OR PERMISSION OF INSTRUCTOR.

EC-454. Political Economics of Latin America. 3 Credits.

Survey of historical, cultural and political events. A contemporary study of economic development, debt crisis, trade, financial and stabilization policies. Prerequisites: EC-101 EC-102.

EC-494. Seminar: Unions and Collective Bargaining. 3 Credits.

The nature and economic significance of labor unions in the U.S. Topics include: the historical development of the American labor movement the structure of labor relations collective bargaining procedures and strategies the impact of unions on wages and working conditions. Prerequisites: EC-101 EC-102.

EC-496. Capstone Seminar. 3 Credits.

This capstone course ties together the various components in the Economic Major as well as prepares graduates for the next level. Students will develop a synthesis production. Should be taken last term senior year. Honors students are not required to take this course and non-honors students may count it as an upper-level elective. Prerequisites: EC-251 EC-252 EC-300.

FN Courses

FN-295. Co-Op. 3 Credits.

FN-302. Elements of Econometrics. 3 Credits.

The application and limitation of statistical techniques in testing economic and finance theories: simple and multiple regression analysis, time series and cross section analysis, problems encountered in regression such as multicollinearity and serial correlation. Prerequisites: EC-300.

FN-401. Introduction to Corporate Finance. 3 Credits.

Provides the foundation for courses in finance . Topics include: Agency relationship Financial statement analysis discounted cash flow and securities valuation, concepts of risk and return and the capital asset pricing model. Cannot be taken by anyone who has taken FN 410. Prerequisites: EC-101, EC-102, MA-105 OR MA-123, MA-106 OR MA-124.

FN-410. Business Finance. 3 Credits.

Provides the analytical foundation for applied courses in finance, investments, and financial institutions. Topics include: discounted cash flow analysis theory of valuation for corporate securities concepts of risk and rate of return the capital asset pricing model financial forecasting working capital policy. Prerequisites: AC-331 AC-332.

FN-411. Financial Management. 3 Credits.

Builds on the conceptual framework developed in Ec410. Topics include: capital budgeting cost of capital, leverage and dividend policy long-term financing decisions involving common stock financing, long-term debt, and corporate restructuring. Prerequisites: FN-401 OR FN-410.

FN-412. Investment Analysis. 3 Credits.

Survey of the operations of securities markets the analytical methods and theory underlying the appraisal of corporate stocks and bonds and portfolio selection. Prerequisites: FN-401 OR FN-410.

FN-415. International Finance. 3 Credits.

Analysis of foreign exchange and foreign exchange markets, balance of payment, disequilibrium and adjustment, exchange risk management and investment decisions. Prerequisites: EC-101 EC-102.

FN-416. Ethics in Financial Professions. 3 Credits.

This course allows students to study systematically situations in finance professions that present ethical issues, focusing on the application of ethical principles to possible conflicts between parties in occupations in which finance professionals work. This course enables students to investigate issues of value in a reasoned and coherent manner in economics and finance. As such, it fulfills the core curriculum requirement for a values course. Prerequisites: EC-101 AND EC-102.

FN-417. Financial Statement Analysis. 3 Credits.

Covers the application of analytical tools to general purpose finance statements necessary to evaluate the financial condition of the firm and evaluate the future prospects of the company. The "analyst" can be any of several interested groups: investors, creditors, or other stakeholders such as employees, customers, suppliers and government. Prerequisites: FN-401, AC-151 AND AC-152 RECOMMENDED OR FN-410.

FN-420. Money Credit and Banking. 3 Credits.

Analysis of money and banking system. The impact of deregulation and the changing nature of the financial system in a domestic and international setting. The structure and role of the Federal Reserve system. Keynesian, monetarist and rational expectations views on money and economic activity. Prerequisites: EC-101 EC-102.

FN-490. Current Problems in Finance and Economics. 3 Credits.

This course examines recent developments in financial markets and practices, such as the growth of private equity and prevalence of stock buybacks. Special attention is paid to the economic consequences of these developments, with effect of finance on industry the main concern. Prerequisites: EC-101 AND EC-102.

FN-493. Seminar: Macroeconomic Policy. 3 Credits.

Case-study approach to U.S. financial and macroeconomic problems and policies, especially issues in monetary policy, and their international repercussions. The interplay of political institutions and market forces in the shaping of policies toward financial markets and institutions. Prerequisites: EC-101 AND EC-102.