2018-2019 Catalog

Economics (Econ)

College of Business and Public Administration

B.B.A. with Major in Business Economics

B.B.A with Major in Banking and Financial Economics

College of Arts and Sciences

B.A. with Major in Economics

Courses

ECON 105. Elements of Economics. 3 Credits.

Survey of Economic principles for students planning no further formal study of Economics. Analysis of factors influencing aggregate levels of output, employment, and prices; introduction to U.S. monetary system; price determination and resource allocation under competitive and monopolistic conditions. Review of selected contemporary economic issues. (No credit if Economics 201-202, Principles of Microeconomics and Macroeconomics, have been completed or audited. Not available to students in the College of Business and Public Administration.). Prerequisite: Not available to students in the College of Business and Public Administration. F,S.

ECON 201. Principles of Microeconomics. 3 Credits.

Nature, method, and scope of Economic analysis: economic scarcity, resources, specialization and division of labor, supply and demand, production and cost, technology, product and resource market structures, distribution of income, and international trade. Prerequisite or Corequisite: MATH 103 or MATH 146 or MATH 165 or MATH 166. F,S.

ECON 202. Principles of Macroeconomics. 3 Credits.

Nature, method, and scope of economic analysis: aggregate levels of income and employment, inflation, monetary and fiscal policy, the role of the U.S. economy as part of a world economic system. Prerequisite: ECON 201. F,S.

ECON 206. Survey of Economic Principles: Micro-Macro. 4 Credits.

Accelerated course in economic principles intended for students pursuing the MBA graduate degree. This course considers both micro and macro topics. Micro topics include: Economics and Economic Reasoning; The Economic Organization of Society; Supply-Demand Analysis; Elasticity; Individual Choice; Production and Cost Analysis; and Market Structures. Macro topics include: National Income Accounting; Economic Growth, Business Cycles and Inflation; Fiscal Policy; Monetary Economics; Monetary Policy; and the World Economy. Prerequisite: Consent of instructor. On demand.

ECON 210. Introduction to Business and Economic Statistics. 3 Credits.

Descriptive statistics; probability distributions; sampling distributions; statistical inference for means and proportions; hypothesis testing; simple regression and correlation; non-parametric statistics. Prerequisite: MATH 103 or MATH 146 or MATH 165 or MATH 166. F,S.

ECON 216. Mathematics and Statistics for MBA Students. 3 Credits.

To provide knowledge in mathematics and statistics needed for students in the MBA program. Topics include, among others, linear and quadratic functions, logarithmic and exponential functions, matrix algebra, limits, derivatives, linear and nonlinear programming, descriptive statistics, data collection, sampling, probability, estimation, hypothesis testing, statistical inference, and linear regression. Prerequisite: Approval of MBA director. SS.

ECON 303. Money and Banking. 3 Credits.

Nature of our current Monetary system; functional analysis of commercial bank operations; limits to credit expansion; alternative theories of the value of money; monetary and fiscal policies for control of the business cycle; powers of the Federal Reserve System and the Treasury; mechanics of international payment; balance-of-payments and other problems. Prerequisites: ECON 201 and ECON 202. F,S.

ECON 305. Principles of Banking I. 3 Credits.

This course introduces the students to basic principles of banking governing loans, investments, deposits, liabilities, and capital. Consideration is given to the areas of liquidity, profitability, and capital adequacy as they relate to regulatory standards. Additional topics include bank organization, performance, and scope of services. Prerequisite: ECON 303. F.

ECON 306. Principles of Banking II. 3 Credits.

A continuation of ECON 305, Principles of Banking I. Students will explore the application of theory to the financial decision making and management of banks. The main focus of the course is the assessment of bank risks and management of those risks. A feature of the course is the use of a bank simulation model to connect theory and practice. Prerequisite: ECON 305. S.

ECON 308. Intermediate Microeconomic Theory. 3 Credits.

Theory of demand, production, and cost; price determination under alternative market structures; general equilibrium and economic welfare; analysis of market failure; applications to public policy. (Core requirement for students planning advanced study in Economics.). Prerequisites: ECON 201 and ECON 202. F.

ECON 309. Intermediate Macroeconomic Theory and Policy. 3 Credits.

A framework for studying national income, employment, and the general price level is developed. Theoretical perspectives on the National Income and Product accounts, expenditures in the public and private sectors of the economy, and supply and demand for money, labor and other resources are surveyed. Macroeconomic Theory is then applied to a study of monetary, fiscal, incomes, and other policies intended to influence unemployment, inflation, balance of international financial payments, and economic growth. (Core requirement for students planning advanced study in Economics.). Prerequisites: ECON 201 and ECON 202. S.

ECON 324. Public Finance. 3 Credits.

Growth and effects of the public sector of the economy emphasizing effects of taxation and spending or borrowing and debt management on efficiency and use of economic resources. Prerequisites: ECON 201 and ECON 202.

ECON 330. Business and Economic History. 3 Credits.

An analysis of the growth and development of the American economy since its colonial origins. The framework of economic analysis applied to the patterns and trends. Specific topics include industrialization, capital accumulations, financial innovation, technological change, banking, the Great Depression and effects of entrepreneurial and government decisions. Prerequisites: ECON 105 or ECON 201 or ECON 202. F.

ECON 338. International Economics. 3 Credits.

Economic basis for gain in international trade; capital and population movements; international disequilibrium and the process of balance-of-payments adjustments; tariffs, underdeveloped countries. Prerequisites: ECON 201 and ECON 202. F,S.

ECON 341. Labor Economics and Labor Relations. 3 Credits.

A survey of the nature and causes of the economic problems of the American wage and salary earner and of the attempts of wage earners and society, through organizations and legislation, to alleviate these problems. The course comparatively surveys the history and systematic theories of labor movements and the market and institutional influences on wages and employment. Particular emphasis will be placed on the law of industrial relations, employment and income access, and the adjustment of labor disputes. Prerequisites: ECON 201 and ECON 202. F.

ECON 355. Government Regulation of Business. 3 Credits.

An exploration of the many ways that federal and state governments regulate business activity. Government regulation falls into three broad areas: economic regulation; social regulation; antitrust laws. The historical development of regulation, from both a legal and economic perspective, will be discussed. Particular attention will be paid to the current trend toward deregulation of previously regulated industries such as airlines, telecommunications, and trucking. Prerequisites: ECON 201 and ECON 202. F.

ECON 380. Global Economic Development. 3 Credits.

This course focuses on economic development issues at the global level. It covers both developing countries in the conventional sense and economies in transition from socialism to a market economy. In this context development is broadly defined as the transition from one stage of development to another. Selected topics common among these countries (such as determinants of growth, modernization, technology, price liberalization, privatization, macro stabilization, trade policies, legal structure, organized crime, inequality, poverty, human capital, and global sustainability) are discussed to better understand the forces that shape the wealth and well being of nations and people in the world around us. Prerequisites: ECON 201 and ECON 202. On demand.

ECON 395. Special Topics in Economics. 1-3 Credits.

Specific topic will vary from year to year; some years an important development in economic theory, other years, a significant issue in economic policy. Repeatable to 20 credits. Prerequisites: ECON 201 and ECON 202. Repeatable to 20 credits. On demand.

ECON 397. Cooperative Education. 1-2 Credits.

A practical work experience with an employer closely associated with the student's academic area. Repeatable to 6 credits. Prerequisite: Permission of departmental Cooperative Education Coordinator. Repeatable to 3 credits. S/U grading. F,S,SS.

ECON 400. History of Economic Thought. 3 Credits.

Broad overview of the major schools of thought including Mercantilist, Physiocrat, Classical, Marxian, Socialist, Historical, Austrian, Neoclassical, Institutional, Keynesian, and Monetarist. The coverage includes value theory, income/expenditure theory, growth/development theory, scientific method, scope and public policy. Prerequisites: ECON 105 or ECON 201, and ECON 202. S.

ECON 405. Bank Regulation. 3 Credits.

The regulations imposed upon the banking industry are examined at several levels: state, federal, and global. Both the historical development of banking regulation as well as current issues/controversies are discussed. In addition, the banker's perspective of regulatory compliance is explored. Prerequisite: ECON 303. S.

ECON 409. Current Issues in Macroeconomic Policy. 3 Credits.

This course focuses on the conduct of macroeconomic policy, especially as it pertains to the operations and functions of the nation's financial system. The two basic tools of macroeconomic policy - monetary policy and fiscal policy - are studied from historical, contemporary, and theoretical perspectives. Emphasis is placed on recent developments in the theory and practice of macroeconomic policy; special emphasis is placed on the role of monetary policy as it affects the operations of financial markets and financial institutions. Prerequisite: ECON 303. S.

ECON 410. Empirical Methods in Economics I. 3 Credits.

This course is an introduction to econometrics, the joint area of economics and statistics dealing with the application of statistics to economic problems. The course objectives are to acquire a basic understanding of the theory and methods of econometrics and to gain practical experience in utilizing these methods. The students will use the tools developed in the course in homework and written assignments so that they can develop an insight to theory and its application. Prerequisites: ECON 201, ECON 202 and ECON 210. F.

ECON 411. Economic Forecasting. 3 Credits.

An introduction to Economics Forecasting and Time Series Analysis. The course will cover specifications and estimation of ARMA models, seasonality, non-stationarity, unit roots and forecast evaluations. Empirical applications are used throughout the course. Prerequisite or Corequisite: ECON 410 or ECON 506. S.

ECON 414. Managerial Economics. 3 Credits.

A synthesis relating economic theory, statistics, and mathematics to pricing, output, and resource allocation decisions by business firms. Prerequisites: ECON 210 and ECON 308; MATH 146 or equivalent; ISBC 117 or equivalent. S.

ECON 416. Mathematics for Economists. 3 Credits.

Study of mathematical methods in the areas of introductory calculus and linear algebra, and their application to economic analysis. Mathematical analysis of static and dynamic equilibrium models, growth models, distribution, production functions, cycles, activity analysis, mathematical programming, and model building. Prerequisite: MATH 146. Prerequisite or Corequisites: ECON 308 and ECON 309. F.

ECON 420. Economic Education. 3 Credits.

Designed for students planning to teach secondary social studies. Curriculum materials and methods of teaching economics; techniques for integrating economics into social studies curriculum. Prerequisites: ECON 105 or equivalent. On demand.

ECON 438. International Money and Finance. 3 Credits.

Identification of key international financial concepts and analysis of their relationships in the international money and capital markets; determination of the balance of payments and exchange rates; and examination of alternative organizations of the international monetary system. Prerequisite: ECON 303. F.

ECON 489. Senior Honors Thesis. 1-8 Credits.

Supervised independent study culminating in a thesis. Repeatable to 9 credits. Repeatable to 9 credits. F,S,SS.

ECON 495. Readings in Economics. 1-3 Credits.

Extensive reading in the student's field of specialization; conference arranged with the instructor; written reports to be submitted. Repeatable to 3 credits. F,S,SS.

ECON 496. Research in Economics. 1-3 Credits.

Research work and use of original documents; collecting of material and preparing of special topics and bibliographies; familiarizing the student with government publications and other material available for study of economic problems. F,S,SS.

ECON 497. Internship. 1-4 Credits.

An internship is designed to provide the student with an opportunity for participating in a supervised work experience directly related to the field of training. Student will work closely with faculty adviser in planning the internship with an approved cooperating institution. Prerequisite: Permission of Department Commitee on Internships. S/U grading. F,S,SS.

Office of the Registrar

Tel: 701.777.2711
1.800.CALL.UND
Fax: 701.777.2696

Twamley Hall Room 201
264 Centennial Drive Stop 8382
Grand Forks, ND 58202-8382