2014-2015 Catalog

Economics (Econ)

http://www.business.und.edu/economics

Bagheri, Beiderman, Flynn (Chair), Goenner, Hagen, Lee, O'Neil, Owens, Simlai, Tan, Wang and Yang

Economics is the study of how scarce resources are mobilized to meet the economic goals of individuals, businesses, organizations, governments and societies. The study of Economics is typically divided into two parts: macroeconomics (or aggregate economic analysis) studies economics from a broad-based perspective, including problems and issues such as unemployment, inflation and economic growth; microeconomics studies economics in terms of individual components, including problems and issues such as product pricing, competition, regulation and international trade. Students of Economics can expect to become familiar with key economic concepts and laws which give them an analytical perspective that is unique to this discipline, but is of great importance to individuals and to society.

The mission of the Economics Faculty falls into several important and interdependent areas. The faculty offers an exciting curriculum that reflects the latest advances in the discipline and reflects the skills used by professional economists. The courses also foster an understanding of the workings of modern economies at regional, national and international levels. The Economics Faculty carries out research objectives, consistent with those reported by the University and the College of Business and Public Administration. This research is published in leading professional journals and other research outlets. The Economics Faculty provides service-related and contracted research to the city, region and state, as well their expertise to the college, university, community, region, the state and professional organizations. 

All programs in Economics include the necessary undergraduate economics courses for students who intend to pursue graduate level study. In addition, the major in Business Economics and the major in Economics offer a quantitative track which is recommended for students preparing for graduate study in Economics or Actuarial Science. In addition to the aforementioned undergraduate degrees, the Economics faculty offers a Masters of Science in Applied Economics degree. Please see the graduate section for more information.

 

 

B.B.A. with Major in Business Economics  B.A. with Major in Economics

College of Business and Public Administration

 

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

The Economics Faculty together with other faculty in the College of Business and Public Administration offer a major in Banking and Financial Economics that is intended to prepare students for employment with financial institutions and government. The major is comprised of a comprehensive curriculum that provides a background in basic business, economic theory, the principles and practices of banks and other financial institutions, bank regulation, macroeconomic policy and international finance. Experience has shown the graduates of this program are prepared to immediately function in highly responsible positions in financial institutions and regulatory agencies.

All B.B.A. candidates must fulfill the College of Business and Public Administration degree requirements.

Required 125 credits (36 of which must be numbered 300 or above, and 60 of which must be from a 4-year institution) including:

I. Essential Studies Requirements (see University ES listing: 39 credit hours).

The following are required by CoBPA (12 credit hours)

COMM 110Fundamentals of Public Speaking3
MATH 103College Algebra3
MATH 146Applied Calculus I *3
POLS 115American Government I3
Select one of the following:3
Introduction to Cultural Anthropology
Introduction to Psychology
Introduction to Sociology
Total Credits15

 

*

MATH 165 Calculus I, may be substituted for MATH 146 Applied Calculus I.

II. College of Business and Public Administration Core Requirements (40 credit hours)

ACCT 200Elements of Accounting I3
ACCT 201Elements of Accounting II3
ACCT 315Business in the Legal Environment3
ECON 201Principles of Microeconomics *3
ECON 202Principles of Macroeconomics *3
ECON 210Introduction to Business and Economic Statistics **3
ECON 303Money and Banking3
ISBC 117Personal Productivity with Information Technology1
ISBC 317Information Systems in Enterprise3
FIN 310Principles of Financial Management3
MGMT 300Principles of Management3
MGMT 301Operations Management3
MGMT 475Strategic Management3
MRKT 305Marketing Foundations3
Total Credits40

 

*

This course satisfies part of the ES Social Sciences requirement and carries a Q designation.

**

This course satisfies part of the ES Math, Science, and Technology requirement and carries a Q designation.

III. Required Major Courses (27 credit hours):

ECON 305Principles of Banking I3
ECON 306Principles of Banking II3
ECON 308Intermediate Microeconomic Theory3
ECON 309Intermediate Macroeconomic Theory and Policy3
ECON 405Bank Regulation3
ECON 438International Money and Finance3
FIN 340Intermediate Financial Management3
FIN 360Capital Market Financing and Investment Strategies *3
FIN 375Lending and Liquidity Management3
Total Credits27

 

*

ACCT 218 Advanced Spreadsheet Applications is waived as a prerequisite for Banking and Financial Economics majors.

IV. Elective Major Courses: Choose at least 12 credit hours from the following:

ACCT 301Intermediate Accounting I *3
ACCT 302Intermediate Accounting II3
ECON 395Special Topics in Economics **1-3
ECON 397Cooperative Education **1-4
ECON 410Empirical Methods in Economics I3
ECON 411Empirical Method in Economics II3
ECON 414Managerial Economics3
ECON 416Mathematics for Economists3
ECON 497Internship **1-4
FIN 321Real Estate Finance and Investment3
FIN 324Real Estate Appraisal3
FIN 350Financial Statement Analysis3
FIN 420Investment Analysis and Portfolio Management3
FIN 450Financial Derivatives3
FIN 491Senior Topics in Finance **3

 

*

ACCT 218 Advanced Spreadsheet Applications is waived as a prerequisite for Banking and Financial Economics majors.

**

No more than 3 hours of electives from ECON 395 Special Topics in Economics, ECON 397 Cooperative Education, ECON 497 Internship and FIN 491 Senior Topics in Finance may count toward the elective major courses.

B.B.A. with Major in Business Economics

The major in Business Economics is offered through the College of Business and Public Administration. This program emphasizes the business firm — integrating economics with related areas in marketing, management, accounting, finance, and quantitative analysis. Students who complete a major in Business Economics possess a comprehensive background in the basic foundations of a business as well as the analytical skills in economics increasingly required to be successful in the business world at local, regional, national and international levels. All B.B.A. candidates must fulfill the College of Business and Public Administration degree requirements.

Required 125 credit hours (36 of which must be numbered 300 or above, and 60 of which must be from a 4-year institution) including:

I. Essential Studies Requirements (see University ES listing: 39 credit hours).

The following are required by CoBPA (12 credit hours)

COMM 110Fundamentals of Public Speaking3
MATH 103College Algebra3
MATH 146Applied Calculus I *3
POLS 115American Government I3
Select one of the following:3
Introduction to Cultural Anthropology
Introduction to Psychology
Introduction to Sociology
Total Credits15

 

*

MATH 165 Calculus I, may be substituted for MATH 146 Applied Calculus I.

II. College of Business and Public Administration Core Requirements (40 credit hours):

ACCT 200Elements of Accounting I3
ACCT 201Elements of Accounting II3
ACCT 315Business in the Legal Environment3
ECON 201Principles of Microeconomics *3
ECON 202Principles of Macroeconomics *3
ECON 210Introduction to Business and Economic Statistics **3
ECON 303Money and Banking3
ISBC 117Personal Productivity with Information Technology1
ISBC 317Information Systems in Enterprise3
FIN 310Principles of Financial Management3
MGMT 300Principles of Management3
MGMT 301Operations Management3
MGMT 475Strategic Management3
MRKT 305Marketing Foundations3
Total Credits40

 

*

This course satisfies part of the ES Social Sciences requirement and carries a Q designation.

**

This course satisfies part of the ES Math, Science, and Technology requirement and carries a Q designation.

III. Required Major Courses (15 credit hours):

ECON 308Intermediate Microeconomic Theory3
ECON 309Intermediate Macroeconomic Theory and Policy3
ECON 338International Economics3
ECON 410Empirical Methods in Economics I3
ECON 414Managerial Economics3
Total Credits15

IV. Elective Major Courses: Choose from either Option A, Option B, or a 12 credit hour combination from Options A and B below.

Option A - Choose at least 12 credit hours from the following:

ECON 305Principles of Banking I3
ECON 324Public Finance3
ECON 330Business and Economic History3
ECON 341Labor Economics and Labor Relations3
ECON 355Government Regulation of Business3
ECON 380Global Economic Development3
ECON 395Special Topics in Economics1-3
ECON 397Cooperative Education *1-4
ECON 400History of Economic Thought3
ECON 405Bank Regulation3
ECON 409Current Issues in Macroeconomic Policy3
ECON 411Empirical Method in Economics II3
ECON 416Mathematics for Economists3
ECON 438International Money and Finance3
ECON 489Senior Honors Thesis1-8
ECON 495Readings in Economics *1-3
ECON 496Research in Economics *1-3
ECON 497Internship *1-4
ECON 575Advanced Special Topics3

*

No more than 6 credit hours of electives from ECON 397 Cooperative Education, ECON 495 Readings in Economics, ECON 496 Research in Economics, and ECON 497 Internship may count toward the elective major courses.

Option B (Quantitative Option)* - Choose 12 credit hours from the following:

ECON 411Empirical Method in Economics II3
ECON 416Mathematics for Economists3
MATH 165Calculus I4
MATH 166Calculus II4
MATH 265Calculus III4
MATH 266Elementary Differential Equations3

 

*

Students seeking to prepare for graduate school in Economics are advised to choose Option B.


*

Students seeking to prepare for graduate school in Economics are advised to choose Option B.

College of Arts and Sciences

B.A. with Major in Economics

The major in Economics provides a critical examination of how the economic system works in the United States and throughout the world. The introductory courses are surveys of economic problems, policies, and theory; the required courses in micro theory and macro theory give a deeper analytical foundation. Electives permit further study in a wide range of fields, including international trade and finance, public sector economics, economic development, economic history, capital theory and finance, labor economics, income distribution, political economy, financial markets, and public policy analysis. The major in Economics provides a general background that is useful to those planning careers in law, government service, or business, as well as those planning careers as professional economists. Professional economists work as college professors, as researchers for government agencies, in businesses and consulting firms, and as administrators and managers in a wide range of fields.

Required 125 credits (36 of which must be numbered 300 or above and 60 of which must be from a 4-year institution) including:

I. Essential Studies Requirements (see University ES listing: 39 credit hours)

II. Required Major Courses (24 credit hours):

ECON 201Principles of Microeconomics *3
ECON 202Principles of Macroeconomics *3
ECON 210Introduction to Business and Economic Statistics **3
ECON 303Money and Banking3
ECON 308Intermediate Microeconomic Theory3
ECON 309Intermediate Macroeconomic Theory and Policy3
ECON 338International Economics3
ECON 410Empirical Methods in Economics I3
Total Credits24

 

*

This course satisfies part of the ES Social Sciences requirement and carries a Q designation.

**

This course satisfies part of the ES Math, Science, and Technology requirement and carries a Q designation.

III. Elective Major Courses: Choose from either Option A, Option B, or a 12 credit hour combination from Options A and B below.

Option A - Choose at least 12 credit hours from the following:

ECON 305Principles of Banking I3
ECON 324Public Finance3
ECON 330Business and Economic History3
ECON 341Labor Economics and Labor Relations3
ECON 355Government Regulation of Business3
ECON 380Global Economic Development3
ECON 395Special Topics in Economics1-3
ECON 397Cooperative Education *1-4
ECON 400History of Economic Thought3
ECON 405Bank Regulation3
ECON 409Current Issues in Macroeconomic Policy3
ECON 411Empirical Method in Economics II3
ECON 414Managerial Economics3
ECON 416Mathematics for Economists3
ECON 438International Money and Finance3
ECON 489Senior Honors Thesis1-8
ECON 495Readings in Economics *1-3
ECON 496Research in Economics *1-3
ECON 497Internship *1-4
ECON 575Advanced Special Topics3

 

*

No more than 6 credit hours of electives from ECON 397 Cooperative Education, ECON 495 Readings in Economics, ECON 496 Research in Economics, and ECON 497 Internship may count toward the elective major courses.

Option B (Quantitative Option)* - Choose 12 credit hours from the following:

ECON 411Empirical Method in Economics II3
ECON 416Mathematics for Economists3
MATH 165Calculus I4
MATH 166Calculus II4
MATH 265Calculus III4
MATH 266Elementary Differential Equations3

 

*

Students seeking to prepare for graduate school in Economics are advised to choose Option B.

 

Minor in Economics

Students who are interested in obtaining a basic background in Economics to complement their chosen major course of study may elect a minor in Economics offered through the College of Arts and Sciences.

I. Required courses (15 credit hours):

ECON 201Principles of Microeconomics3
ECON 202Principles of Macroeconomics3
ECON 303Money and Banking3
ECON 308Intermediate Microeconomic Theory3
ECON 309Intermediate Macroeconomic Theory and Policy3
Total Credits15

II. Economics electives (5 credit hours):

ECON 210Introduction to Business and Economic Statistics3
ECON 305Principles of Banking I3
ECON 324Public Finance3
ECON 330Business and Economic History3
ECON 338International Economics3
ECON 341Labor Economics and Labor Relations3
ECON 355Government Regulation of Business3
ECON 380Global Economic Development3
ECON 395Special Topics in Economics1-3
ECON 400History of Economic Thought3
ECON 405Bank Regulation3
ECON 409Current Issues in Macroeconomic Policy3
ECON 410Empirical Methods in Economics I3
ECON 411Empirical Method in Economics II3
ECON 414Managerial Economics3
ECON 416Mathematics for Economists3
ECON 420Economic Education3
ECON 438International Money and Finance3
ECON 495Readings in Economics1-3
ECON 496Research in Economics1-3

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. On demand.

ECON 397. Cooperative Education. 1-4 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. F,S.

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. Empirical Method in Economics II. 3 Credits.

A continuation of ECON 410, but with a major emphasis on business and economic forecasting. As with ECON 410, there is a heavy emphasis on solving practical problems of the major types common in the Economics profession. Prerequisite: ECON 410. 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. Prerequisites: ECON 308 and ECON 309; MATH 146 or MATH 165. On demand.

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. 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. 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. 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