Economics

ECON 102. Principles of Microeconomics (4E)

This course introduces the study of the functioning of market economies, with emphasis on the United States, including such topics as supply and demand analysis and economic policy. Additional topics covered are an introduction to how households and businesses interact in the marketplace as consumers, producers, and workers. This course satisfies the Core Curriculum requirement in Social Science.

ECON 103. Principles of Macroeconomics (4E)

This course introduces the study of the functioning of market economies, with emphasis on the United States, including such topics as supply and demand analysis and economic policy. Additional topics covered are an introduction to the study of economic performance of the national economy as measured by employment, national income, inflation, and growth. This course satisfies the Core Curriculum requirement in Social Science.

ECON 199/299/399/499. Independent Study (1-4E)

This course consists of an independent creative or research project designed by the student and supervised by an economics faculty member. The nature of the project, the schedule for accomplishment and the means of evaluation must be formalized in a learning contract prior to registration.

ECON 209. Business Law (4F)

Legal rights and responsibilities in ordinary business transactions. Formerly offered as ECON 367. Prerequisite: ECON 102 or ECON 103.

ECON 250. Principles of Accounting (4E)

Basic principles of financial accounting for recording, classifying, summarizing, reporting and interpreting financial data. The accounting cycle is presented using the double-entry system for all three forms of business, including sole proprietorships, partnerships and corporations.
Prerequisite: ECON 102 or ECON 103.

ECON 251. Intermediate Macroeconomics (4E)

Macroeconomics is the study of the economic performance of the national economy as measured by employment, national income, inflation and growth. It analyzes efforts to influence these measures with monetary and fiscal policy, with an emphasis on contemporary occurrences.
Prerequisite: ECON 102 and ECON 103.

ECON 252. Intermediate Microeconomics (4E)

Microeconomics is the study of how households and businesses interact in the marketplace as consumers, producers, and workers. It analyzes supply, demand and price determination in markets, consumer behavior, the operation of the firm in competitive and monopolistic markets and the determination of wages. Prerequisite: ECON 102 and ECON 103.

ECON 253. Economic Statistics (4E)

This course covers techniques of descriptive and inferential statistics and their applications to economics. Related topics such as index numbers, time series and forecasting are also covered. The course emphasizes the use of computer software to solve statistical problems.
Prerequisite: ECON 102 and ECON 103.

ECON 310. Topics in Economics (4)

This course is an in-depth examination of a specific topic related to economics.  It will explore the theory and research on the topic and their application to the topic.  Content of the course will vary from semester to semester.  Maybe repeated for credit with the consent of the instructor.
Prerequisite: ECON 102 and ECON 103 or consent of the Instructor.

ECON 316. The Economics of Race and Gender (4S)

Economic outcomes differ according to race and gender. This course investigates the economic experiences of women and minorities in the U.S. economy to provide a thorough understanding of the economic constraints facing diverse groups in the economy. This course introduces students to the analytical approaches used by economists to critically assess the causes and consequences of gender and racial differences in earnings, labor force participation, occupational choice and the division of labor within the home. The impact of economic institutions and policy on the economic behavior of women and minorities is emphasized.
Prerequisite: ECON 102 and ECON 103 or consent of the Instructor.

ECON 318. International Finance (4S)

This course looks at the theories and realities of globalization and the evolution of the international financial system. Some of the topics that we will touch upon are exchange rates and exchange rate regimes, currency markets, contracts, parity conditions, international bond and equity markets, balance of payments, multinational corporations and international debt. Prerequisites: ECON 102, ECON 103 and ECON 251.

ECON 325. Urban Economics and Urban Issues (4AS)

The purpose of this course is to bring about a better understanding of the dynamics involved in the evolution of urban economies. Using the foundations of microeconomic theory, the course examines not only the socioeconomic forces underlying urban areas, but also the relationship between these forces and the policies that local governments implement in order to provide the goods and services we demand.
Prerequisites: ECON 102, ECON 103 and ECON 252.

ECON 342. Analyzing Financial Data (4S)

Examines the sources and availability of financial data and explores the use of financial data to evaluate corporate performance and evaluate investment strategies. Topics will include ratio analysis, risk, measurement and forecasting methods.
Prerequisites: ECON 102, ECON 103, ECON 253 and ECON 353 or permission of the instructor..

ECON 350. Environmental Economics (4F)

Focuses on the problems of environmental degradation and on the role of economic incentives, in both causing and correcting these problems. U.S. environment policies on air, water and toxic substances are analyzed, using the economic concepts of efficiency, costs and benefits.
Prerequisite: ECON 102.

ECON 351. Industrial Organization and Regulation (4F)

This course looks at the structure and behavior of the industries in an economy. In particular, it is concerned with pricing, investment, regulation and strategic behavior in industries that are not perfectly competitive.
Prerequisites: ECON 102, ECON 103 and ECON 252.

ECON 353. Corporation Finance (4E)

Examines the legal basis for the corporation and the instruments used to establish and finance its growth. Investigates the types of securities used by corporations to raise funds in terms of their risk level. Emphasis on solutions of financial policy faced by corporate financial managers.
Prerequisites: ECON 102, ECON 103, ECON 252 and ECON 253.

ECON 354. Natural Resource Economics (4S)

Explores issues related to the use of both renewable and nonrenewable resources, including energy, forests, fisheries and water. Emphasizes the use of economic techniques in assessing optimal resource use, resource pricing and resource policy. Prerequisite: ECON 102.

ECON 355. Labor Economics (4F)

An economic analysis of labor markets. Topics include wage determination, human capital models, human resource management and collective bargaining. Prerequisites: ECON 102, ECON 103 and ECON 252.

ECON 356. International Economics (4S)

A study of the basis for world trade; commercial and financial policy, particularly of the United States; foreign exchange markets and open economy macroeconomics. Prerequisites: ECON 102, ECON 103, ECON 251 and ECON 252.

ECON 357. Money and Banking (4E)

An introduction to the history of money and banking institutions, and the development of monetary theory, with emphasis on current controversies. Analysis of the Federal Reserve System and its control of money and credit as part of its effort to influence economic stability and inflation. Prerequisites: ECON 102, ECON 103 and ECON 251.

ECON 359. Public Sector Economics (4F)

Public sector economics is the study of how government policy, in particular tax and expenditure policy, affects the allocation of resources and the distribution of income. Using the foundations of microeconomic theory, important government activities in the areas of social welfare and social insurance are evaluated in terms of their impact on the welfare of citizens, both individually and collectively. Prerequisites: ECON 102, ECON 103, ECON 251 and ECON 252

ECON 360. Comparative Economic Systems (4S)

Principles, theories, and institutions for economic decision-making under capitalism, socialism, communism and mixed systems; comparison of selected countries. Problems of countries in transition to a market economy will also be discussed.
Prerequisite: ECON 102 and ECON 103.

ECON 363. Political Economy (4F)

This course introduces students to the major theoretical perspectives in political economy. Political economy explores the relationships between the economic system and its institutions to society. Its emphasis upon context, conflicting interests, social change and collective behavior permits a broad focus for economic analysis that includes issues such as equity, ideology, political power and social institutions. A political economy perspective is critical for understanding critiques of the current economic system, as well as contemporary economic issues, such as the distribution of income and wealth, the role of competing interest groups in the formation of economic policy, economic globalization and the provision of public goods. Prerequisites: ECON 102, ECON 103 and ECON 251 or ECON 252 or consent of the instructor.

ECON 364. Game Theory (4S)

This course will introduce students to the field of Game Theory with applications from Economics. Game Theory is the study of strategic interactions between small groups of agents where each person’s choice affects how others’ make their choices. Students will learn how to see the elemental parts of strategic situations to better understand how agents make rational strategic decisions. Applications will include Industrial Organization, Environmental Economics, Public Economics, Politics, and many more. Prerequisites: ECON 102, ECON 103 and ECON 252.

ECON 372. Economics of Developing Countries (4F)

A multidisciplinary approach to the analysis of factors responsible for the poverty and underdevelopment of developing countries.
Prerequisite: ECON 102 and ECON 103.

ECON 377. China’s Economy (4F)

This course will focus on contemporary China’s economy and related issues.  We will explore issues concerning all aspects of the China’s economy since the economic reform of the late 1970s as well as historical background. Prerequisites: ECON102 and ECON 103, or consent of the Instructor.

ECON 398/498. Off-Campus Internship (8-16)

A variety of off-campus experiential learning opportunities can be arranged through the Career Development Center. The off-campus internship is an individually-designed experience that allows the student to explore the relationships
between learning in the classroom and the practical application of knowledge in everyday work situations. These credits cannot be used to satisfy the Twenty-four credit hours of economics at the 300-level. Prerequisites: Admission to the internship program and approval of the department chair. (See “Internships” under the “Academic Policies” section.) Credit/no credit grading.

ECON 405. The History of Economic Thought (4AF)

The development of economic thought from medieval times to the present. Emphasis will be placed on the ideas of the great economists, such as Adam Smith, Thomas Malthus, David Ricardo, Karl Marx, John Stuart Mill, Alfred Marshall, Thorstein Veblen and John Maynard Keynes.
Prerequisites: ECON 102 and ECON 103 and ECON 251, or ECON 252, or consent of the instructor.

ECON 412. U.S. Economic History (4AS)

A study of the development of the United States economy from colonial times to the present.

Emphasis will be on the factors that brought about the rise of a continental economy, the shift from agricultural to industrial production, and attempts at democratic control of economic policies. Application of economic techniques to such historical issues as tax policy, slavery and the regulation of business. Prerequisite: ECON 102 and ECON 103.

ECON 425. Econometrics (4S)

The course is an introduction to the development, from economic theory, of statistical and mathematical techniques that are used to estimate economic relationships. Computer applications are widely used in the course. Prerequisites: ECON 102, ECON 103, ECON 251, ECON 252, and ECON 253, or consent of the instructor.

ECON 459. Senior Seminar in Economics (4E)

Topics vary with interest of faculty. May be repeated for credit with consent of the instructor.
Prerequisites: ECON 102, ECON 103, ECON 251, and ECON 252, or consent of the instructor.

ECON 493/494. St. Mary’s Project in Economics (1-8E)

The St. Mary’s Project in economics is a two-semester experience. Students initiate the project, identify an area to be explored and propose a method of inquiry appropriate to the topic. A faculty mentor supervises the project research. The objectives of the St. Mary’s Project in economics are to furnish a vehicle for students to build on the theory and methods of economics learned during the first three years, to allow students to gain a high degree of expertise in the particular topic area they choose to study and to improve student research skills in organizational and planning competency, writing ability, and oral communication. The project must be shared with the College community through posters, presentations, or other means.