Minor in Economics
The Minor in Economics is designed for students with no background in economics. You’ll learn how a society makes economic decisions in allocating its scarce resources. You will also learn how individuals, businesses and the government work together towards achieving the goals of a society. The minor consists of courses which are applied in nature so that students with a diverse background may find it beneficial. With a background in economics, you may find a wide array of employment opportunities in local, state, and federal government, in private sector, and in international organizations. The minor will also help you succeed in graduate studies in all business disciplines including finance, management, and marketing, and will help those willing to pursue law degree or other professional training.
Prerequisites for the Minor
ECO 203 Principles of Microeconomics – 4.50
In this course, students will study the price system, market structures, and consumer theory. Topics covered include supply and demand, price controls, public policy, the theory of the firm, cost and revenue concepts, forms of competition, elasticity, and efficient resource allocation, among others.
ECO 204 Principles of Macroeconomics – 4.50
This course provides an examination of aggregate economic activity. It includes a study of aggregate supply and demand, the monetary and banking systems, aggregate economic accounting, inflation, unemployment, the business cycle, macroeconomic policy, and economic progress and stability, among other things.
Core Requirements
ECO 304 Economic Growth – 4.50
Prerequisite: ECO 203; ECO 204
This course deals with theories and explanations of economic growth from the positive economics point of view. The framework of analysis derives from factor accumulation and productivity including physical and human capital and population, measurement of productivity, role of technology, efficiency, the open economy, distribution of income, and other factors such as culture, geography and natural resources.
ECO 305 Business Economics – 4.50
Prerequisite: ECO 203; ECO 204
Building on the fundamental principles of macro- and microeconomics, this course addresses issues concerning markets and prices, fiscal and monetary policies, human resource issues, forecasting techniques used by businesses, and business decision making for profit maximization.
ECO 420 International Economics – 4.50
Prerequisite: ECO 203 and ECO 204
Students will apply what they have learned in previous economics courses to analyze the global economic environment. They will learn and apply the law of comparative advantage to understand how all people can gain from international trade. Trade agreements, such as GATT and NAFTA, will be discussed and analyzed. Students will learn about the currency markets and the different types of monetary systems.
ECO 447 Money and Banking – 4.50
Students will study the U.S. monetary and financial systems. They will learn about the important role these systems play in facilitating the production of wealth in the economy. This class covers the principles of money; the Federal Reserve System; the determinants of interest rates, bond prices, and stock prices; the different types of financial institutions; monetary theory; and monetary policy.
ACC 433 Managerial Accounting – 4.5
Prerequisite: ACC 202
This course covers managerial accounting topics for decision-making including relevant costs, balanced scorecard, value added and non-value added costs, allocations of indirect costs using direct, step, and reciprocal methods, allocating joint cost, main and by-product costing, determination of Economic Order Quantity (EOQ), accounting for spoilage, transfer pricing, performance measurement, and capital budgeting techniques.
ACC 434 Government and Nonprofit Acct – 4.5
Prerequisite: ACC 201
A study of the specialized accounting principles applicable to state and local governments and other non-profit organizations, with an emphasis on fund accounting principles used in the recording of assets, liabilities, equity, revenues and expenditures. Also covers the analysis and interpretation of financial statements of such governmental and nonprofit entities.
Plus any two of the following
ECO 303 Data Analysis – 4.50
Prerequisite: ECO 203; ECO 204
This course prepares students for analysis of economic data found in secondary sources such as the World Bank, The International Monetary Fund (IMF), Organization of European Community for Development (OECD), and various U.S. government sources. Emphasis is placed on learning the basic tools of mathematical and statistical analysis with a goal to applying those tools to analyzing data for meaningful conclusion.
ECO 410 Seminar on Capitalism – 4.50
Prerequisite: ECO 203; ECO 204
This course provides a basic understanding of capitalism and market process economics. Students will learn about the nature and importance of capitalism, wealth and its role in human life, natural resources and the environment, the division of labor and production, the price system and economic coordination and price controls. Additionally, students will also be able to compare and contrast other economic systems.
ECO 415 Labor Economics – 4.50
Prerequisite: ECO 203 and ECO 204
Students will engage in a detailed study of the labor market. Students will learn about the relation of the labor market to other markets. Students will study the demand for and supply of labor, the causes of unemployment, labor market discrimination, what influences the productivity of labor, the effects of labor unions, and the determinants of wages, among other topics.
IBU 540 International Experience – 4.50
Tour foreign location and experience the business, economic, political, legal, and cultural environment of a host country. Development of thorough knowledge of foreign business environment through combination of pre-departure study, on-site lectures and presentations by host country experts and business executives, post-tour analysis and reflection.
Degree and Course Requirements
Program Learning Outcomes
Apply ethical and legal principles to business environment.
Demonstrate skills and knowledge in the areas of business math, economics, accounting, finance, and operations management needed to make sound business decisions.
Apply knowledge in the fields of management, business knowledge management, and marketing to different business environments.
Integrate the knowledge acquired in the program to analyze a business, identify its strengths and weaknesses, and determine what changes can be made for improvement.
Develop a global business perspective based on the knowledge of foreign business environments and cultures.
Admissions
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