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Economic theory provides essential background for careers in business, law, politics, teaching, and all areas of private and public administration.
A minor in economics consists of Principles
of Economics (ECON 210, 211) plus an additional 9 hours in economics courses
numbered 212 or above.
Basic understanding concerning Christian
perspectives toward stewardship, including the management of money, insurance,
credit, budgeting, investment, and retirement planning. Elective credit only.
Economic method, demand and supply, consumer
and producer theory, models of product market structure, and selected topics
on new institutional economics, factor markets, public choice analysis, and
public expenditure and finance.
Circular flow of income and expenditure
in a market economy with government, financial, and foreign sectors. Economic
method, demand and supply, national income accounting, inflation, unemployment,
business cycles, theories of aggregate price and output determination, fiscal
and monetary policy, and the government budget. Prereq: ECON 210
International trade, international finance,
and government policies regarding trade and finance. Why nations trade, protectionist
policies, multinationals, financing trade, exchange-rate determination, and
international trade and finance in developing nations. Prereq:
ECON 210
Economic and business development of the
United States, colonial period to the present. May be counted toward economics
minor or history major/minor.
Theories of consumer and producer behavior
with emphasis on applications to public policy and management of business
enterprise. Rationality of consumers, decision-making under risk with applications
to insurance and investment, theory of the firm and efficient production,
benefits of competition and costs of monopoly, and information and price determination.
Prereq.: ECON 210.
Examination of alternative economic systems;
comparison of U.S. economic system with other economies along capitalist-socialist
spectrum. Prereq.: ECON 210.
Role of money and financial institutions
in a market economy, development of the U.S. monetary system, Federal Reserve
System, money creation process, financial regulation and deregulation, financial
innovation, and monetary theory and policy. Prereq.: ECON 210 and 211.
Examination of firm behavior in theory
and practice; case studies of major industries. Government policies toward
business, (e.g.: antitrust actions and regulation of business environment.)
Prereq.: ECON 210.
Development of modern economic thought
in Europe and United States. Required for a minor. Limited to juniors and
seniors. Prereqs: ECON 210 and 211 or permission.
Group study of selected topics
Economics
for Consumers