2010-2011 Undergraduate Catalog

Economics

Office: Stipes Hall 442
Telephone: (309) 298-1153
Fax: (309) 298-1020
Website: wiu.edu/econ 

Faculty: Andrianacos, Fosu, Haynes, Koch,  A.A. Melkumian, A.V. Melkumian, Polley, Rock, Sadler, Westerhold, Yunker.

Economics holds a unique position in the academic curriculum. It is a quantitative social science offering a unique insight into the solution of many social problems. At the same time, economics is essential to an understanding of the business world and has many practical applications in management and financial decision-making. Students find economics a versatile discipline that uses social science methodologies to solve interesting social and business problems.

Two undergraduate majors in economics are available. The Bachelor of Arts in Economics is a general economics degree offered in the College of Arts and Sciences. This degree is not reviewed for accreditation by AACSB International.  Students majoring in the Bachelor of Arts in Economics can minor in political science, finance, or other suitable areas. The Bachelor of Business in Economics, available in the College of Business and Technology and reviewed and accredited by AACSB International, is a comprehensive program to prepare students for the business world. A minor is optional. Consult the directed electives in economics for options to a minor. Students have access to the same economics classes in both programs.

Economics is a flexible degree with many career options available to majors. In recognition of this fact, the faculty have developed a series of optional areas of emphasis. As a consequence, economics majors may choose elective courses, both in economics and in other areas, that will enhance preparation for a particular career objective. The optional areas of emphasis are listed in detail under each degree program. Students are not required to choose an area of emphasis.

GradTrac is available to Economics majors (B.A. and B.B.). See more information about GradTrac

Honors Curriculum - Academically qualified students in this department are welcome to complete an honors curriculum in University Honors, Upper Division Honors, or Lower Division Honors. All Honors students must complete the one-hour honors colloquium (G H 299). Lower Division Honors includes General Honors coursework. Upper Division Honors includes honors work in the major. University Honors combines Upper and Lower Division Honors. For more information about honors curricula visit the Centennial Honors College website at www.wiu.edu/Honors

Integrated Baccalaureate and Master’s Degree Program - An integrated baccalaureate and master’s degree program is available in Economics. An integrated degree program provides the opportunity for outstanding undergraduates to earn both degrees in five years. Please refer to the Graduate Studies catalog for details about the integrated program.

Degree Programs

Bachelor of Arts - Economics

All students seeking the Bachelor of Arts in Economics must complete I, II, III, and IV. The minimum semester hour requirement for the baccalaureate degree is 120 s.h.

  1. University General Education Curriculum and College of Arts and Sciences Curriculum Requirements:  60 s.h.
  2. Core Courses:  12 s.h.
    ECON 197, 231, 232, 330 or 332, 331, 497
  3. Electives
    1. Departmental:  11 - 20 s.h.
      It is recommended that students include ECON 387.
    2. Directed (optional):  0–9 s.h.
      With the approval of the department chairperson, students may take up to 9 hours of coursework in related areas and substitute them for departmental electives. Courses must come from the following list of areas of emphasis. If courses are chosen from more than one area of emphasis, the student must demonstrate that they are part of a coherent program of study. Students should obtain the handout “Undergraduate Tracks in Economics” from the department for more precise information on selecting courses.
      General Business Economics—ECON 332;
      Pre-Professional and Law
      —ECON 332, 432; B L 431;
      Business Analysis—ECON 332, 387, 425; DS 303; IS 340; MKTG 329, 497; MGT 350; OM 352, 455; STAT 171 or DS 203;
      Government and Planning (two ECON Tracks):
      ECON Track I—
      ECON 432;
      ECON Track II—ECON 460; STAT 171 or DS 203;
      and two of the following: ECON 387, 425, 434;
      for both tracks POLS 370, 494; GEOG 448;
      International Economics
      —ECON 420, 470; MKTG 317, 417;
      Financial Institutions
      —ECON 325, 332, 425; FIN 341, 441, 471, 493;
      Agriculture—ECON 465, 470; AGEC 442, 457; 458;
      Advanced Degree—ECON 387, 470; MATH 311, 333, 421, 424, 430, 431, 435, 461, 481; STAT 471, 472, 474; STAT 171 or DS 203.
    3. Any Minor:  16 s.h.
    4. Open:  9 s.h.
  4. Other
    1. Natural Sciences/Mathematics: MATH 137 and 138:  6 s.h.*
    2. IS 320†:  3 s.h.

*6 s.h. may count toward the University General Education requirement.
†IS 320 fulfills the Writing Instruction in the Discipline (WID) graduation requirement.

Bachelor of Business—Economics

All students seeking the Bachelor of Business in Economics must complete I, II, III, IV, and V. The minimum semester hour requirement for the baccalaureate degree is 120 s.h.

  1. University General Education Curriculum:  43 s.h.
  2. Business Core Courses†:  33 s.h.
  3. Department Core Courses:  9 s.h.
    ECON 197, 330 or 332, 331, 497; CS 302
  4. Electives
    1. Departmental:  9-15 s.h.
      It is recommended that students take ECON 387.
    2. Directed (optional):  0–6 s.h.
      With the approval of the department chairperson, students may take up to 6 hours of coursework in related areas and substitute them for departmental electives. Courses must come from the following list of areas of emphasis. If courses are chosen from more than one area of emphasis, the student must demonstrate that they are part of a coherent program of study. Students should obtain the handout "Undergraduate Tracks in Economics" from the department for more precise information on selecting courses.
      General Business Economics - ECON 332;
      Pre-Professional and Law - ECON 332, 432; Business Analysis - ECON 332, 387, 425; DS 303; IS 340; MKTG 329, 497; MGT 350;
      OM 352 455; Government and Planning (two ECON Tracks): ECON Track I—
      ECON 432; ECON Track II—ECON 460, and two of the following:
      ECON 387, 425, 434; for both tracks POLS 370, 494; GEOG 448;
      International Economics—ECON 420, 470; MKTG 317, 417;
      Financial Institutions—ECON 325, 332, 425; FIN 341, 441, 471, 493; Agriculture—ECON 465, 470; AGEC 442, 457, 458;  
      Advanced Degree—ECON 387, 470; MATH 311, 333, 421, 424, 430, 431, 435, 461, 481; STAT 471, 472, 474.
    3. Open  17-20 s.h.
  5. Other:  15 s.h.*
    1. Natural Sciences/Mathematics: MATH 137 and either STAT 171 or DS 203 Social Sciences: ECON 231 and 232; PSY 100 or SOC 100

†IS 320 (Business Core) fulfills the Writing Instruction in the Discipline (WID) graduation requirement.
*12-15 s.h. may count toward the University General Education requirement.

Minors

Minor in Economics:  18 s.h.

  1. ECON 231, 232:  6 s.h. 
  2. Economics Electives:  12 s.h. 

Course Descriptions

ECONOMICS (ECON)

100  Introduction to Economics. (3) (General Education/Social Sciences)  A survey of the nature and scope of economics for students not planning to major or to minor in economics and not planning to pursue the Bachelor of Business degree. Not open to students who have had ECON 231/232 or the equivalent of either.
IAI: S3 900.

170  The Global Economic Environment. (3)  An introduction to exchange rates, balance of payments, trade barriers, trade agreements and economic unions, relevant international institutions, ethical considerations in international dealings, and related topics. Impacts on U.S. consumers and firms will be emphasized.

197  Skill Development. (0)  All undergraduate majors must begin their skill development program and portfolio during their first semester as a major. Prerequisite: first semester B.A. or B.B. Economics major. Graded S/U only.

231  Principles of Macroeconomics I. (3)  (General Education/Social Sciences)  An introduction to aggregate economics—monetary and banking institutions, national income theory, business cycles, government finance and taxation, and international trade.
IAI: S3 901.

232  Principles of Microeconomics II. (3)  (General Education/Social Sciences)  A continuation of ECON 231, stressing industrial and labor organization, supply and demand, profit maximization under varying conditions of competition, and factor pricing. Prerequisite: ECON 231.
IAI: S3 902.

310  Economics and Law. (3)  An introduction into the economic analysis of the basic areas of law including property, contracts, torts, criminal law, and civil law. The purpose of the course is to examine legal rules using economic concepts and methods. Prerequisite: one of the following courses—ECON 100, 231, 232; or permission of instructor.

325  Money, Banking and Credit. (3)  An introduction to the monetary aspects of society, with stress on the role of commercial banks and the Federal Reserve System in our economy. Prerequisite: ECON 231.

328  American Economic History. (3)  A study of the development of various economic institutions in the United States with special emphasis on the changing structure and performance of the economy from the colonial period to the present.

330  Intermediate Microeconomic Theory. (3)  Theory of producer and consumer choice; theory of prices and output determination under varying degrees of competition; theory of factor pricing and income distribution. Prerequisite: ECON 232.

331  Intermediate Macroeconomics. (3)  An analysis of the determinants of inflation rates, unemployment, interest rates, and international trade. Theories of cycles of recession and recovery and policies to achieve the society's goals are examined with particular emphasis on stabilizing the economy. Prerequisite: ECON 231.

332  Managerial Economics. (3)  Economic theory and analysis designed for business administration students. Economics majors interested in careers in business are encouraged to take this course. Prerequisites: ECON 231 and 232.

350  Economics of Poverty and Discrimination. (3)  (General Education/Multicultural Studies)  Application of economic tools and concepts to the nature and causes of poverty with an emphasis on discrimination. Analyzes both economic characteristics of the poor and the public policies intended to alleviate poverty and discrimination. Prerequisite: ECON 100 or 231.

387  Econometrics I. (3)  A practical introduction to correlation and regression analysis as applied to empirical verification of hypotheses derived from economic theory. The major emphasis is on single equation estimation and testing. Prerequisite: MATH 137, DS 203 or STAT 171, or equivalent.

408  Economics for Decision-Makers. (3)  This course develops the macro- and microeconomic concepts most useful to decision-makers. Topics covered include measures of aggregate economic activity, unemployment, inflation, business cycles, monetary policy, fiscal policy, international trade, market demand and supply, and alternate market structures. (Not open to students who have taken ECON 231 or 232. Cannot be used to meet the requirements for the B.A. or B.B. in Economics, a minor in Economics, or to meet the requirements in any B.B. degree. (This course is designed for the Pre-MBA minor.) Prerequisites: junior standing and STAT 171 with a C or better.

420  Economic Development. (3)  A study of less developed countries; problems such as population growth, urbanization, agricultural transformation, unemployment, education and training, and capital formation are addressed. Solutions to these problems are examined and evaluated based on feasibility and practicality. A multi-disciplinary approach is used. Prerequisite: ECON 232.

425  Money Markets, Capital Markets, and Monetary Theory. (3)  An institutional and theoretical study of money and capital markets in conjunction with monetary policy. Prerequisite: ECON 231.

430  (cross-listed with AGEC 430) Environmental Economics. (3)  This interdisciplinary course examines economic issues involving the interactions between humans and the environment. The course addresses conflicts in land, air, and water use and the role of assigned property rights and public policies in resolving environmental problems. Not open to students with credit in AGEC 430. Prerequisite: ECON 232 or AGRI 220.

432  Public Finance. (3)  A study of the role of government in promoting a system of effective markets. Includes analyses of the implications of various market distortions, the economic implications of a democratic system, the efficiency of a federal structure, and criteria for public investment decisions and government actions. Prerequisite: ECON 232.

433  Honors Readings in Economics. (1–3, repeatable to 3)  Prerequisite: consent of the instructor. Graded S/U only.

440  Labor Theory. (3)  An analysis of wage theory ranging from classical wages fund approach to marginal productivity theory. A study of labor markets and the productivity changes on employment, output, and wages. Prerequisite: ECON 232 or consent of the instructor.

460  Urban and Regional Economic Analysis. (3)  A study of the economics literature on urban and regional economic development theories and techniques. Particular attention is paid to economic policies to stimulate employment and foster income growth. Various measurement techniques for monitoring economic development are examined. Prerequisite: ECON 232.

465  Economics of Energy. (3)  A study of primary and secondary sources of energy as they affect the levels of production and consumption in the economy. A general survey of the economic and regulatory problems of coal, petroleum, natural gas, and nuclear industries (including those of utilities) and a brief discussion of the problems and prospects of alternative sources of energy in the context of national energy policies and individual decision-making. Prerequisite: ECON 231 or 232, or consent of the instructor.

470  International Trade. (3)  A study of the theoretical and institutional aspects of international trade; effect of trade and factor movements on economic welfare; balance of payments; problems of international disequilibrium; process of balance of payments adjustments; barriers to trade; and the search for economic stability and growth through international cooperation. Prerequisite: ECON 232.

481  Mathematical Economic Techniques. (3)  Introduction to the mathematics most frequently used by economists: basic set theory, linear algebra, differentiation, comparative statics, optimization, constrained optimization, and linear programming.

494  Internship. (1–12, repeatable to 12)  Supervised employment experience with an approved employer/sponsor. Only 3 hours per semester can be included in the major. For internships that are two semesters or more in length, and with approval of the department chair, a maximum of 6 hours may be included in the major. Prerequisites: ECON 231, 232, one intermediate theory course, and permission of the department chairperson. Graded S/U only.

495  Current Economic Issues. (3)  Prerequisite: ECON 231, 232, 330, 331; senior economics major status.

497  Senior Knowledge Assessment. (0)  All majors are required to submit a completed skill development portfolio and complete the knowledge assessment examination prior to graduation. Prerequisites: senior standing; B.A. or B.B. Economics major. Graded S/U only

499  Individual Research in Economics. (1–3, repeatable to 3)  Prerequisites: junior status and permission of the instructor. Graded S/U only.