50:220:105Microeconomic Principles (R) (3) Economic systems; supply, demand, and role of the market; consumer behavior and utility; firm behavior, cost, and profit; competitive and monopolistic markets for products and inputs; government regulation of markets.

50:220:106Macroeconomic Principles (R) (3) National income and how it is determined; consumption, investment, and government spending; the monetary system; control of inflation and unemployment; international exchange; alternative economic systems.

50:220:202Money and Banking (3) Theories of money and their applications; structure and historical development of U.S. monetary and banking institutions; current problems of monetary management. (Formerly 50:220:302)

50:220:303Consumer Economics (3) Analysis of problems facing individuals and households as savers, investors, and spenders. Analysis of the legal and economic framework of consumer protection legislation. "Consumerism" as an economic force. Prerequisite: 50:220:105 or 106 or permission of instructor.

50:220:308Introductory Managerial Economics (3) Application of economic analysis to practical managerial decision making. Course demonstrates the use of contemporary economic tools and techniques in actual managerial problems relevant to market demand and supply, revenue, costs, profits, optimal pricing, capital budgeting, and product line analysis. Prerequisite: 50:220:105 or 106 or permission of instructor.

50:220:310American Economic History (3) Analysis of such selected factors as population, government, capital accumulation, and technology contributing to development of economic life and institutions in the United States. Prerequisite: 50:220:105 or 106 or permission of instructor.

50:220:313Economics of Labor (3) Study of wages and employment; the history of labor movements; and effects of unionism and minimum wage laws on prices, wages, and income. Marginal productivity theory applied to wage-employment analysis. Prerequisite: 50:220:105.

50:220:316Economics of Health and Health Care (3) Designed to apply economic analysis to the health care sector and health status, such as demand for health and for medical care, health insurance experiment, demand for health insurance, market for physicians` and nurses` services, market for hospital services, pharmaceutical industry, delivery of health care, methods of payment, and government regulation. Prerequisite: 50:220:105 or 106 or permission of instructor.

50:220:320Inflation, Unemployment, and Public Policy (3) Causes and consequences of inflation, unemployment, and the inflation-unemployment trade-off. Assessment of stabilization policies: wage-price controls, wage indexation, Keynesian measures, and other alternatives. Prerequisite: 50:220:105 or 106 or permission of instructor.

50:220:322Econometrics (3) An introduction to model building and testing, measurement problems, and the application of statistical methods in economics, business, and related social sciences. Prerequisites: 50:220:105; 50:640:129 or 130; 50:960: 283.

50:220:323Intermediate Economic Theory: Microeconomics (3) Roles of supply and demand under varying degrees of market competition in determining price and output of goods, factor inputs, and their prices; emphasis on the social implication of these market conditions. Prerequisites: 50:220:105.

50:220:324Intermediate Economic Theory: Macroeconomics (3) Roles of consumption, savings, investment, government monetary and fiscal policies, and international economic relations in affecting national income, employment, the price level, and economic growth. Prerequisites: 50:220:105, 106.

50:220:325Financial Institutions (3) Roles of banks, insurance companies, investment companies, finance companies, pension funds, credit unions, and such institutions in financial markets, and their impact on how the economic and financial systems function. Lending and borrowing activities, investment portfolio policy, and regulatory environment of each type of financial intermediary examined. Prerequisite: 50:220:105 or 106.

50:220:329Economics of International Finance (3) Examines the specific factors of demand and supply that determine exchange rates under the current flexible exchange rate system. Spot and forward markets, purchasing power parity, and interest rate parity considered. Discusses fixed versus flexible exchange rates. Analysis of recent changes in the dollar and other currencies. Prerequisite: 50:220:105 or 106.

50:220:330Urban Economics (3) Analysis of the economic forces leading to the existence, growth, and decline of cities and of the factors affecting land use within a city. The provision of local public services, local taxes, and the size of local governments. The economic analysis of urban problems: housing, poverty, transportation, and land use. (Formerly 50:220:354)

50:220:331International Economics (3) A study of the fundamentals of international economics. Analyzes comparative advantage of trade, free and restriction on trade, tariff and quota, international resource flow, foreign exchange markets, foreign exchange rates and risks, balance of payments, international operation of the U.S. economy, and government policies affecting the development and structure of the world economy. (Formerly 50:220:345)

50:220:332Environmental Economics (3) Effects of man on quality of air, water, and ground resources; application of microeconomic analysis to problems created by deterioration of these resources. Prerequisite: 50:220:105 or 106 or permission of instructor.

50:220:333Comparative Economic Systems (3) Comparison of decentralized capitalist market systems, socialist market-oriented systems, and "command" or centralized models such as in the former Soviet Union. Variation in these systems such as in the United States, United Kingdom, Sweden, and Japan for capitalist systems; Hungary, Poland, Yugoslavia, and China for socialist systems; and socialistic countries such as India. Prerequisite: 50:220:105 or 106 or permission of instructor.

50:220:339Economic Development (3) Economic and social problems of developing countries: poverty, low savings, inadequate investments, unemployment, inflation, and the transfer of technology, and such social problems as education, health, and administration. Examines development theories models and notes interdependence between developing economies and developed countries, particularly with respect to trade, capital and labor movements, and the transfer of technology. (Formerly: 50:220:314)

50:220:361Game Theory (3) Study interactive decision making when players have conflicts of interest. Course includes noncooperative games, cooperative games, bargaining theory, auctions, market games, and applications to business and economics. Prerequisite: 50:220:105.

50:220:362Economics of Transition (3) Economic development of each country is unique, reflecting geography, history, culture, and extant political system. Discernible patterns exist, nevertheless, in the contemporary developing economies. Profiles two rather different regions: the rapidly growing economies in East Asia and the transitional economies of the former socialist states in Eastern Europe. Based on various country studies, such issues as the keys to rapid growth with equity in East Asia, the complementary roles for the private and public sectors, and privatization in the former socialist economies discussed. Also discussed are the four major components: a stable macroeconomy, competitive domestic markets, investments in human capital, and integration with the international economy, which form a market-friendly strategy for economic development in a contemporary world. Prerequisite: 50:220:105 or 106.

50:220:363Economics of Investment and Capital Markets (3) Analysis of economic investment by using economic tools: value of firms, economic efficient frontier, lending and borrowing, utility analysis and investment selection, market interest rates, correlation structure of security returns, short- and long-term international investments with foreign risks, capital asset pricing model, efficient markets, and investment decision management. Prerequisite: 50:220:105 or 106 or permission of instructor.

50:220:366Special Topics on Contemporary Economic Issues (3) Examination of major economic issues facing society based on both macro and micro principles of economics, viewing these issues from a global context. This broad focus includes comparative analysis from an international perspective of such types as the economic role of government, natural resource development and use, labor markets and human resource development, capital markets and investment in productive capacity, impact of fiscal and monetary policies on economic activity levels, international trade and finance policies, strategies for economic growth and development, and economic systems and economic reform. Prerequisite: 50:220:105 or 106 or permission of instructor.

50:220:371Economy of Japan (3) Analysis of various aspects of economic relationship between Japan and the United States: economic policy of Japanese government, financial system, Japanese corporations and industries, public finance and welfare, Japanese corporate management, employment system, Japanese trade and foreign direct investment, economic conflicts with the United States, and solutions. Prerequisite: 50:220:105 or 106 or permission of instructor.

50:220:391Mathematical Economics (3) Offers operational methods and analytical tools for understanding almost all branches of economic science: microeconomics, macro- economics, welfare economics, international trade, labor, urban, and public economics. Optimization principles, decision-making processes, comparative evaluations of alternative policies, program algorithms, and inventory control analyses clearly spelled out in mathematical fashion. Basic algebra and calculus initially reviewed, and the practical uses of those branches of mathematics shown in the enunciation of economic methods and models. Prerequisites: 50:220:105, 106; 50:640:129 or 130.

50:220:392Business Cycles and Forecasting (3) Nature of economic fluctuations and major patterns of cyclical behaviors. Major theories of business cycles that explain factors determining cyclical fluctuations and economic growth in the economy. Methods of forecasting business and economic activity presented in relation to empirical studies of the United States. Prerequisite: 50:220:105 or 106.

50:220:396Honors Program in Economics (BA) See 50:220:495-496 below.

50:220:397Industrial Economics: Structure, Conduct, Performance, and Policy (3) Examines the principles of economics of industrial organization and their application to selected industries in the United States and abroad. Studies issues such as concentration, economies of scale, entry barriers, product differentiation, innovations, merger activity, firm turnover, and the patent system. Prerequisite: 50:220:105.

50:220:398Government Regulation of Business (3) Examines various dimensions of social control of business. While emphasis is placed on antitrust regulation, careful attention also given to public utility regulation; public enterprises; safety, health, environmental, and other regulatory issues of concern to the public. Prerequisite: 50:220:105 or 106.

50:220:399Economics of Multinational Corporations (3) How multinational corporations make decisions as to where and how to invest for profit-risk factors in various circumstances, relevant government regulations, institutions the corporations have to deal with and how, cultural and environmental factors, political risks. Effects of currency and capital transfers and the influence of the corporation on the political and social environment of the countries involved. Prerequisite: 50:220:105 or 106.

50:220:442Public Finance (3) Analysis of spending patterns and sources of revenue of different levels of the public economy, intergovernmental relations, emphasis on fiscal policy including debt management. Decision-making techniques on choosing government projects. Incidence and allocative effect of taxes. (Formerly 50:220:349)

50:220:451History of Economic Thought (3) Examines the development of economic thought to its present state, with emphasis on present-day shapers of economic thought and analysis, linking historical economic ideas to current issues. Prerequisites: 50:220:105 or 106 or permission of instructor.

50:220:472Economic Analysis of the Law (3) The application of basic economic concepts and analyses to the law and legal processes. How economics can be used to study issues in tort and criminal law, contracts, property, constitutional law, and other substantive and procedural contexts. Examines economic implications of the law pertaining to racial discrimination, environmental protection, and other standard corporate regulatory provisions. (Formerly 50:220:395)

50:220:491Independent Study Projects in Economics (3) Individual study under supervision of a member of the economics faculty. Requires research term paper of a level at least compa- rable to a regular course term paper. Student should obtain agreement from a faculty member to supervise the research project before registering. Prerequisites: Normally the courses in economic principles, statistics, and mathematics should have been completed. Permission of instructor. A maximum of 3 credits with a grade-point-average of 3.0 and 6 credits with a grade-point average of 3.5 may be taken toward the degree. This course is coded by a faculty member; thus, when registering, the student should make certain that the forms will contain 220:491-X, where X means the relevant individual faculty member`s code for this purpose.

50:220:492Economics Major Seminar (3) Designed to integrate course materials, introduce recent philosophies and techniques in economics, and apply them to selected problems. Reading and research reports required. Topics vary from year to year. Prerequisites: All other courses specifically required for the economics major.

50:220:495-496Honors Program in Economics (BA,BA) A program of readings and guided research in a topic proposed by the student, culminating in an honors thesis presented to departmental faculty for approval. To enter program, student must submit a written proposal for departmental approval before registration. Credits awarded only on satisfactory completion of a two- or three-term sequence.

50:220:497Internship (3) Students apply classroom learning to gain experience and develop skills in the fields related to their career interests through internships supervised by an instructor. The internship expands professional skills and earns academic credits, up to a 3-credit maximum, regardless of the duration of the internship (a minimum of 200 hours). Students required to file monthly activity reports and a final report and presentation to the Economics and Business Society.