50:220:102 Microeconomic 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.

50:220:103 Macroeconomic 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.

50:220:200 Economic Reasoning and Applications (3) Introduces the essential elements of micro- and macroeconomic reasoning and their practical applications at a fundamental level. Topics include resource allocations, basic economic relations, consumer behaviors and optimal decisions, production and cost analysis, economic and management decisions, market structures, unemployment and inflation, business cycles, financial markets, the United States and global issues, and government policies. After covering of each topic, students will be asked to gather economic data/information and use simple analytical tools to examine the validity of each economic practical application. Economic news and real-life examples will be used to demonstrate how each theorem can be applied to practical issues/situations.

50:220:203 Intermediate 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: 50:220:102 and 103.

50:220:204 Intermediate 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: 50:220:102 and 103.

50:220:210 History 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. Prerequisite: 50:220:102 or 103 or permission of instructor.

50:220:212 Sports Economics (3) This course is designed to take the foundation of microeconomic theory and apply it to the sports industry of the United States. It will explore the application of various subsets of microeconomic theory including industrial organization, labor economics, and public economics. Throughout the course, students should be identifying economics issues applied in the context of sports. The course will be looking at problems facing both teams as profit-maximizing firms, and athletes as utility-maximizing workers. Additionally, students will be able to recognize league and business structure as it relates to industry competition, as well as public finance implications of the sports industry in a local, national, and global economy. Prerequisite: 50:220:102 or 103.

50:220:301 Money 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. Prerequisites: 50:220:102 and 103.

50:220:303 Consumer 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: 50:220:102 or 103 or permission of instructor.

50:220:305 American 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: 50:220:102 or 103 or permission of instructor.

50:220:308 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. Prerequisites: 50:220:102 and 103.

50:220:313 Economics 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: 50:220:102 or 103.

50:220:316 Health Economics (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: 50:220:102 or 103 or permission of instructor.

50:220:317 Economics of Health Behaviors and Health Promotion (R) (3) Introduces the economics of health behavior and health education related to the human service and health care professions. It will study the effect of risky health behaviors. Theory-based analysis of interpersonal, group, and community factors that influence health behavior will be discussed. Health behavior includes actions or activities undertaken for the purpose of promoting, preserving, and restoring wellness and actions and activities that endanger wellness or cause illness. We will understand how to use the economics of health behavior and health education as economic tools in health promotion and disease prevention programs in schools, at home, in health care settings, and in other community settings.
Prerequisite: 50:220:102 or 103 or permission of instructor.

50:220:318 Cost Benefit/Effective Analysis (3) The intention of this course is for students to understand cost benefit/effective analyses (CBEA) and the process of decision making through the use of economic tools. The CBEA is useful to public policy and economic/business decision making. It emphasizes the methods used to perform economic evaluations to assess efficacy and effectiveness; safety of health care technologies; and effectiveness for applications to public policies. The CBEA covers valuing benefits and costs in primary and secondary markets, discounting benefits and costs in future time periods, expected values and sensitivity analysis under uncertainty, option price and option value, social discount rates, and cost-effective analysis.

50:220:320 Inflation, 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. Prerequisites: 50:220:102 and 103.

50:220:321 Applied Game Theory (3) This course focuses on the application and interpretation of game theory. The theory of sequential games, simultaneous games, repeated games, auctions, and collective action games is provided. Throughout the course, the theory is scrutinized by experimental findings and attention is given to the practical issues that can arise in strategic settings. Prerequisite: 50:220:102 or permission of instructor.

50:220:322 Econometrics (3) An introduction to model building and testing, measurement problems, and the application of statistical methods in economics, business, and related social sciences. Prerequisites: 50:220:102, 103; 50:960:283 and 50:640:130.

50:220:325 Financial Market and 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: 50:220:102 or 103.

50:220:329 Economics 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. Prerequisites: 50:220:102 and 103.

50:220:330 Urban Economics (3) Analysis of the economic forces leading to the existence, growth, and decline of cities and the factors affecting land use within a city.� Examines the provision of local public services, local taxes, and the size of local governments, as well as the economic analysis of urban problems: housing, poverty, transportation, and land use. Prerequisite: 50:220:102 or 103.

50:220:331 International Economics (3) A study of the fundamentals of international economics. Analyzes comparative advantage of trade, free trade, and restrictions on trade, tariffs and quotas, 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. Prerequisite: 50:220:102 and 103.

50:220:332 Environmental Economics (3) Effects of humans on the quality of air, water, and ground resources; application of microeconomic analysis to problems created by the deterioration of these resources. Prerequisite: 50:220:102 or 103.

50:220:339 Economic 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. Prerequisite: 50:220:102 or 103.

50:220:361 Game 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. Prerequisites: 50:220:102 and 103.

50:220:363 Economics 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: 50:220:102 or 103.

50:220:366 Special 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 issues such 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: 50:220:102 or 103.

50:220:371 Economy of Japan (3) Analysis of various aspects of the 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: 50:220:102 or 103 or permission of instructor.

50:220:391 Mathematical Economics (3) Offers operational methods and analytical tools for understanding almost all branches of economic science: microeconomics; macroeconomics; welfare economics; international trade; and 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: 50:220:102, 103; 50:220:203 or 204 or 301 or 308; 50:640:121 or 130.

50:220:392 Business 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 growth in the economy. Methods of forecasting business and economic activity presented in relation to empirical studies of the United States. Prerequisites: 50:220:102 and 103 and 50:960:283.

50:220:397 Industrial 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: 50:220:102 or 103.

50:220:398 Government Regulation of Business (3) Examines various dimensions of social control of business. While emphasis is placed on antitrust regulation, careful attention is also given to public utility regulation; public enterprises; and safety, health, environmental, and other regulatory issues of concern to the public. Prerequisite: 50:220:102 or 103 or permission of instructor.

50:220:399 Economics 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 and 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: 50:220:102 or 103.

50:220:442 Public 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. Prerequisite: 50:220:102 or 103.

50:220:472 Economic 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. Prerequisite: 50:220:102 or 103 or permission of instructor.

50:220:491 Independent Study Projects in Economics (3) Individual study under supervision of a member of the economics faculty. Requires research semester paper of a level at least comparable to a regular course semester 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 intermediate economic theory 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.

50:220:492 Economics 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.

50:220:495-496 Honors Program in Economics (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 have a minimum 3.5 grade-point average and submit a written proposal for departmental approval before registration. Credits awarded only on satisfactory completion of a two-semester sequence.

50:220:497 Internship (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.