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Registrar

2002 - 2003 Economics

Faculty Chairs: Robert J. Carbaugh, summer and fall quarters Shaw-Smyser 428 Koushik Ghosh, winter and spring quarters Shaw-Smyser 427

Professors: Robert J. Carbaugh Donald J. Cocheba Richard S. Mack Peter J. Saunders

Associate Professor: Koushik Ghosh David W. Hedrick

Assistant Professor: Timothy P. Dittmer Ronald Elkins

General Departmental Information

Positions of responsibility in today's world are usually held by individuals who have the capacity to analyze complex problems and make intelligent decisions. Learning economics will help students think logically and improve their ability to use economic concepts to analyze "real world" problems and opportunities. In addition to preparation for business and government agency employment, an Economics major is excellent preparation for law schools, Masters of Business Administration programs and graduate programs in economics, agricultural economics and natural resource management.

The Economics Department offers a Bachelor of Science degree in Economics with specializations in Managerial Economics and General Economics. Economics minors are offered to complement Accounting, Business Administration, and other majors.

The Department of Economics requires that all University general education requirements be fully met. In addition to these requirements, the BS Economics Major is comprised of the following components: 1) pre-admission courses providing necessary theoretical and quantitative skills to pursue studies in economics, 2) core courses in both micro and macro economic theory, and 3) a choice of supporting courses for each of the three economics major specializations.

Transfer Credits

Equivalent lower division (100-200 level) courses may be transferred toward meeting the pre-admission requirements for any B.S. degree in the College of Business. Upper division (300-400 level) courses may be transferred toward meeting the major requirements only with the approval of the Department Chair and the College Dean or designee. Transfer students must earn a minimum 45 quarter credits at CWU to be eligible for the B.S. Economics degree.

Transfer students earning fewer than 45 quarter credits in their major at CWU must receive approval from the College Dean prior to graduation.

Service to Other Majors

Students majoring outside the College of Business who are required to take courses in this college for either their major or minor will be eligible to enroll on a space-available basis. These students will be given priority over other non-college majors wishing to enroll in courses.

Bachelor of Science

Economics Major (2650)

with Specialization

Coursework counting toward the major cannot be taken credit/no credit by Economics majors. Double majors are available. Interested students should consult with their advisor or the Department Chair for details prior to enrolling.

The Economics faculty have determined the following objectives which apply to all B.S. Economics graduates:

Students completing an economics degree will possess the tools which enable them to analyze and understand macro and micro economic problems and policies.

Students will possess qualifications and knowledge which will help them to find employment in fields related to economics.

Students will acquire and be able to use basic tools to enable them to carry out quantitatively oriented tasks in their employment or their field of graduate studies.

Students completing the program should possess the communication and economic skills desirable in their future employment or graduate studies.

Admission Requirements

Students must apply and be admitted to the major prior to beginning 300-400 level courses in the College of Business. At the time of application all preadmission requirements should be substantially completed. Application forms are available in the Department offices. The completed form must be accompanied by transcripts that reflect all prior college work.

Admission will be based on grades earned in the following pre-admission courses. ENG 101 and ENG 102 must also be completed before admission.

Pre-admission Requirements             Credits
ECON 201, Principles of Economics Micro              5
ECON 202, Principles of Economics Macro              5
OMIS 221, Introductory Business Statistics           5
(Prerequisite, IT 101 and MATH 130.1)
MATH 163.1, Pre-Calculus Mathematics I  OR
MATH 170, Intuitive Calculus  OR
MATH 172.1, Calculus                                 5

                              Pre-admission Total   20

A cumulative grade point average of 2.25 in the above courses must be achieved with a minimum grade of "C-" (1.70) in each course. The credit/no credit option will not be accepted for any of these courses. The applicant must have earned a minimum cumulative GPA of 2.00 in all collegiate study. These criteria also apply to equivalent courses transferred from other institutions. Students who have met all the above requirements will be admitted unless the number of eligible applicants exceeds available spaces. In that case, acceptance will be competitive, based on a selection index. Students who have not met all of the above requirements may be admitted provisionally by permission of the College Dean or designee.

General Economics Specialization (2651)

This specialization is recommended for students desiring the traditional Economics major. Highly recommended courses: MATH 172.1, MATH 172.2, and FIN 370.

Required Courses                       Credits
Pre-admission Requirements                          20
ECON 301, Intermediate Microeconomic Analysis        5
ECON 302, Intermediate Macroeconomic Analysis        5
ECON 310, International Economics                    5
ECON 324, Introduction to Econometrics               5
ECON 330, Money and Banking                          5
ECON 332, Public Finance                             5
ECON 426, Economic Research                          5
OMIS 386, Management Information Systems             5
Select one of the following:                       4-5
  ADMG 385, Business Communications and Report
    Writing (4)
  COM 345, Business and Professional Speaking (4)
  ENG 310, Technical Writing (4)
Department approved electives selected
 from the following:                                10
  Any 300-400 level economics course. 
  One accounting course (5).
                                       Total     74-75

Managerial Economics Specialization (2654)

This specialization is for students with an interest in both public and private sector employment and preparation for law school. Highly recommended supporting course: MATH 170 or 172.1. The Managerial Economics specialization can be used as part of a double major. See your advisor for details.

Required Courses                       Credits
Pre-admission Requirements                          20
ECON 301, Intermediate Microeconomic Analysis        5
ECON 302, Intermediate Macroeconomic Analysis        5
ECON 452, Managerial Economics                       5
ACCT 251, Accounting I                               5
ACCT 252, Accounting II  OR
  ACCT 302, Managerial Accounting Analysis           5
FIN 370, Introductory Financial Management           5
Select one of the following:                       4-5
  ADMG 385, Business Communications and Report
    Writing (4)
  COM 345, Business and Professional Speaking (4)
  ENG 310, Technical Writing (4)
Department approved electives selected
  from the following:                               20
  300-400 level economics courses (except ECON 396,
    ECON 490, ECON 496) (15)
  300-400 level accounting, business administration and
    economics courses (5)

                                    Total     74-75

Economics Minor I (2650)

This minor is designed to accompany the Business Administration and Accounting majors. Prior approval of electives by the Economics advisor is required.

Required Courses                       Credits
ECON 201, Principles of Economics Micro              5
ECON 202, Principles of Economics Macro              5
Select from the following:                           5
  ECON 301, Intermediate Microeconomic Analysis (5)
  ECON 302, Intermediate Macroeconomic Analysis (5)
  ECON 310, International Economics (5)
  ECON 330, Money and Banking (5)
  ECON 332, Public Finance (5)
Select ten additional credits from the above list  OR
Other 300-400 level economics courses with
departmental approval                               10
                                          Total     25

Economics Minor II (2655)

This minor is designed for all majors with the exception of Business Administration and Accounting. Prior approval of electives by the Economics advisor is required.

Required Courses                       Credits

ECON 201, Principles of Economics Micro              5
ECON 202, Principles of Economics Macro              5
Select from the following:                           5
  ECON 301, Intermediate Microeconomic Analysis (5)
  ECON 302, Intermediate Macroeconomic Analysis (5)
  ECON 310, International Economics (5)
  ECON 330, Money and Banking (5)
  ECON 332, Public Finance (5)
Select an additional five elective credits from the above
  list  OR
Other 300-400 level economics courses with
departmental approval                                5
                                          Total     20

Economics: Teaching Minor (2656)

Designed for students preparing to teach economics at the junior high and high school levels. See your Economics advisor early to avoid course sequencing problems. Students taking this minor are required to complete the professional education program requirements offered through the Curriculum and Supervision Department.

Required Courses                       Credits

ECON 201, Principles of Economics Micro              5
ECON 202, Principles of Economics Macro              5
ECON 340, Development of Economic Thought            5
Select from the following:                          10
  ECON 301, Intermediate Microeconomic Analysis (5)
  ECON 302, Intermediate Macroeconomic Analysis (5)
  ECON 310, International Economics (5)
  ECON 330, Money and Banking (5)
  ECON 332, Public Finance (5)
  ECON 355, Economics of Labor (5)
  ECON 356, Government and Business (5)
                                          Total     25

Economics Courses

ECON 101. Economic Issues (5). For the student who desires a general knowledge of economics. Applications of economic principles to current social and political problems. ECON 101 cannot be substituted for either ECON 201 or 202.

ECON 102. World Economic Issues (5). An introduction to current international issues related to international trade and finance, economic development and comparative economic systems.

ECON 201. Principles of Economics Micro (5). The function of the market system in the allocation of scarce resources, determination of prices and output in competitive and monopolistic markets, and distribution of income. The role of government in the market economy.

ECON 202. Principles of Economics Macro (5). Prerequisite, ECON 201 is normally taken before ECON 202, but may be taken concurrently. Organization of the U.S. economy, structure and role of the monetary system, problems of employment and inflation, overall impact of government spending and taxation on the economy. Economic growth, world economic problems and a comparison of capitalism with other economic systems.

ECON 298. Special Topics (1-6).

ECON 301. Intermediate Microeconomic Analysis (5). Prerequisite, ECON 201. Markets as mechanisms for organizing and directing human activities; production of goods and services; the allocation of labor, capital, and natural resources to various productive activities; and the distribution of income. Relationship between microeconomics theory and contemporary thought, practical problems and government policies.

ECON 302. Intermediate Macroeconomic Analysis (5). Prerequisite, ECON 202. Analysis and measurement of U.S. national income and product accounts; determinants of income, employment and prices under the Classical and Keynesian systems; problems of inflation, economic growth and stabilization policy.

ECON 310. International Economics (5). Prerequisite, ECON 202. International trade and monetary theories; analyzing economic relationships and adjustments within and among trading nations; specialization, tariffs, balance of payments, and international monetary systems.

ECON 324. Introduction to Econometrics (5). Prerequisites, ECON 201 and OMIS 221 or permission. Computer application of statistical and mathematical techniques to business and economic problems.

ECON 330. Money and Banking (5). Prerequisite, ECON 202. The supply of money and the Federal Reserve System; financial intermediaries and financial instruments; macroeconomic theory and policy.

ECON 332. Public Finance (5). Prerequisite, ECON 202. Rationale of public sector; effect of government expenditure and taxation on resource allocation and income distribution; structure of federal, state and local tax systems. Emphasis is on current policy problems.

ECON 340. Development of Economic Thought (5). Prerequisite, ECON 202. The historical development of economic concepts and their classification into schools of thought. Contributions to economics from medieval to modern time and relationships among various economic, social and political philosophies.

ECON 346. Comparative Economic Systems (5). Prerequisite, any economics course. Compares the capitalist market economy to the centrally planned system and considers a variety of mixed systems. Economic structure and performance of select countries; emphasizes economies in transition and the Pacific Rim.

ECON 348. Economic History of the United States (5). Economic factors in the development of the American nation, from the European background to the present. Same as HIST 348. Students may not receive credit for both.

ECON 355. Economics of Labor (5). Prerequisite, ECON 202. Economics of the labor market, labor, productivity, investment in human capital, manpower problems and public policy.

ECON 356. Government and Business (5). The development and current status of relations between the US government and business firms. Government regulation of competition and monopoly; subsidies and public enterprise.

ECON 361. Agricultural Economics (5). Prerequisite, ECON 101 or 201. Application of basic economic concepts to farm (ranch) management and marketing. Relationship between the agricultural sector and the Federal government, and the role of agribusiness firms in processing and distributing agricultural products.

ECON 388. Economic History of Europe Since 1760 (3-5). The Industrial Revolution in Great Britain and on the Continent, its resultant social and cultural effects, the rise of trade unionism, socialism, anarchism, imperialism; economics of war in the 20th century, and the rise of the welfare state. Same as HIST 388. Students may not receive credit for both.

ECON 398. Special Topics (1-6).

ECON 412. International Economic Development (5). Prerequisite, ECON 202. Economic problems, issues, and policy decisions facing developing nations including growth theory, capital development and rates of progress in different countries.

ECON 423. Mathematical Economics (5). Prerequisites, ECON 201 and MATH 170 or MATH 172.1 or by permission. The application of mathematics to the theoretical and practical aspects of economic analysis.

ECON 426. Economic Research (5). Prerequisites, ECON 202, OMIS 221 and CS 110 or IT 101. Designed to familiarize the student with a systematic general procedure for utilizing economic principles as a frame of reference in conceptualizing, designing, and carrying out analyses of problems and opportunities.

ECON 452. Managerial Economics (5). Prerequisites, IT 101, ECON 202 and OMIS 221. Application of microeconomic theories to managerial decisions and planning utilizing the case method.

ECON 460. Contemporary Economic Problems (1-5). An examination of selected current economic issues concerning the U.S. and world economies.

ECON 462. Economics of Energy, Resources and Environment (5). Economic decision making related to issues of pollution, energy, resource use, and external effects. Benefit/cost analysis, cost effectiveness, and other economic methods.

ECON 490. Cooperative Education (1-12). An individualized contracted field experience with business, industry, government, or social service agencies. This contractual arrangement involves a student learning plan, cooperating employer supervision, and faculty coordination. Prior approval required. May be repeated. Grade will be S or U.

ECON 496. Individual Study (1-6). Prerequisite, permission of instructor.

ECON 498. Special Topics (1-6). ECON 499. Seminar (1-5).

Undergraduate Courses/Programs on Reserve

The following courses are on reserve and may be offered subject to program needs. ECON 342 Evaluation of American Business Enterprise (5), ECON 422 Applied Operations Analysis (4); ECON 434 State and Local Government Finance (5); ECON 436 Public Resource Management (4); ECON 464 Pacific Northwest Economics (5).