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Course Descriptions

Program of Economics

Dr. Ehsan Ahmed, Director

Phone: (540) 568-3215/(540) 568-3216
E-mail: ahmedex@jmu.edu
Web site: cob.jmu.edu/economics/


Professors
E. Ahmed, W. Fields, R. Horn, A. Kohen, B. Rosser, M. Rosser, W. Wood

Associate Professors
J. Doyle, S. Elwood, R. Jerome, D. Kreutzer, S. Milliman, V. Smith

Assistant Professors
B. Brunton

Instructors
P. Heap, B. O’Roark, D. Stevens


Mission Statement
The Program of Economics is committed to students’ intellectual development by fostering an understanding and appreciation of economic forms of explanation and their relationships to other social sciences. The Program of Economics also stresses the importance of economic explanation by promoting interdisciplinary perspectives. Economics faculty are dedicated to sound and effective pedagogy, to scholarship of the highest quality and to outreach to the local and business community. The department provides an intellectual foundation for appreciation and understanding of economic theory and policy at a level appropriate to each program of study. This foundation is developed within a broader educational perspective that stresses the importance of imaginative thinking, free inquiry and the pursuit of life-long learning. In this way, the program prepares students with the economic literacy necessary to cope with the challenges inherent in a world of accelerating change.


Goals
  • Help students to develop analytical and critical thinking skills.
  • Promote interdisciplinary and cross-disciplinary forms of instruction.
  • Seek continuous improvement in the quality of classroom instruction.
  • Serve the community cost-effectively through outreach services.
  • Help students to pursue careers and additional education.



Marketable Skills
  • Analytical thinking capabilities highly valued by business, government and the nonprofit sector.
  • Writing and research skills with wide applicability in a variety of careers.
  • Statistical and econometric skills used in business and finance.
  • Preparation in critical thinking valued by graduate schools, including law, business and arts and sciences.
  • Analytical skills valued by employers for internships in business, government and consulting.
Our graduates find employment with all of the “Big Five” international public accounting firms, dozens of local and regional public accounting firms and major international companies in the hotel, insurance, publishing, electronics, retailing, manufacturing, distribution, banking and computer industries. Many of our graduates work for business consulting firms and software developers. Recently, our graduates have been at the forefront of companies entering the arena of electronic commerce. The field of accounting has one of the highest demands for new graduates of any area in today’s market, and accounting graduates enjoy some of the highest starting salaries in the College of Business.


Co-curricular Activities and Organizations
  • Economics Club (open membership)
  • Omicron Delta Epsilon (national honor society in economics)
Degree and Major Requirements
Economics majors may choose from a B.A., B.S. or B.B.A. degree. The B.A. and B.S. degrees are traditional liberal arts degrees that lead to a variety of career and graduate school options; the B.B.A. is designed to prepare students for careers in business administration.

The B.B.A. degree in economics requires a minimum of 120 credit hours of undergraduate work. Fifty percent of this work, 60 credit hours, must be taken outside of the College of Business.

In counting the 60 credit hours of non-business courses, B.B.A. students may include all hours taken in General Education (usually 41), up to a total of nine hours in economics (GECON courses must be counted as economics) and three hours of COB 191, Business and Economic Statistics. The remaining hours must be taken from any department outside the College of Business. Students should carefully select these non-business electives to help them gain additional knowledge and expertise for their careers and personal lives.

Each economics major must participate in assessment to graduate. Assessment is conducted in the required 401 class.


Bachelor of Arts in Economics
The minimum requirement for a B.A. degree in economics is 30 credit hours of economics, including 16 credit hours of core courses and 15 credit hours of electives.
Degree Requirements

Credit Hours
General Education1 41
Foreign Language classes (Intermediate level required)2 0-14
Philosophy course(s) (In addition to General Education courses) 3
Major requirements (listed below) and electives 63-74

120


1 The General Education program contains a set of requirements each student must fulfill. The number of credit hours necessary to fulfill these requirements may vary. 2 The foreign language requirement may be satisfied by successful completion of the second semester of the intermediate level of the student’s chosen language (typically 232), or by placing out of that language through the Department of Foreign Language’s placement test.

Major Requirements

Required Courses Credit Hours
ECON 201. Principles of Economics (Micro) 3
GECON 200. Introduction to Macroeconomics 3
ECON 331. Intermediate Microeconomic Theory 3
ECON 332. Intermediate Macroeconomic Theory 3
ECON 385. Econometrics 3 3
ECON 401. Senior Assessment in Economics 0
Economics electives (at least six credits must be at the 400 level, not including ECON 490 or ECON 499) 15

30

For a B.A. degree in economics, students must complete the foreign language and philosophy requirements found on Page 31. Also, all students must complete the General Education program described on Pages 61-71.

Recommended Schedule for B.A. in Economics Majors
First Two Years
During the first two years, students should complete most of the General Education program and the following required courses in economics:
ECON 201. Principles of Economics (Micro)
GECON 200. Introduction to Macroeconomics

Other required course work that should be completed during the freshman or sophomore years includes:
COB 191. Business and Economic Statistics
CIS 301 Information Technology Tools and Methods
MATH 205. Introductory Calculus I
MATH 235. Analytic Geometry and Calculus

Third and Fourth Years
B.A. economics majors should complete ECON 331, Intermediate Microeconomic Theory and ECON 332, Intermediate Macroeconomic Theory, by the end of their junior year. While most majors will complete the 400 level requirements in economics during their senior year, students may take a 400-level course during their junior year if the prerequisite for the course has been met.


First Year
Fall Semester Credit Hours
ECON 201. Principles of Economics (Micro) 3
Choose one of the following: 3-4
MATH 205. Introductory Calculus I (three credits)
MATH 235. Analytic Geometry and Calculus I (four credits)
General Education courses, free electives and B.A. degree requirements 9

15-16

First Year
Spring Semester Credit Hours
GECON 200. Introduction to Macroeconomics 3
General Education courses, free electives and B.A. degree requirements 11

14

Second Year
Fall Semester Credit Hours
COB 191. Business and Economic Statistics 3
CIS 301. Information Technology Tools and Methods 3
Choose one of the following: 3
ECON 331. Intermediate Microeconomic Theory
ECON 332. Intermediate Macroeconomic Theory
General Education courses, economics elective, free electives and B.A. degree requirements 7

16

Second Year
Spring Semester Credit Hours
Choose one from the following: 3
ECON 331. Intermediate Microeconomic Theory
ECON 332. Intermediate Macroeconomic Theory
General Education courses, economics elective, free electives and special degree requirements 9-12

15

Third Year
Fall Semester Credit Hours
Choose one of the following (if not completed): 0-3
ECON 331. Intermediate Microeconomic Theory
ECON 332. Intermediate Macroeconomic Theory
ECON 385. Econometrics 0-3
Economics electives 3-6
General Education courses, free electives and B.A. degree requirements 3-12

15-16

Third Year
Spring Semester Credit Hours
Choose one of the following (if not completed): 0-3
ECON 331. Intermediate Microeconomic Theory
ECON 332. Intermediate Macroeconomic Theory
ECON 385. Econometrics (if not completed) 0-3
GEconomics electives 3-6
General Education courses, free electives and 3-12 B.A. degree requirements 3-12

15

Fourth Year
Fall Semester Credit Hours
Economics electives (400 level) 3-6
General Education courses, free electives and B.A. degree requirements 9-12

15

Fourth Year
Spring Semester Credit Hours
Economics electives (400 level) 3-6
General Education courses, free electives and B.A. degree requirements 9-12
ECON 401 Senior Assessment in Economics 0

15

Bachelor of Science in Economics
The minimum requirement for a B.S. degree in economics is 30 credit hours of economics including 16 credit hours of core courses and 15 credit hours of electives.


Degree Requirements

Credit Hours
General Education1 41
Mathematics course2 3
Social science or natural science course(s) 3-4
Major requirements (listed below) and electives 73-77

120


1 The General Education program contains a set of requirements each student must fulfill. The number of credit hours necessary to fulfill these requirements may vary. 2 In addition to course work taken to fulfill General Education requirement.

Major Requirements

Required Courses Credit Hours
ECON 201. Principles of Economics (Micro) 3
GECON 200. Introduction to Macroeconomics 3
ECON 331. Intermediate Microeconomic Theory 3
ECON 332. Intermediate Macroeconomic Theory 3
ECON 385. Econometrics 3 3
ECON 401. Senior Assessment in Economics 0
Economics electives (at least six credits must be at the 400 level, not including ECON 490 or ECON 499) 15

30

For a B.S. degree in economics, students must complete six credit hours of math and an additional three to four credit hours in either the social or natural sciences. Information on these degree requirements is found on Page 31. Students must also complete the General Education program requirements described on Pages 61-71.

Recommended Schedule for B.S. in Economics Majors
First Two Years
During the first two years, students should complete most of the General Education program and the following required courses in economics:
ECON 201. Principles of Economics (Micro)
GECON 200. Introduction to Macroeconomics

Other required course work that should be completed during the freshman or sophomore years includes:
COB 191. Business and Economic Statistics
CIS 301 Information Technology Tools and Methods
MATH 205. Introductory Calculus I
MATH 235. Analytic Geometry and Calculus

Third and Fourth Years
B.S. economics majors should complete ECON 331, Intermediate Microeconomic Theory and ECON 332, Intermediate Macroeconomic Theory, by the end of their junior year. While most majors will complete the 400 level requirement in economics during their senior year, students may take a 400-level course during their junior year if the prerequisite for the course has been met.


First Year
Fall Semester Credit Hours
ECON 201. Principles of Economics (Micro) 3
Choose one of the following: 3-4
MATH 205. Introductory Calculus I (three credits)
MATH 235. Analytic Geometry and Calculus I (four credits)
General Education courses, free electives and B.S. degree requirements 9

15-16

First Year
Spring Semester Credit Hours
GECON 200. Introduction to Macroeconomics 3
General Education courses, free electives and B.S. degree requirements 11

14

Second Year
Fall Semester Credit Hours
COB 191. Business and Economic Statistics 3
CIS 301. Information Technology Tools and Methods 3
Choose one of the following: 3
ECON 331. Intermediate Microeconomic Theory
ECON 332. Intermediate Macroeconomic Theory
General Education courses, economics elective, free electives and B.S. degree requirements 7

16

Second Year
Spring Semester Credit Hours
Choose one from the following: 3
ECON 331. Intermediate Microeconomic Theory
ECON 332. Intermediate Macroeconomic Theory
General Education courses, economics elective, free electives and special degree requirements 9-12

15

Third Year
Fall Semester Credit Hours
Choose one of the following (if not completed): 0-3
ECON 331. Intermediate Microeconomic Theory
ECON 332. Intermediate Macroeconomic Theory
ECON 385. Econometrics 0-3
Economics electives 3-6
General Education courses, free electives and B.S. degree requirements 3-12

15-16

Third Year
Spring Semester Credit Hours
Choose one of the following (if not completed): 0-3
ECON 331. Intermediate Microeconomic Theory
ECON 332. Intermediate Macroeconomic Theory
ECON 385. Econometrics (if not completed) 0-3
GEconomics electives 3-6
General Education courses, free electives and 3-12 B.S. degree requirements 3-12

15

Fourth Year
Fall Semester Credit Hours
Economics electives (400 level) 3-6
General Education courses, free electives and B.S. degree requirements 9-12

15

Fourth Year
Spring Semester Credit Hours
Economics electives (400 level) 3-6
General Education courses, free electives and B.S. degree requirements 9-12
ECON 401 Senior Assessment in Economics 0

15

Bachelor of Business Administration in Economics
The minimum requirement for a B.B.A. degree in economics is 30 credit hours of economics including 19 credit hours of core courses and 12 credit hours of electives. B.B.A. students also complete the core business requirements outlined on Page 160. The credit hour requirements for each of the components are as follows:


Degree Requirements

Credit Hours
B.B.A. core courses 1 44-45
Economics major requirements 24
Free electives 2 3
General Education courses3 42-45
Non-business electives4 4-8

120


1 Up to seven credit hours of core requirements in economics and calculus may also be taken for General Education credit. Students who take the General Education packages and courses recommended by the College of Business will have only 38 credit hours of additional B.B.A. core requirements. 2 Any course offered by the university. 3 The General Education program contains a set of requirements each student must fulfill. The number of credit hours necessary to fulfill these requirements may vary. 4 May include no more than one 200-level economics course in addition to ECON 201, GECON 200 and any other course(s) not offered by the College of Business.

Major Requirements

Required Courses Credit Hours
ECON 201. Principles of Economics (Micro) 3
GECON 200. Introduction to Macroeconomics 3
ECON 331. Intermediate Microeconomic Theory 3
ECON 332. Intermediate Macroeconomic Theory 3
ECON 345 Industrial Organization 3
ECON 385. Econometrics 3 3
ECON 401. Senior Assessment in Economics 0
Economics electives (at least six credits must be at the 400 level, not including ECON 490 or ECON 499) 12

30

The B.B.A. degree in economics requires a minimum of 120 credit hours of undergraduate course work. Fifty percent of this work, 60 credit hours, must be taken outside of the College of Business. In counting the 60 credit hours of non-business courses, B.B.A students may include all hours taken in General Education (usually 41), up to a total of nine hours in economics (GECON courses must be counted as economics) and three hours of COB 191, Business and Economic Statistics. The remaining hours must be taken from any department outside the College of Business. Students should carefully select these non-business electives to help them gain additional knowledge and expertise for their careers and personal lives.

Recommended Schedule for B.B.A. in Economics Majors
First Two Years
Students planning to major in economics must complete the 29- to 30-hour, lower-division B.B.A. core curriculum on Page 160 prior to enrolling in upper-division core courses, normally taken in the first semester of the junior year. It is expected that the lower-division core curriculum will be completed during the first two years of study along with all, or most, of the university General Education curriculum. Failing to complete all lower-division core requirements on time will delay enrollment in upper-division core and major courses until at least the second semester of the junior year.


Third and Fourth Years
Economics majors will follow the course schedule below to complete the final two years of their program. It is possible to deviate from this program but care must be taken to ensure that all course prerequisites are met.


Third Year
Fall Semester Credit Hours
COB 300A. Integrated Functional Systems: Management
COB 300B. Integrated Functional Systems: Finance 3
COB 300C. Integrated Functional Systems: Operations 3
COB 300D. Integrated Functional Systems: Marketing 3
Choose one of the following (if not completed): 3
ECON 331. Intermediate Microeconomic Theory
ECON 332. Intermediate Macroeconomic Theory

15

Third Year
Spring Semester Credit Hours
Choose one of the following (if not completed): 0-3
ECON 331. Intermediate Microeconomic Theory
ECON 332. Intermediate Macroeconomic Theory
ECON 345. Industrial Organization
Economics elective 3
General Education or non-business electives 6

15

Fourth Year
Fall Semester Credit Hours
ECON 385. Econometrics 3
Economics elective 3
Economics elective (400 level) 3
General Education or non-business elective 3

15

Fourth Year
Spring Semester Credit Hours
COB 487. Strategic Management 3
Economics elective 3
Free elective 3
General Education and non-business electives 6

15

Concentrations
Concentration in Environmental and Natural Resource Economics

Required Course Credit Hours
ECON 201. Principles of Microeconomics 3
GECON 200. Introduction to Macroeconomics 3
ECON 331. Intermediate Microeconomic Theory 3
ECON 332. Intermediate Macroeconomic Theory 3
ECON 305. Environmental Economics 3
ECON 340. Natural Resource Economics 3
ECON 385. Econometrics 3
One 200- or 300-level economics elective 3
One 400-level economics elective 3
ECON 490. Special Studies in Economics 3
ECON 401. Senior Assessment in Economics 0
Other required courses (pick one option) 3-4
Option A (for students with specific interests in forests, fisheries and wildlife):
BIO 114. Organisms 4
BIO 124. Ecology and Evolution 4

41
Option B (for students with a more general interest in both environmental and natural resource issues):
GEOG 210. Physical Geography and Lab 4
GEOG 240. Natural Resource Conservation 3
Choose one of the following: 2-3
GEOG 310B. Environmental Impact - Vegetation/Wildlife 4
GEOL 310C. Environmental Impact - Hydrosphere (water) 4

39-40

Concentration in Financial Economics
The minimum requirement for a B.A., B.S. or B.B.A. degree in economics with a concentration in financial economics is 24 credit hours of required economics courses and 12 credit hours of required finance courses (in addition to the other requirements for these degrees described on the previous page).

Required Course Credit Hours
ECON 201. Principles of Microeconomics 3
GECON 200. Introduction to Macroeconomics 3
ECON 331. Intermediate Microeconomic Theory 3
ECON 332. Intermediate Macroeconomic Theory 3
ECON 372. International Finance 3
ECON 385. Econometrics 3
Economics elective (400 level, not including ECON 490. or ECON 499. or ECON 345. Industrial Organization (B.B.A. majors only) 3
ECON 401. Senior Assessment in Economic 0

24
Required Finance Courses Credit Hours
FIN 345. Managerial Finance1 3
FIN 360. Money and Capital Markets 3
FIN 365. Intermediate Finance 3
FIN 380. Elemental and Derivative Securities 3

12

1 May be taken as a part of COB 300.

Concentration in International Economics
Students who elect a major in economics (B.S., B.A. or B.B.A.) with a concentration in international economics are required to complete the following courses:

Required Course Credit Hours
ECON 201. Principles of Microeconomics 3
ECON 332. Intermediate Macroeconomic Theory 3
ECON 370. International Trade 3
ECON/FIN 372. International Finance 3
ECON 385. Econometrics 3
Choose two of the following: 3
ECON 301. Economies in Transition
ECON 312. Comparative Economic Systems 0
ECON 365. Economic Development
Two 400 level economics electives 6
ECON 401 Senior Assessment in Economicss 0

30

In addition, students completing this course of study must have a genuine international experience (such as an internship or semester abroad) and must complete a foreign language through the civilization course, including all of the prerequisites for that course.


Concentration in Socioeconomics
In completing an economics major, the student chooses four of the following:

Required Course Credit Hours
ECON 301. Economies in Transition 3
ECON 306. The Economics of Women and The Family 3
ECON 315. Economics of Industrial Relations 3
ECON 360. Labor Economics 3
ECON 365. Economic Development 3
ECON 382. Urban Economics 3
ECON 460. Human Resources 3
Other required courses (choose four from the following):
GANTH 195. Cultural Anthropology 3
ANTH/SOCI 236. Race and Ethnic Relations 3
ANTH 345. Economic Anthropology 3
ANTH/SOCI/SOWK 348. Third World Societies 3
SOCI 302. Business in American Society 3
SOCI 337. Male and Female Sex Roles 3
SOCI 344. Sociology of Work and Industry 3
SOCI 345. Sociology of Occupations and Professions 3
SOCI 346. Leisure in Contemporary Society 3

30

Minor Requirements
Economics Minor
The minimum requirement for a minor in economics is 18 credit hours in economics, including ECON 201, Principles of Economics (Micro); GECON 200, Introduction to Macroeconomics, and at least six credit hours of either 300- or 400-level economics courses. Students may not receive credit towards the minor in economics for both ECON 270 and ECON 370.

Preparation for Graduate Study in Economics
While not formal requirements, students intending to pursue graduate work in economics are encouraged to select as many of the following courses as possible:
Credit Hours
Choose one of the following: 3
ECON 430. Monetary Policy
ECON 432. Advanced Macroeconomics
ECON 484. Mathematical Economics 3
MATH 235-236-237. Analytic Geometry and Calculus I-II-III 12
TSC 210. Introduction to Technical and Scientific Communication 3
MATH 238. Linear Algebra with Differential Equations 4
MATH 318. Introduction to Probability Theory and Statistics
MATH 336. Elementary Differential Equations 3
PHIL 250. Introductory Logic 3




Credit by Examination
Credit in ECON 201, Principles of Economics (Micro) will be granted to students who achieve a grade of 4 or 5 on the Advanced Placement Test in Microeconomics administered by the Educational Testing Service. Credit in GECON 200, Introduction to Macroeconomics will be granted to students who achieve a grade of 4 or 5 on the Advanced Placement Test in Macroeconomics.



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Last Modified: 6/11/2003