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May 15, 2024
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Catalog 2021-2022 [ARCHIVED CATALOG]
Course Descriptions
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Economics |
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ECON 310 Business Economics 5 credits
Covers applied microeconomic analysis and introduces applied macroeconomic analysis of relevance to the business firm. Emphasizes the development of economic tools and concepts that can be used in the firm’s management decision-making process. Builds upon the standard economic analysis of the firm that integrates a company’s revenue, cost, output and pricing decisions. Marginal and incremental reasoning is stressed as an important decision-making principle.
Prerequisites: Admission to the BAS in Transportation, Logistics, and Supply Chain Management program
Course Outcomes
Upon successful completion of this course students will be able to:
- Interpret and analyze the principles essential for understanding the economizing problem, specific economic issue, and policy alternatives
- Apply the economic perspective and reason accurately and objectively about economic matters that can be used in the firm’s decision making process.
- Analyze applied macroeconomic issues relevant to the firm.
Total Hours: 50 Theory (Lecture) Hours: 50
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ECON& 201 Micro Economics 5 credits
Examines the market economy including consumer demand, production, exchange, the price system, resource allocation and the role of government in the economy. Students analyze resource and income distribution, assess consumer and business behavior, and evaluate price determination and production cost.
Prerequisites: MATH 098 or MATH 099 and ENGL 099 (or placement into any MATH& course and ENGL& 101 or higher)
Course Outcomes
Upon successful completion of this course students will be able to:
- Evaluate economic examples as related to personal incentives and voluntary exchanges
- Explain the concept of opportunity cost
- Define how traditional, command, and market forces affect the production and distribution of goods and services in a market economy and identify and analyze the interaction among these forces
- Use economic reasoning, principles, and models to identify the possible causes and evaluate possible solutions for current microeconomic issues, such as productivity growth, wage differentials, and poverty
- Compare and contrast the major traditions of economic thought as they apply to microeconomic theory and policy, in particular to the role of government in the market system.
- Identify and explain the major forces impacting the distribution of income and wealth in modern U.S. capitalism, including the impact of discrimination
- Identify and describe situations where market outcomes are socially undesirable, analyze the causes of market failure, and compare and contrast alternative remedies
- Use graphical representations and economic models
- Evaluate newspaper articles dealing with micro-economic issues
Global Outcomes
This course teaches to the global outcome of intercultural appreciation.
Total Hours: 50 Theory (Lecture) Hours: 50
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ECON& 202 Macro Economics 5 credits
This is an introductory course emphasizing how the markets operate from the big (macro) picture. The course covers measurement of economic performance, national income accounting, aggregate supply and demand, fiscal policy, money creation/Federal Reserve system, monetary policy, inflation and unemployment.
Prerequisites: ENGL 093 (or placement into ENGL 099 or higher) and ABED 040 (or placement into MATH 087 or higher)
Course Outcomes
Upon successful completion of this course students will be able to:
- Explain economic policy
- Apply economic theories to personal and business situations
Global Outcomes
This course teaches to the global outcome of intercultural appreciation.
Total Hours: 50 Theory (Lecture) Hours: 50
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