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Economics Undergraduate Courses

EC 111 and EC 112 are prerequisites to all other courses in economics. Managerial economics and economics-finance majors should contact their academic advisors for information with respect to course sequencing.

EC111 Principles of Microeconomics

Prerequisite(s): 3 credits of 100 level math

Provides students with an understanding of fundamental economic principles and tools. Presents economic analysis with respect to demand, supply, market equilibrium, costs of production and resource pricing. Examines the market structures of pure competition, oligopoly, monopolistic competition and monopoly. Analyzes the markets for labor and capital.

EC112 Principles of Macroeconomics

Prerequisite(s): 3 credits of 100 level Math and EC 111

Analyzes the determinants of aggregate economic activity and the effects of government policies intended to achieve full employment, price stability and economic growth. Topics include inflation, unemployment, interest rates, fiscal policy and the public debt, monetary policy, the balance of payments, and exchange rates. Introduces the economic analysis of international trade, comparative advantage and selected current economic problems.

EC224 Intermediate Price Theory

Prerequisite(s): EC 111 and EC 112

Examines price determination in the marketplace and the interactions among consumers, firms and government in the market process. The study of markets and the forces of supply and demand provides a sound basis for understanding pricing, production decisions, cost conditions, industry regulations, and profitability. Consumer behavior and firm decision-making form the fundamental structure for the course of study. Among the topics covered are consumer choice, welfare effects of government policy, production technology, profitability, competitive market analysis, and market power and price discrimination. Analytical tools and the economic modeling techniques are developed through the course. This is a required course for all economics and economics-finance majors.

EC225 Intermediate Macroeconomics

Prerequisite(s): EC 111 and EC 112

Analyzes the environment in which business operates, including the influence of the government and Central Bank policies, recessions and expansions, inflation and growth on a business. Provides the tools to analyze the effect of various economic events on production, employment and prices. The course also introduces important debates in economics, such as "supply-side" economics, the impact of a balanced budget amendment, and the role of the Federal Reserve in keeping inflation and unemployment low. Periodic writing assignments help students use the tools learned to analyze current events and policy discussions. This course is required for all economics and economics-finance majors.

EC245 Business Forecasting

Prerequisite(s): EC 111, EC 112 and (GB 210 or GB 213)

Presents an analysis of techniques and models useful for business forecasting of sales and other business variables. Allows the student to give quantitative answers to the questions of business planning in an uncertain environment. Includes judgmental, simulation and statistical forecasting methods. Provides an assessment of alternative techniques and examines the implementation of forecasts in the context of business planning.

EC251 Development of Economic Thought

Prerequisite(s): EC 111 and EC 112

Examines the development of economic thinking with regard to topics such as value, production, distribution, employment and inflation. Outlines the progression of ideas from the classical school, through Marxism and neoclassical thinking to the Keynesian revolution of this century. Examines the post-Keynesian direction of economics and provides an overview of recent theoretical developments in the context of past approaches. Traces the development of economic concepts in the context of economic conditions of the period and concludes with a discussion of the current direction of economic thought.

EC273 Technology, Innovation and Economic Performance

Prerequisite(s): EC 111 and EC 112

Note: This course is considered business.

This course explores the economic aspects of innovation and technology, focusing on their implications for economic performance and competitiveness of firms, industries, regions and countries. Micro-economic aspects of innovation are covered, including topics such as types of innovation, the role of R&D, patents, and characteristics of firms most likely to innovate. Business applications are demonstrated through case studies of industries. At the macro-economic level, interrelationships among technology, innovation and economic growth are analyzed. Factors underlying the ability of regions (such as Silicon Valley and along Route 128), and of countries (such as Ireland, India and China) to succeed or fail in generating technology-based firms and in high-tech economic growth and development are explored.

EC275 The Economics of Sports

Prerequisite(s): EC 111 and EC 112 and (GB 213 or GB 210)

Note: This course is a business course.

This course allows students to develop a detailed economic understanding of the professional and amateur sports industry. Relying on economic principles and well-developed economic models, the course material analyzes a variety or current-day issues facing the spoliing industry. Topics include: competitive balance issues, such as, revenue sharing, salary caps, and luxury taxes; govemment's role in the sports industry, and; player issues, such as, racial and wage discrimination, free agency, and superstar effects.

EC311 International Economics

Prerequisite(s): EC 111 and EC 112

Presents the basis of international trade through both classical models and recent complementary trade theories. Analyzes the impact of trade, i.e., who gains and who loses, with implications regarding the politics of trade. Examines commercial policy, trade blocks, links with development, and consequent north-south conflicts. Shows the determination of exchange rates, and the relationship with the U.S. balance of payments.

EC315 The Economics of Multinational Corporations

Prerequisite(s): EC 111 and EC 112

Analyzes the unique nature of multinational corporations and how multinational corporations are affected by, and affect, the national and world economies. Evaluates the impact on multinational corporations of many economic events such as capital flows and asset markets, exports, competition, labor relations and foreign exchange rates. Includes a critical examination of tax policies with regard to multinationals and the effect of such policies on the transfer (intersubsidiary) prices of the firm. Examines the future role of multinational firms in the U.S. and world economy.

EC321 International Economic Growth and Development

Prerequisite(s): EC 111 and EC 112

Analyzes the long-term performance of an economy in terms of the related concepts of growth and development. Examines alternative explanations for the growth record of the developed economies as well as their prospects for continued growth. Presents an overview of the economic performance of the less developed countries and examines critical aspects of development such as capital accumulation, technological change, population growth, labor and manpower issues, agriculture and trade. Examines development policies in the areas of inflation and planning, and considers issues related to economic ties between developed and developing economies.

EC331 Modern Economic Systems

Prerequisite(s): EC 111 and EC 112

Describes and analyzes the different approaches to organizing economic systems in the latter half of the twentieth century, e.g., modern capitalism, modern socialism, command systems, and mixed variants. Contrasts the differing roles played by government in the regulation and direction of the economy. Notable attention is paid to the differences in the use of fiscal, monetary, incomes and international trade policies to affect economic activity. Countries representing major differences in approaches include the United States, United Kingdom, France, Germany, Japan, China, Hungary, Russia and others.

EC333 Economics of the European Union

Prerequisite(s): EC 111 and EC 112

Economics of the European Union analyzes the implications of European integration for international business and public policy. Emphasis is given to theories and issues in international trade and finance. Examines EU-U.S. trade disputes and the introduction of the Euro. The role of monetary and fiscal policy in resolving problems of unemployment and inflation in the European Union is discussed. Other issues covered in the course include rigidities in the European labor market, migration and agriculture. The course concludes with a module on the prospects for and implications of EU expansion.

EC341 Urban and Regional Economics

Prerequisite(s): EC 111 and EC 112

Analyzes the economic forces determining where cities develop and grow. Studies the location decision of firms and how land and housing prices are determined in a regional economy. Examines the role and effects of city government on the metropolitan economy. Discusses urban problems such as poverty, discrimination, housing, pollution and crime. Problem-solving, economic analysis, and analytical writing are emphasized in the course.

EC343 Health Economics

Prerequisite(s): EC 111 and EC 112

Uses economic tools to understand various issues and problems pertaining to health and medical care. Examines in considerable detail the structure, conduct and performance of health insurance, physician, hospital and pharmaceutical industries. Discusses the role, design and effects of the Medicare and Medicaid programs and alternative delivery systems like Health Maintenance and Preferred Provider organizations on the functioning of health-care markets.

EC346 Environmental Economics

Prerequisite(s): EC 111 and EC 112

Uses a modular approach to investigate the economics of environmental issues and policy solutions. Economic modeling is used to illustrate how environmental damage can be viewed as a market failure. Using this approach, analytical tools are developed to evaluate environmental policy solutions such as direct regulation, pollution taxes, abatement subsidies, and the trading of emissions rights. In addition to analyzing environmental policy, the course examines the importance of environmental issues to the corporate sector and the ways in which businesses are responding both to new regulations and consumer awareness of environmental risks.

EC351 Contemporary Economic Issues

Prerequisite(s): EC 111 and EC 112

Applies the principles of economics to critically analyze current economic problems and issues. Treats such problems as poverty, population, pollution, health, economic welfare, American business in an evolving global environment, ecology, income redistribution programs, agricultural policy, economic discrimination, foreign trade, and balance of payment problems.

EC361 Introduction to Econometrics

Prerequisite(s): EC 111, EC 112 and (GB 210 or GB 213)

Note: May not be taken by students who have completed MA 252.

Introduces the student to the building and estimation of statistical models used to test economic theory. Familiarizes students with the sources of economic data and with the difficulties encountered in empirical testing of these models. The methods employed and problems encountered in testing economic theory are also applied to other areas such as finance and marketing.

EC381 Research in Managerial Economics

Prerequisite(s): Senior-level standing and EC 224. Open to Managerial Economics or Economics-Finance majors, others by permission of the instructor.

This capstone course analyzes business problems in terms of microeconomic principles and methods. Students are required to apply economic reasoning to managerial decisions in demand forecasting, production and cost analysis, pricing and competitive strategies. Course material integrates economic theory with statistical techniques and concepts from other business disciplines through a series of case studies and analytical models. As a capstone course, requires students to prepare a research project that integrates the principles and methods developed in this course with their area of concentration (or in finance for economics-finance majors).

EC391 Monetary Economics

Prerequisite(s): Senior-level standing, (FI 305 or FI 310), FI 320, and EC 225. Open to economics-finance or finance majors, others by permission of the instructor.

Note: May not be taken by students who have completed EC 211 (Money and Banking).

This course will take an especially close look at how monetary policy impacts the major financial markets, particularly the bond market. After examining the impact of monetary policy on the domestic economy, we will shift our analysis to the international arena. This will include an evaluation of the impact of money on both spot and forward exchange rates, and we will also examine the relative merits of fixed and flexible exchange rate systems. This analysis will then be applied to various real world cases such as the EMU, currency boards, and exchange rate crises. The final section of the course will focus on some of the major issues faced by U.S. monetary policymakers. We will examine the tools, targets and goals of Federal Reserve policy, with particular emphasis on some of the current debates of U.S. monetary policy.

EC401 Directed Study in Economics

Prerequisite(s): Department chairperson's permission.

Permits superior students to study special topics. (Allows repetition for credit.)

EC402 Seminar in Economics

Prerequisite(s): Department chairperson's permission.

Note: Not offered regularly. Check with department chair for availability.

Makes it possible for small groups of advanced students to work on selected topics. (Allows repetition for credit.)

EC420 Managerial Economics Internship

Prerequisite(s): Senior level standing. Open to superior full-time students who are accepted into the program by the department's internship coordinator.

The internship provides the student with an opportunity to apply principles of economics while working in business or government. The internship experience enables the student to understand the relationship between academic experience and business practice prior to graduation. Such a work experience is helpful in defining career goals and adjusting academic programs to prepare to meet those objectives. Additional benefits include building self-confidence, learning to work with others in a goal-related atmosphere, and establishing a contact for possible employment upon graduation.

EC421 Economics-Finance Internship

Prerequisite(s): Senior level standing. Open to superior full-time students who are accepted into the program by the department's internship coordinator.

The internship provides the student with an opportunity to apply principles of economics and finance while working in business or government. The internship experience enables the student to understand the relationship between academic experience and business practice prior to graduation. Such a work experience is helpful in defining career goals and adjusting academic programs to prepare to meet those objectives. Additional benefits include building self-confidence, learning to work with others in a goal-related atmosphere, and establishing a contact for possible employment upon graduation.

EC454 College Fed Challenge

Prerequisite(s): EC 111 and EC 112 and junior standing or higher. Ec 225 is preferred but not required.

Note: Course requires instructor permission.

The intent of EC454 is to expose selected students to a rigorous exploration of advanced macroeconomic and monetary economics concepts with a special emphasis on the conduct of monetary policy by the Federal Reserve. During the semester, students will read chosen articles, write policy briefings and make policy oriented presentations. All aspects of the course will emphasize teamwork. The culminating experience of the course will be participation in the College Fed Challenge. The CFC is a prestigious competition sponsored by the Boston Federal Reserve System. Teams from area colleges make presentations to a panel of judges made up of economists from the Boston Fed.