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ECN3655 Managerial Economics
4 Advanced Liberal Arts Elective CreditsSuccessful business decision-making requires the systematic analysis of a firm's internal factors and external market forces. Managerial Economics uses applied microeconomics to prepare students to perform these quantitative analyses, both internally, looking at cost structure and scale, for example, and externally, to understand consumer preferences and demand, price sensitivity, the nature of competition, and the regulatory environment. Students will leave this course able to evaluate firms' pricing, product attributes, production and output decisions, in the context of the competitive environment and constraints on the firm. Students will also hone quantitative skills that help them face challenges arising in dynamic markets where data can help entrepreneurs and managers mitigate risks and capitalize on opportunities.
Prerequisites: SME2031 or ECN2002
ECN3615 Money, Banking, and the Economy
4 Advanced Liberal Arts Elective CreditsCentral Banks exert a tremendous influence over the economy and financial markets. Anyone interested in investing in or running a business should have a firm grasp on the effects of their policies and a general ability to predict their actions. Moreover, the behavior of central banks has radically changed over the last decade, implementing in practice experimental polices that were largely theoretical previously (e.g. quantitative easing) if not unfathomable (e.g. negative interest rates). In this class, we will focus on how and why central banks implement these polices and adjust interest rates, and how those policies affect the economy. We will also focus heavily on central banks' interactions with bond markets, stock markets, and foreign exchange markets. In studying these asset markets, we will also discuss general frameworks for thinking about how financial prices are determined, including potential behavioral influences.
ECN3662 Political Economy of Latin American Development and Underdevelopment
4 Advanced Liberal Arts Elective Credits
This course is for any individual interested in the political, financial, historical, and social determinants of economic development in Latin America. Both theoretical and policy issues in development are covered. Analyzing the characteristic volatility of the region's business environment, the course provides an in-depth examination of the workings of Latin America's economies, which in combination with courses in the liberal arts, leads to a greater appreciation of this region's global distinction and diversity.
Prerequisites: ECN2000 and (SME2031 or ECN2002)
ECN2000 Principles of Macroeconomics
4 Intermediate Liberal Arts CreditsUnderstanding the economy requires knowing what affects key variables such as output, employment, prices, interest rates and exchange rates, how these variables are measured, and how they fluctuate with the national economy over the business cycle. Students in ECN2000 will master these concepts, as well as understand the impact of inflation, deflation, recessions and trade imbalances on the economy. Students will be introduced to social challenges such as poverty and income inequality. They will also gain an introductory understanding of the banking system, money creation and the tools of monetary, fiscal and trade policies used by governments to manage sustainable growth in the context of the international economy.
3 Intermediate Core CreditsMicroeconomics examines the decisions made by consumers, firms and governments in allocating scarce resources. Raw materials are not available in infinite quantities; neither are human labor and productive capital. Managers must deal with real-world constraints in making decisions about production and pricing, while consumers are subject to the constraints of income and prices in satisfying their needs and wants. Governments must set basic rules for an economy, provide certain goods and services, and deal with issues of taxation, income distribution and inequality when determining how a country's resources will be used and who benefits from those resources. The Microeconomics curriculum introduces us to the rules and principles that help guide allocation decisions, and focuses particularly on the role of markets.
ECN2002 Principles of Microeconomics
4 Intermediate Management Credits
**This course is equivalent to SME2031. Students who took SME2031 cannot take this course.**
Microeconomics examines the decisions made by consumers, firms and governments in allocating scarce resources. In a market economy, most allocation is determined by buyers and sellers coming together in markets. In this course, you will delve into the guiding principles that explain both consumer and firm behavior in markets for goods and services. Managers must deal with real-world constraints in making decisions about production and pricing, while consumers are subject to the constraints of income and prices in satisfying their needs and wants. Microeconomic principles also highlight the roles that governments play in the markets as they try to increase the general welfare by, for example, setting rules for the market or providing goods and services the market cannot efficiently provision. This course also examines the nature of competition and how the level of competition in a particular market affects output, prices and profits.
NST2090/ECN2690 Socio-Ecological Systems: Feeding the Modern United States
4 Intermediate Liberal Arts Credits
The sustainability of local, regional, national, and global food systems hinges on the full scope of the system's environmental resilience and safety. Climate change, and ongoing human contribution to climate change via industrialized agricultural practices, has resulted in increasing food insecurity and shifting agricultural priorities in the US and around the world. Using interdisciplinary frameworks, we will explore food and agricultural practices, the pursuit of policy goals, and the impact of government interventions. Considering the food system's many stakeholders, we will examine food production, trade, manufacturing, safety, nutrition, and waste. We will investigate hunger and food security, access to food, and the impact of demographics such as location, economic disadvantage, gender, age, and race/ethnicity. We will analyze social and environmental stressors across the food system, focusing on policies and practices that have the potential to alleviate poverty and inequality.
Prerequisites: NST1 and FCI1000 and WRT1001
ECN2611 Socio-Ecological Systems and Disaster Resilience
4 Advanced Liberal Arts Credits
**NST2011/ECN2611: Socioecological Systems and Disaster Resilience will be co-taught by Prof. Winrich and Prof. Way as a single course.**
**ECN2611/NST2011 are two separate courses **
Natural disasters can affect us wherever we go. Disasters might be localized or far-reaching, and may come from severe weather, seismic events, biological catastrophe, or outer space. Natural disasters may seem random, but their impact on people and their communities is not. While natural systems spark an event, like an earthquake, the "disaster" is often the result of economic, political and social systems. And in the case of climate change, the economic system itself may be the catalyst for ever-more-destructive natural forces such as hurricanes, floods and wildfires, potentially creating a negative feedback loop that leads toward more destructive events, both natural and man-made. This course looks at the rising number of natural disasters in the context of the economic systems that impact the environment and put communities in harms' way. It investigates the connections between humans and the environment when they are impacted by anticipated and unanticipated natural events, and how they plan for the future. It explores resilience planning for more survivable, sustainable communities in the face of disasters. It specifically looks at the role of economic systems and how these systems can either worsen or mitigate the severity of natural disasters themselves.
Prerequisites: AHS1000, RHT1000 and NST1
ECN3667 Strategic Game Theory
4 Advanced Liberal Arts Elective CreditsGame theory provides a simple, but rich, framework for analyzing once-off and repeated interplay between people or firms, where the manner in which each reacts depends upon the other's reaction: strategic interaction. These interactions occur in markets, in organizations, and in the household. This course-through lectures, experiential learning, and computer simulations-will provide students with an understanding of many interactions they may encounter in their business and personal lives; including price wars, public policy, the value of cooperation interactions, and the value of information.
Prerequisites: SME2031 or ECN2002
ECN3625 Economic and Political Integration in the European Union
4 Advanced Liberal Arts Elective CreditsThe European Union is the most important experiment in liberal democracy since the founding of the United States almost three hundred years ago. The question is, will it ultimately succeed in its goals of eliminating trade barriers and increasing political unity in order to promote economic growth and ensure peace. From the "Brexit" movement in the UK, to the rise of right-wing populism in Hungary, Poland and Italy, to the massive influx of migrants from North Africa and the Middle East, the EU faces potentially shattering challenges to its authority and its institutions. Students will learn about the history of the EU, the institutional structures, the democratic nature of decision-making and legislation, the economic foundations of the single market and the impact of adopting a single currency, the Euro. With this knowledge in hand, students will examine the current crises and the future challenges for the success of the European Union experiment.
Prerequisites: (SME2031 or ECN2002) and ECN2000