Economics
Scott A. Carson, Ph. D.
Professor of Economics
Dr. Carson is a professor of economics in the College of Business and Engineering. His research interests include labor economics and labor
market development, the interaction between economics and health, and the influences of institutions on economic growth. Dr. Carson’s current
research considers the biological consequences of America’s 19th century transformation in the Deep South from slavery to free labor on both
African-Americans and European-Americans. Dr. Carson is a Research Fellow at the University of Munich and teaches the summer
microeconomics and econometrics courses at the University of California – Berkeley.
The Economics program is designed to afford students the opportunity to prepare as economists or to
serve other disciplines, such as accounting, finance, management, marketing, government, education,
sociology or history. Economics includes two broad areas: microeconomics and macroeconomics.
A basic understanding of economics is essential for a well-informed citizenry since most of today’s
problems have important economic aspects. It is also a vital discipline for, and is of practical value in,
business decision-making. An understanding of the overall operation of the economic system puts
businesses in a better position to formulate policies.
Microeconomics is an area applicable to any study of human endeavor where scarce resources must be
allocated among competing uses. It is the study of humankind’s behavior in producing, exchanging and
consuming material goods and services. Macroeconomics includes the study of the performance of the
economy as a whole and includes such problems as inflation, unemployment and the rate of economic
growth. Both areas include forecasting, a skill enabling individuals, firms and governmental bodies to
adjust to anticipated economic conditions. In economics, problems are examined from a social, rather
than an individual, point of view.
A Bachelor of Arts (BA) degree in Economics aims to prepare students for participation in public affairs,
positions in business and government service. It offers a strong foundation for pre-law students and for
further graduate study leading to teaching and research positions in universities, government and private
enterprise.
Degree Requirements
The minimum total credits required for a BA degree in Economics is 120. This degree requires a minor
field of study.
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General Education
42 Credits
Complete the requirements shown in the General Education Requirements section of this catalog,
including the following specified courses:
Mathematics
MATH 1324 & 1325 or MATH 2412 & 2413
Social Science
SOCI 1301 or PSYC 1301
Computer Use
Economics majors obtain computer skills for problem-solving in COSC 1335 (BCIS 1305 or 1405), a
required lower-division course. These skills are applied to solving economic problems in upper division
core courses, such as MNGT 2342 and ECON 4307.
An economics major who pursues a General Degree in Economics is required to compete the following
coursework:
ECON 2301
Principles of Macroeconomics
ECON 2302
Principles of Microeconomics
MNGT 2342
Principles of Statistics
ECON 3303
Intermediate Microeconomics
ECON 4323
Intermediate Macroeconomics
Upper Level Economics Electives
3
3
3
3
3
12
27 Credits
Additional courses necessary to complete a minor and sufficient upper division electives to complete 48 upper division
hours and 120 total hours
An economics major who pursues a Business Concentration is required to compete the following
coursework:
ECON 2301
ECON 2302
MNGT 2342
ECON 3303
ECON 4323
ECON 3322
ECON 4330
ECON 4331
ECON 4334
Principles of Macroeconomics
Principles of Microeconomics
Principles of Statistics
Intermediate Microeconomics
Intermediate Macroeconomics
Money and Banking
Economics of Industry
Law and Economics
Financial Economics
3
3
3
3
3
3
3
3
3
27 Credits
Additional courses necessary to complete a minor and sufficient upper division electives to complete 48 upper division
hours and 120 total hours
Economics Minor
ECON 2301
Principles of Macroeconomics
ECON 2302
Principles of Microeconomics
ECON 3303
Intermediate Microeconomics
ECON 4323
Intermediate Macroeconomics
Any additional approved Economics courses at the 3000 or
4000 level totaling 6 hours.
3
3
3
3
6
18 Credits
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Course Listing
ECON 2301 Principles of Macroeconomics (3)†
A description of major economic problems facing modern societies is presented together with how the
capitalistic market system addresses these issues. The emphasis is on macroeconomics theory and
practice. Prerequisite: Sophomore standing. S F
ECON 2302 Principles of Microeconomics (3)
Individual consumer and producer choices are analyzed. Emphasis is placed on supply and demand
relationships, utility concepts, and cost and revenue curves as they relate to price theory and various
forms of competition. Completion of ECON 2301 is recommended, but not required. Prerequisite:
Sophomore standing. S F
ECON 3303 Intermediate Microeconomics (3)
A detailed study of the underlying assumptions of rational consumer behavior is studied. This is
combined with the expected actions of profit-motivated firms under perfect and imperfect competitive
conditions to analyze economic efficiency of different market structures. Prerequisite: ECON 2302. S
ECON 3322 Money and Banking (3)
The course describes how banks, the Federal Reserve and U.S. Treasury interact to determine money
supplies. Recent and current attempts to control inflation and unemployment are highlighted.
Prerequisites: ECON 2301 and ECON 2302. F
ECON 4307 Econometrics (3)
The course focuses on applied econometrics including estimating and testing simple, multiple, and
simultaneous equation models. It further covers problems in multicolinearity, autocorrelation,
generalized least squares and instrumental variables. Prerequisites: MNGT 2342. S
ECON 4320 International Trade (3)
An examination of the monetary and real aspects of trade, including foreign exchange rates, balance of
payments problems, and the theories concerning the reasons for trade. Prerequisites: ECON 2301 and
ECON 2302.
ECON 4323 Intermediate Macroeconomics (3)
Theories of output, employment, price level and growth rate are developed. Relationships between
accepted theories and actual data in recent years are analyzed. Prerequisite: ECON 2301. F
ECON 4325 Managerial Economics (3)
Uses economic analytical tools including demand forecasting, resource allocation, and cost profitability
for managerial decision making are presented. Prerequisites: MNGT 2342; ECON 2301 and ECON 2302.
ECON 4330 Economics of Industry (3)
A study is made of the market processes which direct industry to satisfy societal demands, how these
processes may fail, and possible remedies. Prerequisites: ECON 2301; 2302, and 3303. S
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ECON 4331 Law and Economics (3)
The course covers common law allocative mechanisms of contract, tort, and property law as alternatives
to collective intervention when markets fail. It also includes consideration of the economic logic of law.
Prerequisites: ECON 2301 and ECON 2302.
ECON 4332 Labor Economics (3)
Course includes the study of labor market issues such as human capital, compensating wage differentials,
migration, and the effects of institutions on labor market outcomes. It is recommended to any one who
wants to understand the nature of labor market economics but is particularly valuable to potential
managers. Prerequisites: ECON 2301 and ECON 2302. S
ECON 4333 Business and Economic History (3)
The course covers the transformation of the United States from a rural, agricultural colony to a major
industrial nation and its impact on households, firms, and governmental units. It emphasizes economic
growth and the evolution of the modern corporation. Prerequisites: ECON 2301 and ECON 2302. F
ECON 4334 Financial Economics (3)
Course includes the economic theory that underscores modern finance. Topics include portfolio theory,
the capital asset pricing model, efficient market hypothesis, asset evaluation, the bond market, and an
introduction to option pricing theory. Prerequisite: Econ 2302.
ECON 4335 Mathematical Economics (3)
Select topics illustrating the application of mathematics to economic theory. Topics include linear
algebra, differential and integral calculus, constrained optimization and differential equations. This
course is intended for upper division business, economics, engineering, and mathematics students.
Prerequisite: Math 1325.
ECON 4389 Selected Topics in Economics (3)
These are undergraduate courses which will be offered only once or will be offered infrequently or which
are being developed before a regular listing in the catalog. Prerequisite varies.
ECON 4391 Contract Study in Economics (3)
This course provides for individual independent study or research project that addresses a topic not
offered in the curriculum. Prerequisite varies.
ECON 4392 Internship (3)
A supervised field and academic experience. May be repeated once for credit for distinctly different
learning experiences. Prerequisite: Twelve credit hours of ECON and minimum GPA of 2. 5 overall and
2.75 in the major; and permission of academic advisor and faculty internship advisor.
† Course fulfills general education requirements.
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