Economics

Economics is the study of individual and collective decisions that relate to the production, consumption and exchange of goods and services. The economics curriculum contributes to a well-balanced liberal arts and business management education by providing students with the fundamental economic concepts necessary to better understand the world around them. The economics major prepares students for careers in a variety of fields including economics, business, law, education and government and to pursue advanced degrees in economics, business, public administration, law or related fields.

The Department of Economics offers both a Bachelor of Arts degree and a Bachelor of Science degree. Both programs develop the conceptual frameworks and analytical skills necessary to critically evaluate economic outcomes, issues, and policies. Requirements for the Bachelor of Arts degree reflect the liberal arts tradition of economics. Requirements for the Bachelor of Science degree emphasize the development of quantitative skills and applications widely used in the business disciplines.

Economics Major B.A.

Core RequirementsHours
COR 100 First Year Seminar3
WRT 101 Critical Writing3
PHL 110 Introduction to Philosophy3
HST 110 - HST 111 World Civilization6
ENG 210 Major Authors3
PHL 210 Moral Philosophy3
Theology3
EAC Encountering Another Culture/Language6
ENG 310 Literature and Culture3
Mathematics*3
Social Science*3
Natural Science*3
IDS Interdisciplinary Studies*3
Religion3
COR 400 Transformations3
Visual & Performing Arts*1
Diversity*0

* NOTE: Some Core requirements may be fulfilled by major requirements. See core section for more information. Because there have been substantial changes to the core curriculum, the above requirements may not apply to all students; for students who entered Le Moyne College prior to Fall 2013, be sure to consult with your advisor for appropriate course selection(s).

Economics Major - B.A.

Major RequirementsHours
ECO 113 Principles of Microeconomics 3
ECO 114 Principles of Macroeconomics 3
ECO 250 Intermediate Microeconomic Theory 3
ECO 252 Intermediate Macroeconomic Theory 3
ECO 325 Econometrics 3
ECO 436 Seminar 3
Economic Electives 18
Major SupportHours
Mathematics (1) 6
Statistics (2) 6
ACT 203 Financial Accounting 3
Foreign Language (3) 6
Electives 24

Students are encouraged to take courses in political science, psychology and sociology.

(1)Two classes at the 120- or higher level must be taken. It is recommended, not required, that the courses be part of a sequence. The recommended sequences include MTH 120-122, MTH 122-123, or MTH 145-146. Students with strong backgrounds in math, or who plan to apply to graduate school, are encouraged to take MTH 145-146 (Calculus I and II).

(2) Any two statistics courses in a sequence may be taken. These include MTH 111-112, STA 201-202, MTH 311-312. MTH 311-312 is highly recommended for students interested in combining economics and mathematics.

(3)Must be taken in same language.

(4) Two additional quantitative courses selected from a list of approved courses must be taken to complete the requirements. Examples include courses in mathematics, accounting, finance, management information systems and applied management analysis at the 200- or higher level. Other classes will require approval from the department chair.

Typical Program for Economics Major - B.A.

First SemesterHoursSecond SemesterHours
Freshman Year
WRT 1013 PHL 1103
HST 1103 HST 1113
COR 1003 Mathematics3
ECO 1133 ECO 1143
MTH 1103 Natural Science3
Sophomore Year
ENG 2103 PHL 2103
ECO 2503 ECO 2523
EAC3 STA Elective3
STA Elective3 EAC3
Theology3 Free Elective3
Junior Year
ENG 3103 ECO Elective3
ECO 3253 IDS3
ECO Elective3 ECO Elective3
ACT 2033 Free Elective3
Free Elective3 Free Elective3
Senior Year
Religion3 ECO 4363
COR 400A3 ECO Elective3
ECO Elective3 ECO Elective3
Free Elective3 Free Elective3
Free Elective3 Free Elective3

Economics Major B.S.

Core RequirementsHours
COR 100 First Year Seminar3
WRT 101 Critical Writing3
PHL 110 Introduction to Philosophy3
HST 110 - HST 111 World Civilization6
ENG 210 Major Authors3
PHL 210 Moral Philosophy3
Theology3
EAC Encountering Another Culture/Language6
ENG 310 Literature and Culture3
Mathematics*3
Social Science*3
Natural Science*3
IDS Interdisciplinary Studies*3
Religion3
COR 400 Transformations3
Visual & Performing Arts*1
Diversity*0

* NOTE: Some Core requirements may be fulfilled by major requirements. See core section for more information. Because there have been substantial changes to the core curriculum, the above requirements may not apply to all students; for students who entered Le Moyne College prior to Fall 2013, be sure to consult with your advisor for appropriate course selection(s).

Economics Major B.S.

Major RequirementsHours
ECO 113 Principles of Microeconomics 3
ECO 114 Principles of Macroeconomics 3
ECO 250 Intermediate Microeconomic Theory 3
ECO 252 Intermediate Macroeconomic Theory 3
ECO 325 Econometrics 3
ECO 436 Seminar 3
Economic Electives 12
Major SupportHours
Mathematics (2) 6
ACT 203 Financial Accounting 3
Statistics (1) 6
Quantitative Electives (3) 6

(1) Two classes at the 120- or higher level must be taken. It is recommended, not required, that the courses be part of a sequence. The recommended sequences include MTH 120-122, MTH 122-123 or MTH 145-146. Students with strong backgrounds in math, or who plan to apply to graduate school, are encouraged to take MTH 145-146 (Calculus I and II).

(2) Any two statistics courses in a sequence may be taken. These include MTH 111-112, STAT 201-202 or MTH 311-312. MTH 311-312 is highly recom- mended for students interested in combining economics and mathematics.

(3) Two additional quantitative courses selected from a list of approved courses must be taken to complete the requirements. Examples include courses in mathematics, accounting, finance, management information systems and applied management analysis at the 200- or higher level. Other classes will require approval from the department chair.

Typical Program for Economics Major B.S.

First SemesterHoursSecond SemesterHours
Freshman Year
WRT 1013 PHL 1103
ECO 1133 ECO 1143
Mathematics3 Mathematics3
HST 1103 HST 1113
COR 1003 Natural Science3
Sophomore Year
ECO 2503 ECO 2523
Statistics3 Statistics3
ENG 2103 EAC3
Theology3 PHL 2103
EAC3 Free Elective3
Junior Year
ENG 3103 IDS3
ECO 3253 ACT 2033
Quantitative Elective3 ECO Elective3
Free Elective3 Free Elective3
Free Elective3
Senior Year
Religion3 ECO 4363
Quantitative Elective3 ECO Elective3
COR 400A3 Free Elective3
ECO Elective3 Free Elective3
ECO Elective3 Free Elective3

Economics Minor

Economics Minor

Minor RequirementsHours
ECO 113 Principles of Microeconomics 3
ECO 114 Principles of Macroeconomics 3
ECO 252 Intermediate Macroeconomic Theory or ECO 228 Economics of Financial Markets3
Economics Electives 9

One course from outside the department, judged to have significant economics content may be substituted for an economics elective to complete the minor in economics. Examples include: 1) a 300-level or higher finance elective; or 2) a course in a related discipline from the social science or management division with a significant economics context.

Courses


ECO 113 . Principles of Microeconomics (3).

In this course the student pursues general understanding of the methodology used in economics. Topics studied emphasize models of behavior of consumers and producers as individual participants in the economic system. No prerequisites.

ECO 114 . Principles of Macroeconomics (3).

The course focuses on using economics methodology in the study of macroeconomic principles. Important topics for consideration include derivation of the GNP and the impact of fiscal and monetary policy on output, employment and the price level. No prerequisites.

ECO 205 . Economics of Public Policy Analysis (3).

This course introduces basic concepts for public policy economics. These include opportunity cost, demand and supply analysis, market failure and formulations of equity. The three course components include cost-benefit analysis using examples from government programs and environmental regulations; macroeconomics topics such as fiscal and monetary policies to lower unemployment and inflation, international trade policy and policies to promote growth and financial stability; and microeconomic topics such as market issues such as the minimum wage and returns to education and training expenditures. No prerequisites.

ECO 228 (FIN 302). Economics of Financial Markets (3).

This course includes monetary theory, price level determination, determination of the supply of money, foreign exchange rates, operations of the commercial banks and the Federal Reserve System and monetary policy. Prerequisites: ECO 113-114.

ECO 250 . Intermediate Microeconomic Theory (3).

This course is an intensive investigation of the chief topics of pure microeconomics theory, such as the theory of demand, theory of production, price determination in various markets, factor pricing, indifference analysis, equilibrium, linear programming and welfare theory. Prerequisites: ECO 113-114.

ECO 252 . Intermediate Macroeconomic Theory (3).

This course includes an intensive treatment of the following topics: national income accounting, the classical theory of income, employment and the price level, Keynesian macroeconomic analysis, equilibrium, growth theory and similar points. Prerequisites: ECO 113 -114.

ECO 313 . Labor Economics (3).

This is a course in specialized economic analysis. It treats theories of wage determination; the supply of, and demand for, labor; measurement of the labor force; the relationship between wage rates, costs and prices; the effects of trade union policies on employment and profits; labor and technological change; determination of labor's share in national income. Prerequisites: ECO 113-114

ECO 315 (HST 315). Econ Hist U.S. 1860-1960 (3).

This course traces the development of the American economy, especially the impact of the two World Wars and the Great Depression and the long run trajectory of economic growth and inequality. Basic economic theory is used to understand those events and changes and the evolution of industrial policy, capital markets, and fiscal and monetary policy and the causes and consequences of the rise of big business and big government, technological change, and education policy. No prerequisites.

ECO 320 (CCM 520/CCM 420). Economic Issues in Health Care (3).

This course examines the challenging questions of why health care spending in the U.S. continues to rise in spite of efforts to control costs. The focus of the course will be on examining the key issues responsible for cost increases and why this country has one in six individuals without any health insurance and one in four with sub-standard health care. The topics include factors affecting demand and supply of health care services, such as sociocultural considerations and health care threats, demographic changes, in particular aging of the population; economic and legal forces impacting the health care system; and the role of technology in the delivery of health care.

ECO 322 (SOC 322/CJS 322). Econ of Crime & Punishment (3).

This course will present the economic approach to crime and punishment. There will be an emphasis upon both the economic cost borne by the economy in the aggregate and by individual households in the prevention of crime. The economic approach assumes that both criminals and victims are rational in the sense that they base their choices on the expected benefits and costs of alternative behaviors. Specific topics include economic assessments of the criminal justice system, perspectives on the punishment and reform of criminals, and analyses of the market for illegal drugs, gun control and capital punishment.

ECO 325 . Econometrics (3).

A study of statistical estimation applied to linear models. Topics include multiple linear regression and simultaneous equations. Applications to economic problems such as estimation of demand relations, consumption functions and labor supply functions are emphasized. Prerequisites: STA 201-202 or equivalent; ECO 113-114.

ECO 335 (SOC 335). Economics of Poverty (3).

This course examines poverty in the United States from an economic perspective. Using the basic concepts of economic analysis, it considers several dimensions of poverty, including the U.S. income distribution, the measurement and incidence of poverty, the characteristics of the poor, and the causes and consequences of poverty. It also provides an overview of the structure, history, and effectiveness of public policy aimed at alleviating poverty.

ECO 345 . Strategic Competition in Mkt Economics (3).

This course introduces students to analyses of how the structure of markets and conduct of firms affect economic outcomes such as the efficient use of resources, the pace of innovation, and the profitability of investments. The emphasis is on assessing alternative strategic practices developed by firms to gain market power. Among the topics are a variety of often-used oligopoly models, pricing and nonpricing methods of deterring entry, the use of mergers and acquisitions, product differentiation, and the network economics of high technology markets. Policy responses and their impact on market outcomes are considered throughout. Prerequisites: ECO 113-114.

ECO 350 . The Economics of Sports (3).

Professional sports in the United States are multibillion dollar businesses. This course applies the principles of economics to evaluate professional and amateur sports. The topics include league structure, team decision-making, labor-relations, incentive structures, free agency salary caps, and stadium financing and the role of public policy. The economic issues and institutional structure of other areas of sports that may be explored include Title IX, NCAA, golf, tennis, sports equipment, advertising, minor leagues, and the Olympics. Economic factors affect the behavior of participants in sport markets-- owners, managers, media, and players-- just as they affect the behavior of individuals in other markets. Basic economic principles and formal economic models help make sense of many issues in the world of sport. In addition, the sports world is full of evidence which helps illustrate economics in action and provides a wealth of information for testing economic theories. The objective of this course is to offer a deeper understanding of both.

ECO 355 . Managerial Economics (3).

Application of economic criteria in business decision making. Topics include demand analysis for forecasting, production decisions for multiproduct firms, pricing, capital budgeting and cost benefit analysis. Prerequisites: ECO 113-114; STA 201-202; MTH 120 or MTH 122 or MTH 145 or equivalent.

ECO 390 . Independent Study (1-3).

A student who wishes to pursue an independent study project for academic credit must submit, prior to registration, a proposed plan of study that includes the topic to be studied and goal to be achieved, the methodology to be followed, schedule of supervision, end product, evaluation procedure and number of credits sought. The proposal must be approved by the supervising faculty member, the department chair and the dean of management. It will be kept on file in the academic dean's office.

ECO 402 (SOC 402/ACT 402/PSC 402/IRL 403). Program Eval Research Methodol & Policy (3).

The goal of this course is to develop a comprehensive understanding of the use of behavioral science research methods and theories for program and intervention evaluations. Topics given special emphasis include: measurement strategies and problems, needs assessment, experimental and quasi-experimental field designs, qualitative methods, benefit-cost analysis, statistical approaches to modeling bias and the use of evaluation results in the policy process.

ECO 405 (PGS 402). Global Economic Issues (3).

Is globalization inevitable and irreversible? Who are the winners and losers? Globalization is the process of integration of markets, politics, and legal systems. Supporters of globalization believe it increases a nation's economic growth and expands opportunities for countries to trade and realize comparative advantages in their areas of strength. Opponents believe it increases inequality within and between nations, threatens employment and living stabdards, thwarts labor and environmental standards, and retards social progress. This course includes a description of the principles and practices of foreign trade and financial institutions; international cartels; and defines globalization; examines its impact on trade; movement of capital and labor; diffusion of knowledge and technology, and distribution of income in the world. Prerequisite: Either ECO 113 or ECO 114. Fulfills Core requirement(s): DIV.

ECO 436 . Seminar (3).

Topics for papers and discussions are determined by the instructor. Prerequisites: ECO 113-114 and permission of the instructor.

ECO 490 . Internship in Economics (1-3).

Participation in a field learning experience closely related to one area of economics. The student interns report as required to the faculty member assigned to supervise this field experience and will be expected to evaluate the experience and relate it to his or her academic program. Three hours of field work per week will be required to generate one credit. Prerequisite: permission of the department chair.

ECO 498 . Honors Research (3).

This fulfills the requirement that honors students complete a research project. Subject matter to be arranged.

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