Undergraduate Course Catalog

Economics

J. Horowitz, Chairperson 

Economics analyzes the consequences of choices in the presence of scarcity. The vast majority of problems in society and politics arise because of scarcity. This makes the study of economics important for intelligent citizenship and leadership. Knowledge of economics is especially useful for students interested in careers in business, government, law, and education. Economics graduates get good jobs that pay well and are some of the university’s most intellectually informed students. For information on the many careers available to economics majors and minors, go to the departmental website.

There are three concentrations for majoring in economics: 1) the business concentration, 2) the financial analyst concentration, and 3) the liberal arts concentration. The department also offers an interdepartmental major in mathematical economics.

The business and financial analyst concentrations are primarily designed for students planning to pursue careers in business; they require the completion of 42 credit hours of business core courses in addition to the required economics courses. The financial analyst concentration is tailored for business students who want a career in financial portfolio management and accreditation as a Chartered Financial Analyst. This concentration is suitable for a double major in economics and finance, or in economics and accounting.

The liberal arts concentration in economics majors provides fundamental and essential knowledge in economics. In this concentration, students may choose general economics or one of two concentrations: 1) law and economics and 2) financial economics. General economics is designed for students who are interested in an in-depth study of economics. After graduation, they may use their economics knowledge in a wide variety of careers open to economic majors or they may pursue careers as professional economists which usually require advanced post-graduate work.

The liberal arts concentration with a concentration in law and economics offers excellent preparation for law school. The double major in economics liberal arts concentration and political science is also useful for pre-law students. The financial economics concentration is excellent for students interested in economics and finance who may want to pursue advanced degrees in economics and/or business. This concentration is a good fit for a double major in either economics and actuarial science, or economics and mathematical sciences. Economics students in the liberal arts concentration are not required to take all of the business core courses.

The interdepartmental major in mathematical economics prepares students for careers as economic analysts and for rigorous graduate work. A mathematical economics major also facilitates a double major in either mathematical economics and actuarial science or mathematical economics and mathematical sciences (See Interdepartmental Programs).

Minors in economics are available to majors in the College of Business and all other majors throughout the University. Students in the Social Studies Teaching Major may also select economics as a licensing area.

The department recommends that all economics majors take at least one course in calculus. 


MAJOR IN ECONOMICS, BUSINESS CONCENTRATION (BA/BS), 66 hours

PREFIX 

NO 

SHORT TITLE 

CR HRS 

Miller College of Business core, 42 hours   

ACC

BL
ECON


FIN
ISOM


MATH
MGT

MKG

201
202
260
201
202
221
300
135
249
351
132
300
491
300 

Principles of Accounting 1
Principles of Accounting 2
Principles of Business Law
Elementary Microeconomics
Elementary Macroeconomics
Business Statistics
Principles of Finance
Business Information Systems
Foundations of Business Comm
Operations Management
Brief Calculus
Managing Behavior in Org
Bus Policy and Strategy Mgt
Principles of Marketing 

3
3
3
3
3
3
3
3
3
3
3
3
3
3

     

42 hrs

ECON
 

301
302 

Intermediate Microeconomics
Intermediate Macroeconomics 

3
3

18 hours from 300-400-level ECON electives (may include the following)   

ACC
 

301
302 

Intermediate Accounting 1 (3)
Intermediate Accounting 2 (3) 

18 

     

66 hrs

To pursue this program, students must have sufficient mathematical preparation to meet the prerequisite for ECON 221. The prerequisite for ECON 221 is a C or better grade in MATH 111 or a passing grade in MATH 132, 161, 162, 165, or 166. MATH 132 simultaneously substitutes for the University Core Curriculum math requirement.

Proficiency in computer skills may be demonstrated by examination, or credit in ISOM 125 or CS 104 or its equivalent. The prerequisite for ISOM 135 is proficiency test required or ISOM 125 or CS 104. All students will be required to take the Major Field Test in Economics before graduation. 

MAJOR IN ECONOMICS, FINANCIAL ANALYST CONCENTRATION (BA/BS), 69 hours 

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NO

SHORT TITLE

CR HRS

Miller College of Business core, 42 hours   

ACC

BL
ECON
 
  
FIN 
ISOM  
 

MATH
MGT  

MKG

201 
202
260
201
202
221
300
135
249
351
132
300
491
300

Principles of Accounting 1
Principles of Accounting 2
Principles of Business Law
Elementary Microeconomics
Elementary Macroeconomics  
Business Statistics 
Principles of Finance
Business Information Systems
Foundations of Business Comm
Operations Management 
Brief Calculus
Managing Behavior in Org
Bus Policy and Strategy Mgt
Principles of Marketing

3
3
3
3
3
3
3
3
3
3
3
3
3
3





42 hrs

ACC 
  
ECON  
   
  
FIN   
  
  

301 
302
301
302
441
301
310
410

Intermediate Accounting 1
Intermediate Accounting 2
Intermediate Microeconomics
Intermediate Macroeconomics 
The Theory of Monetary Policy
Intermediate Finance
Investments 1
Investments 2

3
3
3
3
3
3
3
3





24 hrs
3 hours from:    

ACC      
   
ECON 
  
  
FIN  
   
 

430
440
351
369
424
353
367
445

Government & Nonprofit Acctg (3)
Advanced Financial Accounting (3)
International Economics (3) 
Internship in Economics (1-6) 
Introduction to Econometrics (3)
Short Term Finance (3) 
Practicum in Finance (3) 
Financial Statement Analysis (3)

3





69 hrs

To pursue this program, students must have sufficient mathematical preparation to meet the prerequisite for ECON 221. The prerequisite for ECON 221 is a C or better grade in MATH 111 or a passing grade in MATH 132, 161, 162, 165, or 166. MATH 132 simultaneously substitutes for the University Core Curriculum math requirement.

Proficiency in computer skills may be demonstrated by examination, or credit in ISOM 125 or CS 104 or its equivalent. The prerequisite for ISOM 135 is proficiency test required or ISOM 125 or CS 104. All students will be required to take the Major Field Test in Economics before graduation. 

MAJOR IN ECONOMICS, LIBERAL ARTS CONCENTRATION (BA/BS), 33-40 hours

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NO

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CR HRS

Liberal arts core requirements, 18-19 hours   

ECON 
  
  
   


MATH

201
202
301
302
221
or
321

Elementary Microeconomics
Elementary Macroeconomics  
Intermediate Microeconomics
Intermediate Macroeconomics 
Business Statistics (3)

Mathematical Statistics (4)

3
3
3
3


3-4

MATH 132 Brief Calculus  3




18-19 hrs
Complete general or one concentration
General, 15 hours

9 hours from: 
300-400-level ECON electives

9

6 hours from:
300-400-level ECON


or

ACC
 
FIN
  

201
202
300
320

Principles of Accounting 1 (3) 
Principles of Accounting 2 (3)
Principles of Finance (3)
Financial Markets 1 (3)

6





33-34 hrs
Economics and law concentration, 21 hours   

ECON
PHIL
POLS

346
200
130

Law and Economics
Logic  
American National Government  

3
3
3

6 hours from:

ECON 
  
  
  
  
  
 

310
311
331
332 
345
351
370

Amer Econ Hist 2: 1860-1990 (3)
Environmental Economics (3)
Labor Economics (3)
Labor Relations and Law (3)
Public Finance (3)
International Economics (3)
Industrial Organization (3)

6

6 hours from:
300-400 level ECON


or

BL

CJC


POLS

  
  
  
  

260
363
250
350
351
210 
340 
347 
443 
444
455

Principles of Business Law (3)
Uniform Commercial Code (3)
Introduction to Courts (3)
Criminal Evidence (3)
Criminal Law (3)
Pol Sci Res Methods (3)
Intro to Law & Enforce (3)
Environmental Law and Policy (3)
American Constitutional Law (3)
Constitutional Liberties (3)
Administrative Law (3)

6





39-40 hrs
Financial economics concentration, 21 hours

ECON

MATH 

424
or
428 

Introduction to Econometrics (3) 

Regression Time Series Models (3)

 

3

ACC
 

FIN 

201 
202 
301
300

Principles of Accounting 1
Principles of Accounting 2
Intermediate Accounting 1
Principles of Finance

3
3
3
3

FIN

MATH 

310
or
454 

Investments 1 (3)

Mathematics of Investments (3) 

3

3 hours from:

ACC 
ECON  
FIN
 

302
441
301
410

Intermediate Accounting 2 (3)
The Theory of Monetary Policy (3)
Intermediate Finance (3)
Investments 2 (3)

3





39-40 hrs
To pursue this program, students must have sufficient mathematical preparation to meet the prerequisite for ECON 221. The prerequisite for ECON 221 is a C or better grade in MATH 111 or a passing grade in MATH 132, 161, 162, 165, or 166. MATH 132 simultaneously substitutes for the University Core Curriculum math requirement.

Proficiency in computer skills may be demonstrated by examination, or credit in ISOM 125 or CS 104 or its equivalent.

All students will be required to take the Major Field Test in Economics before graduation. The economics and law concentration is appropriate for pre-law students; the financial economics concentration is appropriate for students who are interested in financial analyst careers.

MINOR IN ECONOMICS, 18 hours

Open to both business and non-business majors.

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NO    

SHORT TITLE

CR HRS

ECON

201
202

Elementary Microeconomics
Elementary Macroeconomics  

3
3

12 hours from electives in ECON with at least 9 hours from 300- or 400-level courses

12



18 hrs

TEACHER EDUCATION

TEACHING MAJOR IN SOCIAL STUDIES (BA/BS), 54 hours

See Teaching Major in Social Studies, College of Sciences and Humanities, for total requirements for this area. 

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NO    

SHORT TITLE

CR HRS

Economics area, 15 hours

ECON
  
 

201
202
301

Elementary Microeconomics
Elementary Macroeconomics  
Intermediate Microeconomics

3
3
3

6 hours from 300-400-level ECON

6



15 hrs

ECONOMICS (ECON)

116 Survey of Economic Ideas (3)
The important conclusions of economics are surveyed and applied to topics chosen by the instructor. Especially valuable to students with no high school background in economics. Not applicable to a major or minor in economics. Core Transfer Library: Behavioral Sciences/Humanities (ISH 1040) 
    Not open to students who have credit in ECON 201 or 202. 

201 Elementary Microeconomics (3)
A study of why people specialize as producers and exchange what they produce with others. Includes analysis of how market structure affects prices. Discusses the issue of whether self-interested economic behavior promotes or hinders society. Core Transfer Library: Behavioral Sciences/Humanities (ISH 1042) 

202 Elementary Macroeconomics (3)
Survey of the major explanations for fluctuations in general business conditions. Focuses on how the private sector’s economic behavior is affected by various governmental policies and institutions. Core Transfer Library: Behavioral Sciences/Humanities (ISH 1041) 
    Prerequisite: ECON 201. 

221 Business Statistics (3)
Introduction to various statistical and probabilistic concepts and techniques with application to business problems including random variables and probability distributions, measures of central tendency and dispersion, testing of hypotheses, simple linear regression, and correlation. 
    Prerequisite: C or better grade in MATH 111, or a passing grade (D- or better) in MATH 132, 161, 162, 165, or 166.

247 Economics and Statistics in the Media (3)
Provides communications and journalism majors with skills in applying and intuitively understanding statistical and economic concepts. Students will be expected to use these concepts in developing news and feature stories. 

279 Economic and Political Problems of Emerging Nations (3)
A survey of historical and contemporary problems of the less-developed nations. Conditions contributing to economic, political, and social change. Problems of economic development policies and programs within the institutional structure. Internal and external pressures that influence patterns of development. 
     Not open to students who have credit in POLS 281. 

299X Experimental/Developmental Topics (1-6)
Topics relevant to the discipline. Course titles will be announced before each semester. 
     A total of 6 hours of credit may be earned. 

301 Intermediate Microeconomics (3)
An investigation of the ways in which economic units direct resources into production. Involves analyses of product pricing, output determination, resource pricing, and employment in various market structures. Includes graphical and, in some instances, simple algebraic analyses. 
    Prerequisite: ECON 201, 202. 

302 Intermediate Macroeconomics (3)
Analyzes national income as a measure of economic activity. Emphasizes the determination of national income, employment, and price level and the rate of growth of the economic system. Includes examination of the theories of consumption and investment spending, interaction between money and national income, and implications of alternative models for public policy. Includes graphical and, in some instances, simple algebraic analyses. 
     Prerequisite: ECON 201, 202. 

309 American Economic History/Development from Origins to the Civil War (3)
An economic history of America from its origins through the Civil War; topics vary, but the subjects usually covered include demography, various forms of labor institutions including slavery, colonialism, the impact of revolution and independence, developments in transport, industry and agriculture, environmental issues, and impacts of war and trade. 
    Prerequisite: ECON 116 or 201. 

310 American Economic History/Development from the Civil War to the Present (3)
An economic history of America since the Civil War; subjects usually include: the post-Civil War South, money and banking, the Great Depression and the New Deal, urbanization, diseases, demographics, the environment and ecology, developments in transport, industry and agriculture, labor, and the impact of conflicts. 
    Prerequisite: ECON 116 or 201. 

311 Environmental Economics (3)
Application of economic analysis to pollution, natural resource usage, and sustainability. “Sustainability” expands the concepts of economic growth and optimization to include a balanced set of goals that include environmental carrying capacity, social and intergenerational equity, and community values. 
    Prerequisite: ECON 116 or 201 or permission of the instructor.  

331 Labor Economics (3)
Students learn how labor is allocated under various institutional settings. Topics include: slavery, labor unions, discrimination, compensating wage differentials, comparable worth, household labor supply decisions, social security, the earned income tax credit, welfare minimum wage laws, immigration, and the differing consequences of allocating labor under communism, socialism, and capitalism. 
    Prerequisite: ECON 116 or 201. 

332 Labor Relations and Law (3)
Study of collective bargaining, the joint determination by employers and employees (through their representatives) of the problems of the employment relationship—encompassing both the negotiation and administration of the labor agreement with primary emphasis upon the rules governing these processes. 
    Prerequisite: ECON 201, 202; or permission of the department chairperson. 

345 The Economics of Government Budgets (3)
Analysis of economic theory behind alternative methods of financing government budgets and debt management. Emphasizes economic consequences of budgets by examining incidence, shifting, and incentives regarding provision of public services and alleviation of economic insecurity. 
    Prerequisite: ECON 201. 

346 Economic Analysis of Legal Issues (3)
Applies microeconomic analysis to legal issues such as property rights, crime, contracts, and liability rules. Strengthens the ability to engage in economic reasoning by demonstrating its applicability to law and economics. 
    Prerequisite: ECON 201. 

348 Health Economics (3)
Examines how institutions and incentives affect the health care choices people make. Topics include the demand and supply of medical care, the effects of health insurance, professional licensing, pharmaceutical regulations, and government involvement in health care.
    Prerequisite: ECON 201.

351 International Economics (3)
Examines international trade, finance, and commercial policy. 
    Prerequisite: ECON 201. 

369 Internship in Economics (1-6)
Under a program approved and supervised by the Department of Economics, economics majors or minors work full-time for one semester as economics interns for private or public organizations. Periodic written reports of job experiences are required. 
    Prerequisite: ECON 301 or 302; permission of the department chairperson. 
    A total of 6 hours of credit may be earned. 
    Open only to economics majors or minors and second-semester junior or senior standing. 

370 Industrial Organization (3)
Monopolistic, oligopolistic, and competitive market structures. Unsettled issues concerning structure and conduct of industry; concentration, vertical integration, and problems of economic regulation by the government. 
    Prerequisite: ECON 201. 

380 Economic Growth (3)
An analysis of the causes, mechanisms, and patterns of economic growth. Compares and analyzes growth rates of various countries. 
    Prerequisite: ECON 201, 202. 

381 Economics for Teachers: Content Issues and Pedagogy (3)
Pre-service teachers explore content and pedagogy issues related to teaching high school economics. Economic content is given by the national and state standards. Explore pre- and post-tests of student mastery of the standards. Explore economic concepts and pedagogies in lesson plans used with students. 
    Prerequisite: ECON 201, 202. 

390 Honors Colloquium in Economics (1-3)
Exploration of selected issues, themes, problems, or interpretations with emphasis on individualized study and reporting. 
    Restricted to honors students; others by permission of the department chairperson. 
    A total of 3 hours of credit may be earned. 

416 History of Economic Doctrines (3)
The history of how humankind has looked at its economic life, surveys the changing ways economists have rationalized, articulated, and criticized economic organization from biblical times to the present. The successive reformulations place a major emphasis on the economic doctrines of the recent past and the present. 
    Prerequisite: ECON 201, 202. 

421 Mathematical Economics (3)
Use of mathematics in the development of selected economic theories. Survey of input-output analysis and examination of the application of linear programming and the theory of games to selected economic problems. 
    Prerequisite: ECON 201, 202; MATH 132 or its equivalent. 

424 Introduction to Econometrics (3)
Applies statistical methods to economics. Emphasizes constructing, estimating, and testing economic models. Topics include multiple regression analysis and advanced regression techniques, including the specific problems that arise in applying these to economic and financial data, time series analysis, and forecasting.
    Prerequisite: ECON 201, 202, 221 or MATH 221 or 321.

441 The Theory of Monetary Policy (3)
A theoretical presentation of how the board of governors of the Federal Reserve System modifies the economic climate within which the institutions of the nation operate and of the problems of government finance as they relate to the board’s goal of general economic stability. 
    Prerequisite: ECON 201, 202. 

461 Comparative Economic Systems (3)
Historical and comparative study of economic theories and systems. 
    Prerequisite: ECON 201, 202. 

485 Urban Economics (3)
The systematic economic structure of cities and the component parts of that structure. Attention is given to the ways in which the economic structure of cities and regions obstructs or facilitates the attainment of the goals of the community. 
    Prerequisite: ECON 201. 

492 Readings and Directed Study in Economics (1-3)
Students will pursue their interests in specialized economics subjects under the direction of a member of the economics staff. Subjects studied will differ from or be studied in greater depth than subjects treated in other economics courses. 
    Prerequisite: 6 hours of credit in economics. 
    A total of 6 hours of credit may be earned, but no more than 3 in any one semester or term. 

495 Seminar in Economics (1-3)
Topics center on economic problems and issues of special interest to students and instructor. Permits in-depth studies of topics not formally treated in other courses, thereby exposing interested students to a wider variety of economic problem-solving situations. 
    Prerequisite: ECON 201, 202; permission of the department chairperson. 
    A total of 6 hours of credit may be earned, but no more than 3 in any one semester or term.

Academic Systems
North Quadrangle, Room 340
Ball State University
Muncie, IN 47306

Hours: Monday-Friday 8 a.m.-5 p.m.