2012-14 Academic Catalog

Department of Economics

(College of Business Administration)

www.cba.uni.edu/economics

The Department of Economics offers the following undergraduate programs. Specific requirements for these programs are listed within this Department of Economics section in the following order:

  • Undergraduate Major (B.A.)
    • Economics
  • Minor
    • Economics-Liberal Arts
  1. To graduate with a major in Economics a student must:
    1. complete ECON 1041 (920:053) , ECON 1051 (920:054) , ECON 2122 (920:103) , and ECON 2112 (920:104) with at least a C- in each course whether taken at UNI or at an institution from which transfer credit for these courses is accepted; and
    2. earn a 2.50 grade point average (GPA) for all ECON xxxx/920:xxx courses taken at UNI, except ECON 1021 (920:020) , ECON 1031 (920:024) , ECON 1011 (920:070) , ECON 3077 (920:177) , and ECON 3179 (920:179)
  2. ECON 1021 (920:020) counts toward an Economics major only in the Business Economics emphasis and does not count toward the minor
  3. ECON 1011 (920:070) counts toward an Economics major only in the Business Economics and Applied Economic Analysis emphases and does not count toward the minor.
  4. ECON 1031 (920:024) does not count toward the Economics major or minor.
  5. ECON 1041 (920:053) and ECON 1051 (920:054) are minimum prerequisites for all 100/2000/3000/4000-level courses.
  6. It is recommended that ECON 2122 (920:103) and ECON 2112 (920:104) be taken before other advanced courses in Economics.
  7. Not more than one emphasis may be declared in economics.

The Economics Department may impose additional admission requirements for students wishing to declare a minor or a second CBA major. Eligibility to declare a minor or a second CBA major is based on competitive GPA and space availability. Students may obtain a copy of these requirements from UNIBusiness Advising (CBB 5) in the College of Business Administration or at
http://business.uni.edu/web/pages/currentstudents/advisingcenter-collegepolicies.cfm.

Bachelor of Arts Degree Programs

Economics Major

The Economics major requires a minimum of 120 total hours to graduate. This total includes Liberal Arts Core requirements and the following specified major requirements, plus electives to complete the minimum of 120 hours.

Required
Business Administration, Interdepartmental:
BUSINESS 1000 (100:010)Freshman Seminar for Business Professionals0
BUSINESS 2000 (100:020)Business Professional in Training0
Economics:
ECON 1041 (920:053)Principles of Macroeconomics3
ECON 1051 (920:054)Principles of Microeconomics3
ECON 2112 (920:104)Intermediate Microeconomic Theory3
ECON 2122 (920:103)Intermediate Macroeconomic Theory3
ECON 3373/5373 (920:169g)Introduction to Econometrics3
ECON 4380/5380 (920:181g)Directed Research in Economics3
Mathematics:
STAT 1772 (800:072)Introduction to Statistical Methods3
Emphasis requirements (students choose only one area of emphasis)18-42
Total Hours39-63

Emphases:

1. General Economics

Electives: 100/2000/3000/4000-level economics courses18
Total Hours18

2. Quantitative Techniques

Required
Economics:
ECON 3269/5269 (920:168g)Mathematical Economics3
Mathematics:
MATH 1140 (800:046)Precalculus4
MATH 1420 (800:060)Calculus I4
MATH 1421 (800:061)Calculus II4
MATH 2422 (800:062)Calculus III4
MATH 2500 (800:076)Linear Algebra for Applications3
MATH 4420/5420 (800:140g)Intermediate Mathematical Analysis I3
Electives: 100/2000/3000/4000-level economics courses (except ECON 3077 (920:177))15
Total Hours40

3. Business Economics (39 hours)

Students who select this emphasis must satisfy the College of Business Administration (CBA) admission requirements before they can officially declare their major. A copy of the Admission, Retention, and Graduation Policy may be obtained from UNI Business Advising (CBB 5) in the College of Business Administration. Prior to completion of the admission requirements, students may sign an intent to major in Economics/Business Economics and be classified as a prospective (pre)major. Pre-Economics/Business Economics majors may enroll in lower division (below 100/2000/3000/4000-level) business courses only. Enrollment in upper division (100/2000/3000/4000-level) business courses and MKTG 2110 (130:101) requires satisfactory completion of the CBA admission requirements and any course prerequisites.

Economics/Business Economics majors may declare a double major, and/or major and minor within the College of Business Administration, subject to the regulations of those CBA departments affected. Economics/Business Economics majors minoring within the CBA must select minors designated for business majors.

To graduate with an Economics/Business Economics major from the College of Business Administration, a student must earn at least 50% of the business credit hours required for the major at UNI. Students must take at least 50% of the course work required for the degree outside the College of Business Administration. Up to nine hours of economics (excluding ECON 1021 (920:020) ), and six hours of statistics may be counted as outside the College of Business Administration. A student must also complete ECON 1041 (920:053) , ECON 1051 (920:054) , ECON 2122 (920:103) , and ECON 2112 (920:104) with at least a C- in each course whether taken at UNI or an institution from which transfer credit for these courses is accepted; must earn a 2.20 cumulative grade point average at UNI; must earn an overall 2.20 grade point average in ACCT xxxx/120:xxx, MKTG xxxx/130:xxx, MGMT xxxx/150:xxx, FIN xxxx/160:xxx, and ECON xxxx/920:xxx courses taken at UNI; and earn a 2.50 or better, in all 920:xxx courses taken at UNI excluding ECON 1021 (920:020) , ECON 1031 (920:024) , ECON 1011 (920:070) , ECON 3077 (920:177) and ECON 3179 (920:179) . Students given permission to graduate out-of-residence must earn a 2.20 or better in all courses approved and accepted for out-of-residence credit.

Required business core
Accounting:
ACCT 2120 (120:030)Principles of Financial Accounting3
ACCT 2130 (120:031)Principles of Managerial Accounting3
Marketing:
MKTG 2110 (130:101)Principles of Marketing3
Management:
MGMT 2080 (150:080)Introduction to Information Systems3
MGMT 3100 (150:100)Legal and Social Environment of Business3
MGMT 3153 (150:153)Organizational Management3
MGMT 3154 (150:154)Operations Management3
MGMT 4175 (150:175)Business Policy and Strategy3
Finance:
FIN 3130/5130 (160:151g)Corporation Finance3
Economics:
ECON 1021 (920:020)Introduction to Decision Techniques3
ECON 1011 (920:070)Business Statistics3
Electives: 100/2000/3000/4000-level economics courses6
Total Hours39

4. Applied Economic Analysis

Required
Accounting:
ACCT 2120 (120:030)Principles of Financial Accounting3
ACCT 2130 (120:031)Principles of Managerial Accounting3
Management:
MGMT 2080 (150:080)Introduction to Information Systems3
Finance:
FIN 3130/5130 (160:151g)Corporation Finance3
FIN 3160/5160 (160:152g)Principles of Investments3
Select one of the following: 3
Risk Management and Insurance
Intermediate Financial Management
Commercial Bank Management
Mathematics:
MATH 1140 (800:046)Precalculus4
MATH 1420 (800:060)Calculus I4
MATH 1421 (800:061)Calculus II4
Economics:
ECON 1011 (920:070)Business Statistics3
ECON 2132 (920:113)Money and Banking3
ECON 3269/5269 (920:168g)Mathematical Economics3
Electives: 100/2000/3000/4000-level economics courses.3
Total Hours42

Students successfully completing the requirements for a Mathematics major (any emphasis) may waive ECON 1011 (920:070) and ECON 3269/5269 (920:168g) in the Applied Economic Analysis emphasis. However, Applied Economic Analysis majors who drop or fail to complete the Mathematics major for any reason will be required to take ECON 1011 (920:070) , ECON 3269/5269 (920:168g) , MATH 1420 (800:060) , and MATH 1421 (800:061) before graduation.

Minors

Economics Minor-Liberal Arts

Required
Economics:
ECON 1041 (920:053)Principles of Macroeconomics3
ECON 1051 (920:054)Principles of Microeconomics3
ECON 2112 (920:104)Intermediate Microeconomic Theory3
ECON 2122 (920:103)Intermediate Macroeconomic Theory3
Electives: 100/2000/3000/4000-level economics courses. *6
Total Hours18

*

ECON 2122 (920:103) and ECON 2112 (920:104) recommended to be taken before other advanced courses in economics.

Available to all UNI majors, except Economics majors.

Note: ECON 1041 (920:053) and ECON 1051 (920:054) are prerequisites for all 100/2000/3000/4000-level economics courses.

B.A. Degree - Economics: General (Major Code 921)

For additional information and sample Plan of Study go to http://business.uni.edu/web/pages/currentstudents/PlanRequirements/Economics%20Major.pdf.

B.A. Degree - Economics: Quantitative Techniques (Major Code 922)

For additional information and sample Plan of Study go to http://business.uni.edu/web/pages/currentstudents/PlanRequirements/Economics%20Major.pdf.

B.A. Degree - Economics: Business Economics (Major Code 925)

For additional information and sample Plan of Study go to http://business.uni.edu/web/pages/currentstudents/PlanRequirements/Economics%20Major.pdf. 

B.A. Degree - Economics: Applied Economics (Major Code 926)

For additional information and sample Plan of Study go to http://business.uni.edu/web/pages/currentstudents/PlanRequirements/Economics%20Major.pdf.
 

 


 

Courses

ECON 1011 (920:070). Business Statistics — 3 hrs.

Application and interpretation of probability and statistics as applied to business problems. Descriptive statistics, hypothesis testing, linear regression, and correlation. May not be used for credit on the Economics major or minor or the Social Science major or minor. Prerequisite(s): STAT 1772 (800:072) or equivalent. (Fall, Spring, Summer)

ECON 1021 (920:020). Introduction to Decision Techniques — 3 hrs.

Quantitative and qualitative aspects of problem solving and decision making. Structuring and basics of decision making, applications of probability, functional relationships, marginal analysis, and linear programming. Emphasis on model formulation and interpretation of results. May not be used for credit on the Economics major or minor or the Social Science major or minor. Prerequisite(s): STAT 1772 (800:072) or equivalent. (Fall, Spring, Summer)

ECON 1031 (920:024). Introduction to Economics — 3 hrs.

Overview of economics, including how a market system functions and how national income, output, and employment are determined. Primary focus (though not exclusively) on U.S. economy. No credit for students who have credit or are concurrently enrolled in ECON 1041 (920:053) or ECON 1051 (920:054). May not be used for credit on major or minor. (Fall, Spring, Summer)

ECON 1041 (920:053). Principles of Macroeconomics — 3 hrs.

Introduction to the economizing problem and economic institutions. National income determination, monetary and fiscal policy, and global economic issues. (Fall, Spring, Summer)

ECON 1051 (920:054). Principles of Microeconomics — 3 hrs.

Study of how consumers make decisions, firms maximize profits, and various market structures affect prices and output. Topics include supply and demand, elasticity, consumer and producer welfare, firm production and costs, and market structures. Prerequisite(s): ECON 1041 (920:053). (Fall, Spring, Summer)

ECON 2112 (920:104). Intermediate Microeconomic Theory — 3 hrs.

In-depth analysis of consumer theory, firm production and costs, and market structures, with a primary focus on how individuals and firms make choices. Prerequisite(s): ECON 1041 (920:053); ECON 1051 (920:054). (Fall, Spring)

ECON 2122 (920:103). Intermediate Macroeconomic Theory — 3 hrs.

Intermediate level macroeconomics. Determinants of aggregate demand, national product and employment; and macroeconomics objectives and policies. Prerequisite(s): ECON 1041 (920:053); ECON 1051 (920:054). (Fall, Spring)

ECON 2132 (920:113). Money and Banking — 3 hrs.

Money, commercial banking, the Federal Reserve System, and monetary policy. Prerequisite(s): ECON 1041 (920:053); ECON 1051 (920:054). (Fall, Spring)

ECON 3077 (920:177). Internship in Community Economic Development — 1-3 hrs.

Practical experience in a business, industry, or government agency. May be repeated for maximum of 3 hours. Does not count toward the Economics major; Prerequisite(s): ECON 1041 (920:053); ECON 1051 (920:054); ECON 3229/5229 (920:125g); ECON 3253/5253 (920:148g); junior standing or consent of department head. (Fall, Spring, Summer)

ECON 3179 (920:179). Cooperative Education in Economics — 1-3 hrs.

Compensated work experience in conjunction with an academic project conducted under faculty guidance. University elective credit is given on a graded basis. Prerequisite(s): ECON 2122 (920:103); ECON 2112 (920:104); cumulative UNI GPA of 3.00 or higher required prior to application; consent of department head. (Fall, Spring, Summer)

ECON 3217/5217 (920:116g). Economics of Labor Markets — 3 hrs.

An investigation into the market forces affecting the supply of and demand for labor and the determination of wages in the U.S. Discussion topics may include income maintenance programs, health and safety in industry, income inequality, human capital formation and/or labor mobility. Prerequisite(s): ECON 1041 (920:053); ECON 1051 (920:054); junior standing. (Variable)

ECON 3221/5221 (920:117g). Public Finance — 3 hrs.

Taxation and government expenditures; fiscal policy. Prerequisite(s): ECON 1041 (920:053); ECON 1051 (920:054); junior standing. (Spring)

ECON 3225/5225 (920:123g). Environmental Economics — 3 hrs.

Achieving allocative efficiency and cost-effectiveness when setting environmental policy. Modeling environmental quality as a public good and pollution as an economic problem. Assessing the command-and-control approach versus the market approach to environmental problem solving and policy. Exploring historical and current policies on air quality, water quality, solid waste/toxic substance management, and/or global environmental management. Prerequisite(s): ECON 1041 (920:053); ECON 1051 (920:054); junior standing. (Variable)

ECON 3229/5229 (920:125g). Cost-Benefit Analysis — 3 hrs.

Impact of public projects on resource allocation and social well being. Meaning and interpretation of Net Present Value (NPV). Problems encountered in quantifying various components of NPV and merits of alternative solutions. Prerequisite(s): ECON 1041 (920:053); ECON 1051 (920:054); junior standing. (Fall)

ECON 3231/5231 (920:128g). Law and Economics — 3 hrs.

Analysis of the influence of legal rules and institutions on the economic behaviors of individuals. Examination of the principles of economics as they relate to private and public law, with special emphasis on economic efficiency and equity. Applications from civil procedure, criminal, contract, and tort law. Prerequisite(s): ECON 1041 (920:053); ECON 1051 (920:054); junior standing. (Variable)

ECON 3237/5237 (920:131g). Sports Economics — 3 hrs.

Uses microeconomic principles with simple game theory and probability/statistical tools to investigate the organization of professional sports leagues, player pay, competitive balance, demand for games, public financing of sports, and other issues. Prerequisite(s): ECON 1041 (920:053); ECON 1051 (920:054); or consent of instructor; junior standing. (Variable)

ECON 3241/5241 (920:135g). The Organization of American Industry — 3 hrs.

Structure, conduct, and performance of firms, industries, and market. Policies to maintain competition. Prerequisite(s): ECON 1041 (920:053); ECON 1051 (920:054); junior standing. (Variable)

ECON 3245/5245 (920:136g). International Economics — 3 hrs.

International trade theory, trade strategies, economic unions, and factor movements. Prerequisite(s): ECON 1041 (920:053); ECON 1051 (920:054); junior standing. (Variable)

ECON 3249/5249 (920:143g). Economic Development — 3 hrs.

Characteristics of developing nations, causes of underdevelopment, development theories, and development strategies. Prerequisite(s): ECON 1041 (920:053); ECON 1051 (920:054); junior standing. (Variable)

ECON 3253/5253 (920:148g). Urban and Regional Economics — 3 hrs.

Theory of location and regional development; factors influencing growth and location of production, location of households, city location and urban hierarchies, and land use patterns; measures and change in regional economic activity; and public policy issues in regional and urban evolution. Research methods including economic base, employment multiplier, location quotient, and threshold analyses. Prerequisite(s): ECON 1041 (920:053) and ECON 1051 (920:054), or consent of instructor; junior standing. (Variable)

ECON 3257/5257 (920:170g). History of Economic Thought — 3 hrs.

Development of economic theory from early Greeks to John Maynard Keynes. Special emphasis given to Adam Smith, Karl Marx, and Thorstein Veblen. Prerequisite(s): ECON 1041 (920:053); ECON 1051 (920:054); junior standing. (Variable)

ECON 3261/5261 (920:175g). International Financial Economics — 3 hrs.

International financial theories and analysis of balance of payments, alternative exchange rate regimes, and capital movements. Prerequisite(s): ECON 1041 (920:053); ECON 1051 (920:054); junior standing. (Variable)

ECON 3269/5269 (920:168g). Mathematical Economics — 3 hrs.

Application of mathematics to economics with an emphasis on matrices and introductory calculus. Prerequisite(s): ECON 1041 (920:053) and ECON 1051 (920:054), or consent of instructor; junior standing. (Variable)

ECON 3373/5373 (920:169g). Introduction to Econometrics — 3 hrs.

Econometric techniques and the development of statistical techniques unique to economics; econometric relationships derived in single and multivariate linear and non-linear regression analysis; use of statistical inference in econometric investigation with applications to classical works of economic topics. Prerequisite(s): STAT 1772 (800:072); ECON 1041 (920:053) and ECON 1051 (920:054), or consent of instructor; junior standing. (Spring)

ECON 3425/5425 (920:160g). Managerial Economics — 3 hrs.

Application of economic theory and methods to business and administrative decision making. Prerequisite(s): ECON 1041 (920:053); ECON 1051 (920:054); ECON 2112 (920:104) or consent of instructor; junior standing. (Variable)

ECON 4380/5380 (920:181g). Directed Research in Economics — 3 hrs.

Students demonstrate their grasp of economic theory and their writing abilities. Prerequisite(s): ECON 1041 (920:053); ECON 1051 (920:054); ECON 2122 (920:103); ECON 2112 (920:104); senior standing; Economics major. (Spring)

ECON 6285 (920:285). Individual Readings — 1-3 hrs.

Prerequisite(s): consent of MBA Director and department head. (Fall, Spring, Summer)

ECON 6299 (920:299). Research — 1-6 hrs.

Prerequisite(s): consent of MBA Director and department head. (Fall, Spring, Summer)

ECON 6520 (920:260). Managerial Economics — 3 hrs.

Application of economic theory and methods to business and administrative decision making. Prerequisite(s): ECON 1031 (920:024) or equivalent; consent of MBA Director. (Fall)