Economics Program Description
Economics is the study of the market system and its implications on issues such as international trade, public policy, monetary stabilization and resource allocation. In economics, students study how individuals, businesses and governments make decisions. Issues flowing from these decisions affect how the U.S. economy and economics of different countries interact with each other. Economics logic underlies all business decisions and all government policies. A goal of economics is to teach students how to think critically about a situation and analyze its implications. Emphasis is placed on exposing students to important consumer, business, government and international situations. Graduates with a background in economics find career opportunities in finance, banking, labor, agri-business, transportation, energy and the health industry. In addition, economics is a traditional education for students wishing to enter law school.
Students interested in economics can pursue a Bachelor of Science degree in Economics selecting one of three concentration options: Business Economics, International Economics, and General Economics; a Bachelor of Science in Business Administration degree with a concentration in Economics; or a minor in economics.
Economics Course Descriptions
General Education Course *
Writing Intensive Courses WR (must earn C- or better to fulfill this requirement)
Speaking Intensive Courses SP
Economics 111 - Contemporary Economic Issues and Social Policy
Course addresses fundamental economic principles and the economics way of thinking as they apply to social issues. Material is addressed in a manner that illustrates the importance of understanding economic issues that affect you as a consumer, citizen, and taxpayer. Topics include social security, health care, education reform, international trade, financial planning/investing, the macroeconomy, central planning vs capitalism, environmental economics, drug legalization, etc. 3 credits. *Fulfills General Education Goal 8
Economics 115 - Economics for Educators
An examination and exploration of economic concepts and principles as well as instructional approaches aimed at incorporating these concepts into the elementary school curriculum. This course is designed especially for students preparing for careers as elementary school educators and will focus on preparing students to be able to implement the economics strand in the Virginia Social Studies Standards of Learning adopted in 1995. This course may not be taken for credit by business or economics majors. Prerequisite: Admissions to Teacher Prepatory Program. 3 credits.
Economics 217 - Principles of Economics (Micro Emphasis)
Overview of economic theory and real world applications. For example, how are prices in the economy determined? How do economic markets operate? How do economic events such as technological advances, increases in input prices, and government policy changes affect market prices and the consumer? Some time will be spent on discussion of market structures such as competitive markets versus monopoly. Real world applications will be used to illustrate economic theories. 3 credits.
Economics 218 - Principles of Economics (Macro Emphasis)
Study of the economy as a whole. Topics include the determination of a general price level for the economy, determinants of inflation, unemployment, interest rates, and Gross Domestic Product. For example, this course addresses how the Federal Reserve uses monetary policy to manipulate economic activity, inflation, and interest rates. 3 credits.
Economics 295 - Special Topics
Selected topics in economics. The topics may vary from semester to semester. May be repeated for credit when topics change. 1-3 credits.
Economics 301 - Economics Development, Tourism, and Sustainability in Costa Rica.
This class is offered in conjunction with study abroad in Costa Rica. The goal is to provide students with an overview of Latin America with a specific focus on the particular country. Students will understand that Costa Rica is a model for sustainable development, despite the fact that there are many challenges. Topics will include: introduction to sustainable development, economics of Central America, eco-tourism as a way to promote development, the importance of trade and the impact on the country/region, importance of the coffee, sugar, and banana industries (and associated trade concerns), alternatives to GDP as measures of economic progress, rainforest destruction/protection, and economics/social issues including squatting, prostitution, and drugs. 3 credits.
Economics 302 - Law for Economists
Students will evaluate the law based on economic principles and will form connections to public policy. Specifically, students will examine the effects of current law on behavior and predict the effects of future laws on society. Topics include economics of crime and punishment, economic theory of property and property liability, and medical malpractice. Students will apply legal and economic concepts to recent cases. Prerequisite: ECON 217. 3 credits.
Economics 303 - Economics of Sports
A study of how economic theories apply to the markets for professional and amateur sports. Topics will include competition within the industry, wage determination, labor market functions, regulation and market failure. Class will be discussion oriented. Prerequisite: ECON 217. 3 credits.
Economics 305 - Economics of the European Union
The purpose of this course is to study the evolution of the European Union from the early post-war years all the way to the recent largest expansion in the EU's history. While covering historical, geographic and cultural aspects of the process of European integration, we will focus primarily on the economic analysis of the present and future challenges in the EU. The scope of this class includes two areas: first, the effects of EU on major world markets; and second, the policy issues and challenges for the private enterprises and government policy makers in EU. Prerequisites: ECON 217 and ECON 218. 3 credits.
Economics 307 - Economic Development and Transition to Free Markets
This course represents a unified approach to issues that have been traditionally partitioned into two separate subjects, the Economics of Development and Economics Systems. The events of 1989 in Eastern and Southeastern Europe brought political and economic changes, which highlight the fact that the countries undergoing transition from a centrally planned economy to free markets face challenges that are similar to those of the developing countries. That is why we examine the processes of transition together with economics development in a unified context with common basis in methods of analysis and measurement. Prerequisites: ECON 217 and 218. 3 credits. WR
Economics 308 - Money and Banking
The function of money as legal tender and the relation of money and credit to prices. Emphasis will be placed on monetary policy, interest rates, and the Federal Reserve System, international applications, and problems of currency exchange. Prerequisites: ECON 217 and 218. 3 credits.
Economics 309 - Managerial Economics
This course applies economics to business decision-making. Applied regression analysis, an important empirical tool that is widely used in business and government, will be used to study managerial insights that can be gained from business data. Additional topics include linear programming, forecasting, and business strategies for firms in competitive and monopolistic markets. Offered spring semester only. Prerequisites: ECON 217 and one of the following: MANG 275, MATH 171, MATH 271, or MATH 301. 3 credits.
Economics 310 - Economic History of the World
This course deals with the international economic history. Main emphasis is on the economic and technical development in the world starting with the industrialization in Europe and the U.S. economic history since the 1770's. The center of interest is the special, rather short, period of world history when in a limited part of the world a development takes place from static, stationary societies to growing economics which gradually have raised GDP per capita far above the traditional subsistence level. Together with the analysis of the main factors of economic growth, the analysis will result in a deep understanding of the role of U.S. as a leader in the world economy. Prerequisites: ECON 217 & 218. 3 credits.
Economics 311, 312 - Studies Abroad
Primarily intended for transfer of credit earned abroad in courses in economics. 1-18 credits.
Economics 313 - Public Economics
This course addresses the role of government in a market economy. The economic rationale for government intervention in correcting market failures is analyzed, along with regulation and redistribution issues. Emphasis is placed on the evaluation of government policies and programs, as well as potential reforms; for example, health care, drug prohibition, education reform, and farm subsidy programs. Contrast is made between bureaucratic and market solutions. Prerequisite: ECON 217. 3 credits.
Economics 314 - Environmental and Resource Economics
This course analyzes environmental concerns and the economics of resource use. Specifically, a contrast will be made between governmental solutions to environmental issues and market-based environmental reforms. Issues addressed include: animal extinction and common ownership problems, pollution, water management, global warming/global cooling, and land management. The underlying theme of the course is the ability to use economic theory to develop appropriate incentive structures for the use of economic resources. Prerequisite: ECON 217. 3 credits.
Economics 317 - Intermediate Microeconomics
Advanced topics in microeconomics supplemented by applications of microeconomic theory to policy and business issues. Theory of the consumer and production will be emphasized. Offered fall semester only. Prerequisite: ECON 217. 3 credits.
Economics 318 - Intermediate Macroeconomics
Advanced coverage of monetary and fiscal theory and policy with emphasis on money supply and interest rates, national income determination, unemployment, inflation, and international issues. Offered spring semester only. Prerequisites: ECON 217 and 218. 3 credits.
Economics 319 - International Economics
Analytical approach to gains derived from trade, treatment of various theories of international trade (classical and current). Includes analysis of economic and political influences on exports and imports, foreign exchange rates, concept of elasticity as applied to international trade, balance of payments, significance of foreign trade and investment. Prerequisites: ECON 217 and 218. 3 credits.
Economics 401 - Economics in the High School Classroom
Teachers will learn basic economic concepts and how to apply them to topics including domestic and global issues such as the environment, international trade, economic reform in Russia, macroeconomic policy, welfare reform, and drug legalization. Classroom activities and social studies SOL's will be addressed. Course taught through the Longwood University Center of Economic Education. Not for credit toward the economics major, minor, or concentration. 3 credits.
Economics 411 - Economics of Labor and Discrimination
Economic analysis of labor markets, including issues of labor supply and demand, wage determination, unemployment, job search, education, and other human capital investments. Emphasis will be placed on the analysis of data on labor market outcomes relative to ethnicity and gender. Theories of discrimination will be addressed. Policy issues and programs such as minimum wage, comparable worth pay programs, and affirmative action will be discussed. Prerequisite: ECON 217. 3 credits.
Economics 413 - International Financial Markets
This course will analyze the key financial markets and instruments that facilitate trade and investment activity on a global scale. The scope of this class includes two area: first, the economics determinants of prices, price changes, and price relationships in the major financial markets; and second, the policy issues that result for private enterprises and government policymakers. Prerequisite: ECON 308 or FINA 350. 3 credits.
Economics 414 - Econometrics and Forecasting
Introduction to the basic concepts used in economic data analysis. Emphasis is on applications of linear regression techniques to analyze common empirical problems in economics, business, and government. Forecasting techniques that are commonly used by economists will be covered. Students will receive hands-on experience in data collection, computer software, and project design. Offered fall semester only. Prerequisites: ECON 217, 218, and one of the following: MANG 275, MATH 171, MATH 271, or MATH 301. 3 credits. WR and SP
Economics 416 - Thinking Strategically: Applied Game Theory
This course examines decision-making in an interdependent environment. Often choices are difficult to make because there are other active decisions makers whose choices interact with each other. Such situations are known as "games" and this course explores the science behind these games. Knowledge of game theory will give students an advantage in such strategic settings. The course will cover simultaneous and sequential games, games of perfect and incomplete information, and one period and multi-period games. Prerequisite: ECON 217. 3 credits.
Economics 417 - Economic Growth, Development, & Public Policy
Patterns of economic growth across countries and over time will be analyzed, and the stylized facts of growth uncovered. Both exogenous and endogenous growth models will be introduced and carefully analyzed, with their public policy implications highlighted. Traditional and current policy issues such as population growth, financial markets, education, technological change & innovation, and trade will be emphasized. This course emphasizes the applicability of growth theories to real world issues. Prerequisites: ECON 217 and ECON 218. 3 credits.
Economics 461 - Senior Seminar
This course is designed as a seminar for senior level economics students and centers around the development of a semester-long original econometrics research project. Technical writing and oral presentations are emphasized. The Senior Exit Examination is administered as part of this course. Offered spring semester only. Prerequisites: Cumulative and major GPA of 2.33 or greater; ENGL 319; ECON 317, 318, 319, and a C- or better 414. (ECON 318 and 319 may be taken concurrently with ECON 461). 3 credits. WR SP
Economics 475 - Study Abroad: Introduction to Southeast Asia
This class is offered in conjunction with study abroad to destinations in Southeast Asia. The goal is to provide student with an overview of this region while also focusing on specific countries where travel will take place. Content addresses general economics, environmental economics, trade, economic development, geography, politics, history, and culture. Prerequisite: None. Permission of instructor is required.
Economics 490 - Independent Study: Economics
This is an individually designed course that allows the student to pursue advanced topics in specific areas of economics. Prerequisites: Senior standing and permission of instructor. 1-3 credits.
Economics 492 - Internship: Economics
An on-the-job learning experience designed to give students an opportunity to apply their technical and professional skills and to observe organizations in action. Prerequisites: Cumulative and major GPA of 2.33 or greater, 60 credits or more, declared business or economics major, a declared concentration, MANG 391, and permission of internship director. 2-3 credits per internship placement; limited to a maximum of 6 credits. *Fulfills General Education Goal 14
Economics 495 - Special Topics
Selected topics in economics. The topics may vary from semester to semester. May be repeated for credit when topics change. 1-3 credits.
Economics 498 - Honors Research in Economics
Students conduct research in economics under the direction of a faculty member and the Senior Honors Research Committee. May be repeated as 499. 3 credits.
Economics 501 - Economics and the Environment in the K-12 Classroom
This educator-oriented class is designed to cover the economic strands of the Virginia Standards of Learning using an environmental context. Students will learn basic economics theory and innovative, hands-on methods of delivering the content. Environmental themes include resource scarcity, common pool and tragedy of the commons, externalities, population growth, regulation, garbage and recycling, pollution, and endangered species. Children's literature is incorporated. Students are responsible for development of curriculum activities appropriate for the classroom. Students may not use this course to meet the economics requirements in the economics major (BS or BA in Economics), in the business administration major (BSBA) or in the economics minor. 3 credits.
Economics 502 - Financially Focused in the K-12 Classroom
This educator-oriented class is designed to cover the essential elements of financial literacy, including basic economics, financial planning, saving/investing, budgeting, use of credit, taxation, social security, and insurance. Hands-on activities will be included, so that teachers learn how to make these topics more interesting for students. Students may not use the course to meet the economics requirements in the economics major, the business administration major, or the economics minor. 3 credits.
Economics 503 - Saving Our Rivers and Bays with Dollars and Sense
This educator-oriented class focuses on the importance of Virginia's water resources. Participants will explore both the scientific and economic reasons that Virginians should be concerned about the quality of these resources and the reasons that they are being degraded. They will understand how water resources are impacted by the common pool problem and the tragedy of the commons, and they will explore the role of property rights in setting the correct incentives for protection. Participants will also learn how to teach a classroom-friendly model for effective decision making with respect to environmental resources. A major focus of the class is the Chesapeake Bay and its importance in the Virginia economy. Hands-on classroom activities and children's literature selections will be a major element of this training. This class is intended for educator relicensure and cannot be counted towards the Economics major, the Economics minor, the B.S. in Business Administration, or the Master in Business Administration. 3 credits.