How the invisible hand of the market functions through the economic decisions of firms and individuals. How prices, wages and profits are determined, resources are allocated and income is distributed. Topical subjects (e.g., energy policy and health care). CA 2.

3.00 credits
Prerequisites: Not open for credit to students who have passed or are taking ECON 1200.May be taken before or after ECON 1202. May not be taken out of sequence after passing ECON 2198, 2201, 2211Q, or 2327. Students may not earn credit for both ARE 1150 and ECON 1201.
Grading Basis: Graded

Principles of Macroeconomics (ECON 1202)

The organization and function of the economic system as a total unit. Economic decisions, institutions, and policies that determine levels and rates of growth of production, employment, and prices. Topical subjects (e.g., government budget deficits and current interest-rate policy). CA 2.

3.00 credits
Prerequisites: Not open for credit to students who have passed ECON 1200. May not be taken concurrently with ECON 1200. May be taken before or after ECON 1201 (or ARE 1150). May not be taken out of sequence after passing ECON 2198, 2202, 2212Q, or 2327.
Grading Basis: Graded

Economic History of Europe (ECON 2101W)

Economic evolution of Europe from feudal times to the present, emphasizing the modern period: the rise of commerce, industry, and banking; the growth of population and the labor force; the changing position of agriculture; business fluctuations; and forms of economic organization. CA 1.

3.00 credits
Prerequisites: ENGL 1007 or 1010 or 1011 or 2011; ECON 1200 or both ECON 1201 and 1202. ECON 1201 (or are 1150) may be taken concurrently.
Grading Basis: Graded

Intermediate Microeconomic Theory (ECON 2201)

Intermediate microeconomic theory, covering demand and supply, exchange and production, pricing, and welfare economics.

3.00 credits
Prerequisites: ECON 1200 or 1201; MATH 1071 or 1110 or 1120 or 1125 or 1131 or 1151 or 2141. Recommended preparation: ECON 1202. Not open for credit to students who have passed ECON 2211 or 3441.
Grading Basis: Graded

Intermediate Microeconomic Theory (ECON 2202)

Intermediate macroeconomic theory, covering national income accounting; the determination of aggregate output, employment and price levels; elements of business cycles and economic growth.

3.00 credits
Prerequisites: ECON 1200 or 1202; one of MATH 1071Q, 1110Q, 1121Q, 1131Q, 1151Q, or 2141Q.
Recommended Preparation: ECON 1201. Not open for credit to students who have passed ECON 2212Q.
Grading Basis: Graded

Mathematical Economics (ECON 2301Q)

Application of mathematical techniques to economic problems. Methods studied: set theory, linear algebra, equilibrium analysis, unconstrained and constrained optimization, comparative statics, and linear programming.

3.00 credits
Prerequisites: ECON 1200 or both ECON 1201 (or ARE 1150) and ECON 1202; MATH 1071Q or MATH 1131Q or equivalent.
Grading Basis: Graded

Econometrics I (ECON 2311Q)

Recommended for all students majoring in Economics. Introduction to the application of statistical methods for the estimation, testing, and prediction of economic relationships. Emphasizes ordinary least squares regression.

3.00 credits
Prerequisites: ECON 1200 or both ECON 1201 and 1202; MATH 1071Q or 1110Q or 1125Q or 1131Q or 1151Q or 2141Q; and STAT 1000Q or 1100Q.
Grading Basis: Graded

Econometrics II (ECON 2312Q)

Topics may include endogeneity problems and instrumental variables, panel-data models, binary-choice models including probit and logit, and time-series econometrics.

3.00 credits
Prerequisites: ECON 2311Q.
Grading Basis: Graded

Operations Research (ECON 2326)

Extensive use of computer spreadsheets to find efficient solutions to problems faced by managers in both the public and private sectors. Optimization of input and output mixes, of delivery routes, and communication networks.

3.00 credits
Prerequisites: None.
Recommended Preparation: ECON 1200 or both ECON 1201 and 1202. Not open for credit to students who have passed ECON 4326.
Grading Basis: Graded

Money and Banking (ECON 2411)

The nature of money, the origins of monetary standards and systems, the development and operation of commercial banking, the Federal Reserve System, and international monetary agencies.

3.00 credits
Prerequisites: ECON 1200 or both ECON 1201 (or ARE 1150) and ECON 1202; ECON 1201 (or ARE 1150) may be taken concurrently.
Grading Basis: Graded

Economics of Financial Markets and Institutions (ECON 2413)

Economics of labor: human capital theory, discrimination, unemployment, manpower policy, and trade unions.

3.00 credits
Prerequisites: ECON 1200 or 1201 or ARE 1150; ENGL 1007 or 1010 or 1011 or 2011.
Recommended Preparation: ECON 2201.
Grading Basis: Graded

Economics of Sports (ECON 2447)

Microeconomic principles applied to the business of sports. Player salaries; antitrust issues and collective bargaining; discrimination; economics of franchising; ticket pricing, revenue sharing, and competitive balance; impact of franchises on local economies.

3.00 credits
Prerequisites: ECON 1200 or 1201 or ARE 1150.
Grading Basis: Graded

Economics of the Oceans (ECON 2467E)

Economies of industries that use and manage ocean resources. Applications of industrial organization, law and economics, natural resource theory, and environmental economics.

Also offered as: MAST 2467E.

3.00 credits
Prerequisites: ECON 1200 or 1201 or ARE 1150.
Grading Basis: Graded

Elementary Economic Forecasting (ECON 3313)

Economic forecasting for macroeconomics and financial economics. Econometric analysis of time-series data.

3.00 credits
Prerequisites: ECON 2202 or 2212Q; ECON 2311Q; ECON 2312Q; STAT 1000Q or 1100Q; open to juniors or higher.
Grading Basis: Graded

Financial Economics (ECON 3413)

Basic principles used in investment decisions and their applications to pricing financial assets and to portfolio management. Asset pricing models including the Capital Asset Pricing Model and Arbitrage Pricing Theory. Fixed-income securities. Options and futures.

3.00 credits
Prerequisites: ECON 2201 or 2211Q; ECON 2202 or 2212Q; STAT 1000Q or 1100Q.
Grading Basis: Graded

International Trade (ECON 3421)

Economic basis of international trade, trade policies, and international economic organizations.

3.00 credits
Prerequisites: ECON 2201 or 2211Q.
Recommended Preparation: ECON 1200 or 1202; MATH 1071 or 1110 or 1121 or 1131 or 1151.
Grading Basis: Graded

Contemporary Problems in Economics (ECON 3438W)

Current issues of government economic policy, primarily microeconomic: energy, income maintenance, labor markets for minorities and women, government regulation, health care, and others.

3.00 credits
Prerequisites: ECON 2201 or 2211Q; ECON 2202 or 2212Q; ENGL 1007 or 1010 or 1011 or 2011.
Grading Basis: Graded

Theory of Labor Markets (ECON 3441)

Theoretical analysis of labor markets: labor supply and demand; wage differentials; human capital; and the inflation-unemployment tradeoff.

3.00 credits
Prerequisites: ECON 2201 or 2211Q.
Grading Basis: Graded

Health Economics (ECON 3451)

Economic analysis of the health sector: organization and performance of health care delivery systems; economic behavior of patients and providers; markets for health services; health-care finance and insurance; health-care policy; and cost-benefit analysis of health-care programs.

3.00 credits
Prerequisites: ECON 2201 or 2211Q. Not open for credit to students who have passed ECON 2498 when taught as Health/Labor Economics.
Grading Basis: Graded

Environmental Economics (ECON 3466E)

Application of economic reasoning to environmental issues. Topics include air and water pollution and the management of natural resources; market failure and environmental regulation; market-based mechanisms; cost-benefit analysis, environmental valuation, and program evaluation; environmental justice from an economic perspective.

3.00 credits
Prerequisites: ECON 2201 or 2211Q.
Grading Basis: Graded

Economics of the Law (ECON 3468)