Undergraduate Economics Courses

EC 111 and EC 112 are prerequisites to all other courses in economics.

Managerial economics and economics-finance majors should contact their academic advisors for information with respect to course sequencing.

Courses

EC 111 Principles of Microeconomics (3 credits)

Prerequisite(s): 3 credits of 100 level math

Provides students with an understanding of fundamental economic principles and tools. Presents economic analysis with respect to demand, supply, market equilibrium, costs of production and resource pricing. Examines the market structures of pure competition, oligopoly, monopolistic competition and monopoly. Analyzes the markets for labor and capital.

Back to Top

EC 112 Principles of Macroeconomics (3 credits)

Prerequisite(s): 3 credits of 100 level Math and EC 111

Analyzes the determinants of aggregate economic activity and the effects of government policies intended to achieve full employment, price stability and economic growth. Topics include inflation, unemployment, interest rates, fiscal policy and the public debt, monetary policy, the balance of payments, and exchange rates. Introduces the economic analysis of international trade, comparative advantage and selected current economic problems.

Back to Top

EC 224 Intermediate Price Theory (3 credits)

Prerequisite(s): EC 111 and EC 112

Examines price determination in the marketplace and the interactions among consumers, firms and government in the market process. The study of markets and the forces of supply and demand provides a sound basis for understanding pricing, production decisions, cost conditions, industry regulations, and profitability. Consumer behavior and firm decision-making form the fundamental structure for the course of study. Among the topics covered are consumer choice, welfare effects of government policy, production technology, profitability, competitive market analysis, and market power and price discrimination. Analytical tools and the economic modeling techniques are developed through the course. This is a required course for all economics and economics-finance majors.

Back to Top

EC 225 Intermediate Macroeconomics (3 credits)

Prerequisite(s): EC 111 and EC 112

Analyzes the environment in which business operates, including the influence of the government and Central Bank policies, recessions and expansions, inflation and growth on a business. Provides the tools to analyze the effect of various economic events on production, employment and prices. The course also introduces important debates in economics, such as "supply-side" economics, the impact of a balanced budget amendment, and the role of the Federal Reserve in keeping inflation and unemployment low. Periodic writing assignments help students use the tools learned to analyze current events and policy discussions. This course is required for all economics and economics-finance majors.

Back to Top

EC 232 Labor Economics (3 credits)

Prerequisite(s): EC 111 and EC 112

Analyzes the economic forces influencing employment, wages and working conditions in the United States. Examines topics such as the decline in job security, the rise in educational and training requirements, the impact of technology and trade on employment and wages, and the extent and effects of unionization. Discusses managerial compensation and the use of incentive packages to reduce labor turnover and encourage productivity. Course also addresses public policy issues regarding income inequality, safety and health, discrimination, minimum wage, and unemployment compensation.

Back to Top

EC 245 Business Forecasting (3 credits)

Prerequisite(s): EC 111, EC 112 and (GB 210 or GB 213)

Presents an analysis of techniques and models useful for business forecasting of sales and other business variables. Allows the student to give quantitative answers to the questions of business planning in an uncertain environment. Includes judgmental, simulation and statistical forecasting methods. Provides an assessment of alternative techniques and examines the implementation of forecasts in the context of business planning.

Back to Top

EC 251 Development of Economic Thought (3 credits)

Prerequisite(s): EC 111 and EC 112

Examines the development of economic thinking with regard to topics such as value, production, distribution, employment and inflation. Outlines the progression of ideas from the classical school, through Marxism and neoclassical thinking to the Keynesian revolution of this century. Examines the post-Keynesian direction of economics and provides an overview of recent theoretical developments in the context of past approaches. Traces the development of economic concepts in the context of economic conditions of the period and concludes with a discussion of the current direction of economic thought.

Back to Top

EC 271 Economics of Regulation and Antitrust (3 credits)

Prerequisite(s): EC 111 and EC 112

Examines the relationship between government business policy and business response. Considers the various ways in which government attempts to alter business behavior through the use of industry regulation, antitrust legislation, and social regulation such as consumer protection, environmental protection, and occupational safety laws. Discusses the intent of various laws to see that firms behave in socially desirable ways and examines the degree to which the laws have been successful in achieving these results.

Back to Top

EC 272 Economics of Information Technology (3 credits)

Prerequisite(s): EC 111 and EC 112

This course will look at a broad array of issues raised by the revolution in information technology. Included will be macroeconomic topics such as whether information technology really created a "new economy, the effect of information technology on productivity, and what can we learn from the dot-com boom and bust. The structure of the information technology sector will be analyzed by looking at several of its unique features and considering their effects. A considerable portion of the course will be taken up with the issues of pricing information goods and services. In addition, economic policy with respect to competition, intellectual property issues, and taxation will be examined.

Back to Top

EC 273 Technology, Innovation and Economic Performance (3 credits)

Prerequisite(s): EC 111 and EC 112

Note: This course is considered business.

This course explores the economic aspects of innovation and technology, focusing on their implications for economic performance and competitiveness of firms, industries, regions and countries. Micro-economic aspects of innovation are covered, including topics such as types of innovation, the role of R&D, patents, and characteristics of firms most likely to innovate. Business applications are demonstrated through case studies of industries. At the macro-economic level, interrelationships among technology, innovation and economic growth are analyzed. Factors underlying the ability of regions (such as Silicon Valley and along Route 128), and of countries (such as Ireland, India and China) to succeed or fail in generating technology-based firms and in high-tech economic growth and development are explored.

Back to Top

EC 275 The Economics of Sports (3 credits)

Prerequisite(s): EC 111 and EC 112 and (GB 213 or GB 210)

Note: This course is a business course.

This course allows students to develop a detailed economic understanding of the
professional and amateur sports industry. Relying on economic principles and
well-developed economic models, the course material analyzes a variety or
current-day issues facing the spoliing industry. Topics include: competitive
balance issues, such as, revenue sharing, salary caps, and luxury taxes;
govemment's role in the sports industry, and; player issues, such as, racial and
wage discrimination, free agency, and superstar effects.

Back to Top

EC 280 Economic Analysis of the Law (3 credits)

Prerequisite(s): EC 111 and EC 112

Economic theory typically takes for granted the legal system in which the economy operates. In reality, without a stable and well-constructed set of legal institutions, there will be many incentives for people to act in ways that are not efficient, making it difficult for markets to function properly. This course examines the kinds of problems that arise in the absence of a good legal system, and looks at how a properly constructed set of legal rules can be designed to alleviate those problems. The course looks to several areas of the law to see how a properly-functioning legal system can aid economic performance: property law, contract law, and criminal law, as well as a look at how the legal process functions and how strategically-acting agents will act in such a system.

Back to Top

EC 311 International Economics (3 credits)

Prerequisite(s): EC 111 and EC 112

Presents the basis of international trade through both classical models and recent complementary trade theories. Analyzes the impact of trade, i.e., who gains and who loses, with implications regarding the politics of trade. Examines commercial policy, trade blocks, links with development, and consequent north-south conflicts. Shows the determination of exchange rates, and the relationship with the U.S. balance of payments.  I

Back to Top

EC 315 The Economics of Multinational Corporations (3 credits)

Prerequisite(s): EC 111 and EC 112

Analyzes the unique nature of multinational corporations and how multinational corporations are affected by, and affect, the national and world economies. Evaluates the impact on multinational corporations of many economic events such as capital flows and asset markets, exports, competition, labor relations and foreign exchange rates. Includes a critical examination of tax policies with regard to multinationals and the effect of such policies on the transfer (intersubsidiary) prices of the firm. Examines the future role of multinational firms in the U.S. and world economy.

Back to Top

EC 321 International Economic Growth and Development (3 credits)

Prerequisite(s): EC 111 and EC 112

Analyzes the long-term performance of an economy in terms of the related concepts of growth and development. Examines alternative explanations for the growth record of the developed economies as well as their prospects for continued growth. Presents an overview of the economic performance of the less developed countries and examines critical aspects of development such as capital accumulation, technological change, population growth, labor and manpower issues, agriculture and trade. Examines development policies in the areas of inflation and planning, and considers issues related to economic ties between developed and developing economies.  I

Back to Top

EC 331 Modern Economic Systems (3 credits)

Prerequisite(s): EC 111 and EC 112

Describes and analyzes the different approaches to organizing economic systems in the latter half of the twentieth century, e.g., modern capitalism, modern socialism, command systems, and mixed variants. Contrasts the differing roles played by government in the regulation and direction of the economy. Notable attention is paid to the differences in the use of fiscal, monetary, incomes and international trade policies to affect economic activity. Countries representing major differences in approaches include the United States, United Kingdom, France, Germany, Japan, China, Hungary, Russia and others.  I

Back to Top

EC 333 Economics of the European Union (3 credits)

Prerequisite(s): EC 111 and EC 112

Economics of the European Union analyzes the implications of European integration for international business and public policy. Emphasis is given to theories and issues in international trade and finance. Examines EU-U.S. trade disputes and the introduction of the Euro. The role of monetary and fiscal policy in resolving problems of unemployment and inflation in the European Union is discussed. Other issues covered in the course include rigidities in the European labor market, migration and agriculture. The course concludes with a module on the prospects for and implications of EU expansion.  I

Back to Top

EC 341 Urban and Regional Economics (3 credits)

Prerequisite(s): EC 111 and EC 112

Analyzes the economic forces determining where cities develop and grow. Studies the location decision of firms and how land and housing prices are determined in a regional economy. Examines the role and effects of city government on the metropolitan economy. Discusses urban problems such as poverty, discrimination, housing, pollution and crime. Problem-solving, economic analysis, and analytical writing are emphasized in the course.

Back to Top

EC 343 Health Economics (3 credits)

Prerequisite(s): EC 111 and EC 112

Uses economic tools to understand various issues and problems pertaining to health and medical care. Examines in considerable detail the structure, conduct and performance of health insurance, physician, hospital and pharmaceutical industries. Discusses the role, design and effects of the Medicare and Medicaid programs and alternative delivery systems like Health Maintenance and Preferred Provider organizations on the functioning of health-care markets.

Back to Top

EC 346 Environmental Economics (3 credits)

Prerequisite(s): EC 111 and EC 112

Uses a modular approach to investigate the economics of environmental issues and policy solutions. Economic modeling is used to illustrate how environmental damage can be viewed as a market failure. Using this approach, analytical tools are developed to evaluate environmental policy solutions such as direct regulation, pollution taxes, abatement subsidies, and the trading of emissions rights. In addition to analyzing environmental policy, the course examines the importance of environmental issues to the corporate sector and the ways in which businesses are responding both to new regulations and consumer awareness of environmental risks.

Back to Top

EC 351 Contemporary Economic Issues (3 credits)

Prerequisite(s): EC 111 and EC 112

Applies the principles of economics to critically analyze current economic problems and issues. Treats such problems as poverty, population, pollution, health, economic welfare, American business in an evolving global environment, ecology, income redistribution programs, agricultural policy, economic discrimination, foreign trade, and balance of payment problems.

Back to Top

EC 361 Introduction to Econometrics (3 credits)

Prerequisite(s): EC 111, EC 112 and (GB 210 or GB 213)

Note: May not be taken by students who have completed MA 252.

Introduces the student to the building and estimation of statistical models used to test economic theory. Familiarizes students with the sources of economic data and with the difficulties encountered in empirical testing of these models. The methods employed and problems encountered in testing economic theory are also applied to other areas such as finance and marketing.

Back to Top

EC 381 Research in Managerial Economics (3 credits)

Prerequisite(s): Senior-level standing and EC 224. Open to Managerial Economics or Economics-Finance majors, others by permission of the instructor.

This capstone course analyzes business problems in terms of microeconomic principles and methods. Students are required to apply economic reasoning to managerial decisions in demand forecasting, production and cost analysis, pricing and competitive strategies. Course material integrates economic theory with statistical techniques and concepts from other business disciplines through a series of case studies and analytical models. As a capstone course, requires students to prepare a research project that integrates the principles and methods developed in this course with their area of concentration (or in finance for economics-finance majors).  C

Back to Top

EC 391 Monetary Economics (3 credits)

Prerequisite(s): Senior-level standing, (FI 305 or FI 310), FI 320, and EC 225. Open to economics-finance or finance majors, others by permission of the instructor.

Note: May not be taken by students who have completed EC 211 (Money and Banking).

This course will take an especially close look at how monetary policy impacts the major financial markets, particularly the bond market. After examining the impact of monetary policy on the domestic economy, we will shift our analysis to the international arena. This will include an evaluation of the impact of money on both spot and forward exchange rates, and we will also examine the relative merits of fixed and flexible exchange rate systems. This analysis will then be applied to various real world cases such as the EMU, currency boards, and exchange rate crises. The final section of the course will focus on some of the major issues faced by U.S. monetary policymakers. We will examine the tools, targets and goals of Federal Reserve policy, with particular emphasis on some of the current debates of U.S. monetary policy.  C

Back to Top

EC 401 Directed Study in Economics (3 credits)

Prerequisite(s): Department chairperson's permission.

Permits superior students to study special topics. (Allows repetition for credit.)

Back to Top

EC 402 Seminar in Economics (3 credits)

Prerequisite(s): Department chairperson's permission.

Note: Not offered regularly. Check with department chair for availability.

Makes it possible for small groups of advanced students to work on selected topics. (Allows repetition for credit.)

Back to Top

EC 420 Managerial Economics Internship (3 credits)

Prerequisite(s): Senior level standing. Open to superior full-time students who are accepted into the program by the department's internship coordinator.

The internship provides the student with an opportunity to apply principles of economics while working in business or government. The internship experience enables the student to understand the relationship between academic experience and business practice prior to graduation. Such a work experience is helpful in defining career goals and adjusting academic programs to prepare to meet those objectives. Additional benefits include building self-confidence, learning to work with others in a goal-related atmosphere, and establishing a contact for possible employment upon graduation.

Back to Top

EC 421 Economics-Finance Internship (3 credits)

Prerequisite(s): Senior level standing. Open to superior full-time students who are accepted into the program by the department's internship coordinator.

The internship provides the student with an opportunity to apply principles of economics and finance while working in business or government. The internship experience enables the student to understand the relationship between academic experience and business practice prior to graduation. Such a work experience is helpful in defining career goals and adjusting academic programs to prepare to meet those objectives. Additional benefits include building self-confidence, learning to work with others in a goal-related atmosphere, and establishing a contact for possible employment upon graduation.

Back to Top

EC 454 College Fed Challenge (3 credits)

Prerequisite(s): EC 111 and EC 112 and junior standing or higher. Ec 225 is preferred but not required.

Note: Course requires instructor permission.

The intent of EC454 is to expose selected students to a rigorous exploration of advanced macroeconomic and monetary economics concepts with a special emphasis on the conduct of monetary policy by the Federal Reserve. During the semester, students will read chosen articles, write policy briefings and make policy oriented presentations. All aspects of the course will emphasize teamwork. The culminating experience of the course will be participation in the College Fed Challenge. The CFC is a prestigious competition sponsored by the Boston Federal Reserve System. Teams from area colleges make presentations to a panel of judges made up of economists from the Boston Fed.

Back to Top