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Economics and Business

www.coloradocollege.edu/academics/dept/economics/

Professors KAPURIA-FOREMAN, LAUX, SMITH,  TIEFENTHALER; Associate Professors FENN, D. JOHNSON (chair), PARCO, REDMOUNT; Assistant Professors DE ARAUJO(associate chair), KHRAICHE; Research Professor RASK; Schlessman Visiting Executive-in-Residence SKILLING; Visiting Faculty CARTER, COOLEY, JETER, MANN, KACZMAREK,  RAPPAPORT, WOGLOM

THE MAJOR — REQUIREMENTS:

The department of economics and business offers a major in economics and supports several interdisciplinary majors including mathematical economics, international political economy, and environmental science. The college’s location, resources, and unique Block Plan calendar allow the faculty to offer students truly extraordinary learning experiences. Many of the department’s courses incorporate experiential learning opportunities including guest lecturers, executives-in-residence, and field trips. Field trips range from one-day visits to Denver to visits with the executives of high-tech telecommunications firms and the front offices of professional sports franchises to extensive one- to two-week field trips to study economics issues. A large percentage of students take advantage of opportunities to study at another college or university in the United States or to study abroad at institutions such as the London School of Economics and the University of Maastricht. The college also has an exchange agreement with the Jönköping International Business School in Sweden.

The department aims to provide students with rigorous grounding in economic principles and business concepts, providing excellent preparation for careers in business and public service. In addition, many of the department’s students attend some of the nation’s finest business and law schools, and pursue graduate study in economics, public policy, and environmental management at leading research universities.

To declare a major in economics, students must complete Principles of Economics (150 or 151 and 152) and Principles of Financial Accounting (160). Other courses required for the major include Methods I (200 or MA117 or BY220), Intermediate Microeconomic (207) and Macroeconomic (209) Theory, Methods II (303) or Econometrics (408), and three additional units of economics and business courses at the 300 or 400 level. All economics majors also complete an independent senior thesis research project (499 — 2 units) working closely with a faculty advisor. Majors must also take Mathematics 125 (2 units) or 126.

The department regularly offers courses in international economics, environmental and natural resource economics, labor and sports economics, public finance, economic development, and comparative economic systems. For those students who wish to focus on business, the department offers many elective business courses including Intermediate (301) and Managerial (307) Accounting, Theory of Business Finance (316), Investments (317), Entrepreneurship (320), Consumer Marketing (326), and Business Policy and Strategy (405). Perspectives on Business in a Changing World — an ongoing program of guest speakers, executives-in-residence, special programs and symposia — enrich departmental and college-community discussions of business and economics issues and challenges.

Students who excel in the major will find many opportunities to pursue independent research projects or to work collaboratively with department faculty, and the department and college have significant resources to support these research activities. Distinction at graduation and other prizes are awarded by the department faculty to majors on the basis of the senior thesis, overall performance in department courses, and performance in courses outside the department and social science division.

Economics Courses

EC104 Legal Environment of Business

Survey of the U.S. system of laws and courts and the role of law in business and personal decision-making. A study of case law and judicial thinking ranging from traditional fields of contracts and torts to recent Supreme Court decisions on the environment, e-commerce, the Internet, licensing, and First Amendment freedoms.

1 unit —

EC108 Water Resource Management

Examines current problems in water resource management on various scales - from local to international (transboundary) supply and quality issues. Aims to demonstrate on an introductory level the value of economic analysis in the context of other approaches for thinking about water resources issues. Intended for non-majors. No credit if taken after 150, 151, 152 or 160, and may not be counted toward either the economics or political economy majors. (Not offered 2014-15).

Prerequisite: No credit after 150 (or 151 & 152) or 160 & can't be counted towards Econ or Poli Econ majors.

.5 unit

EC109 Personal Financial Planning

The study of the development and implementation of a personal financial and investment program. Includes analysis of budgeting and tax planning, managing liquidity, financing large purchases, protecting assets and income, analyzing investment information, examining alternative investment types, and investing money for retirement.

.5 unit —

EC110 Topics in Economics and Business

Selected introductory topics in economics and business. Specific content and emphasis to be determined by the instructor. Exposes students to problems and trends in society which can be illuminated through application of basic tools and concepts drawn from economics and business fields. May be taught with Emphasis on Writing and Speaking. Intended for non-majors. No credit if taken after 150, 151, 152 or 160 and may not be counted toward either the economics or political economy majors.

Prerequisite: No credit after 150 (or 151 & 152) or 160 & can't be counted towards Econ or Poli Econ majors.

1 unit —

EC141 Sustainable Development

Investigates the concept of sustainable development by first introducing students to necessary economic terms and concepts. It next explores traditional economic models of production and distribution. Finally it introduces the concept of sustainable development (meeting the needs of the present without compromising the ability of future generations to meet their own needs). The course includes fieldwork to explore the behavior of traditional economic models and examples of sustainable development. May involve additional expense. This course is intended for non-economics majors. No Economics credit if taken after 150, 151, 152 or 160 and may not be counted toward either the economics or political economy majors. Students can choose to take this course for credit either in Economics (EC 141) or Environmental Science (EV 141) (Fulfills one unit of the divisional requirement in the Social Sciences, but not in the Natural Sciences.)

Prerequisite: No EC credit after Economics 150, 151, 152 or 160 & May not be counted toward Econ or Poli Econ Majors.

Also listed as Environmental Science 141.

1 unit —

EC150 Principles of Economics

An introduction to the principles of economics (both microeconomics and macroeconomics) with emphasis on decision-making by households and firms, the way in which individual markets work, the distribution of income, governmental impact on specific markets, and the behavior of economic aggregates such as total output, total employment, the price level, and the rate of economic growth; and government policies which affect them. Meets the Critical Perspectives: Quantitative Reasoning requirement. (Not offered 2014-15).

2 units

EC151 Principles of Microeconomics

An introduction to the principles of microeconomics with emphasis on decision-making by households and firms, the way in which individual markets work, the distribution of income, and governmental impact on specific markets. Meets the Critical Perspectives: Quantitative Reasoning requirement.

1 unit —

EC152 Principles of Macroeconomics

An introduction to the principles of macroeconomics with emphasis on the behavior of economic aggregates such as total output, total employment, the price level, and the rate of economic growth; and government policies which affect them. Meets the Critical Perspectives: Quantitative Reasoning requirement.

1 unit —

EC160 Principles of Financial Accounting

An introduction to the fundamentals of the financial statements of corporations, including statement interpretation and analysis. Exposes students to economic decisions and their consequences as they relate to business activities, including operating, investing, and financing activities. Meets the Critical Perspectives: Quantitative Reasoning requirement.

1 unit —

EC200 Methods I: Statistics

An introduction to descriptive and inferential statistics including basic probability theory, distinctions between population and sampling distributions, estimation of population parameters, hypothesis testing and an introduction to nonparametric statistics. Examples, problems and labs are chosen to expose students to the kinds of problems faced in Economics and Business. (No credit if taken after Biology 220 or Mathematics 117 or 217.). (Not offered 2014-15).

Prerequisite: Economics 150 (or 151 & 152) (No credit after Biology 220 or Mathematics 117).

1 unit

EC207 Intermediate Microeconomic Theory

A general theory of pricing for both the product and factor markets within the different market structures of pure competition, monopolistic competition, oligopoly and monopoly; the economic behavior of: (1) the individual or the household; (2) the firm; (3) the industry; and (4) the economy as a whole. The relationship between economic theory and public policy.

Prerequisite: 150 (or 151 & 152) & Mathematics 125 or 126.

1 unit —

EC209 Intermed Macroeconomic Theory

Macroeconomic models that study the relationships between economic aggregates such as: income, consumption, employment, savings, investment, government expenditures, net exports, interest rates, wages, and prices. Comparison of models to real world data and applications to fiscal and monetary policies in the short and long run.

Prerequisite: Ec 150 (or 151 and 152) and Math 126.

1 unit —

EC301 Intermediate Accounting

Presentation and critical review of the elements of financial statements with concentration on accounting theory and interpretation by users. Addresses problems with income determination. (Offered in alternate years as 391.) (Not offered 2014-15).

Prerequisite: 160.

1 to 2 units

EC303 Methods II: Research Methods

Examination of methods of analysis commonly used in economics and business. Emphasis on non-experimental and quasi-experimental designs necessitating the use of models. Topics include small sample and large sample methods, case studies, surveys, regression and forecasting., 160, 200 (or Mathematics 117 or 217 or Biology 220). (Not offered 2014-15).

Prerequisite: Prerequisites for Econ majors: (either Economics 150 or Economics 151 and Economics 152), (Economics 160), and (Economics 200 or Mathematics 117 or Mathematics 217 or Biology 220). Prerequisites for International Political Economy majors:(either Economics 150 or Economics 151 and Economics 152), (Economics 375 or Political Science 375), and (Economics 200 or Mathematics 117 or Mathematics 217.

1 unit

EC306 Industrial Organization

Problems of competition and coordination among firms in the market at large, including the dynamics of monopoly, oligopoly, monopolistic competition and such practices as price discrimination, tying and bundling, and product differentiation. Examination of the rationales behind antitrust legislation and regulation. May include field trip.

Prerequisite: 150 (or 151 & 152).

1 unit —

EC307 Managerial Accounting

Principles and problems of assembling, recording, and interpreting cost data for manufacturing and service firms. Introduces various costing systems, including activity-based and standard costing systems, with emphasis on the economic decisions managers make using this accounting data and the potential impact on employee behavior.

Prerequisite: 160.

1 unit —

EC314 The Economics of Organization

Internal organization of the firm, how incentive structures and problems in contracting and coordination affect patterns of ownership, financial structure, vertical and horizontal integration and internal labor markets. (Not offered 2014-15).

Prerequisite: 150 (or 151 & 152); 160.

1 unit

EC316 Theory of Business Finance

This course examines the role of the financial manager in determining the appropriate composition and level of assets and their financing within the context of stockholder wealth maximization. Key theoretical constructs include operating and financial leverage, the risk-return tradeoff, liquidity, and agency theory. Topics include financial analysis and planning, working capital management, cost of capital, capital budgeting, and mergers and acquisitions.

Prerequisite: Economics 150 (or 151 & 152) & 160.

1 unit —

EC317 Investments

Elements of sound investment; comparison of types of investments; tests of investment quality. Relation of investment to the business cycle. Marketability; effects of government regulation. Analysis of securities; investment forecasting.

Prerequisite: Economics 160.

1 unit —

EC319 Entrepreneurial Idea Development

Introduction to how social and environmental challenges can create entrepreneurial opportunities. Course emphasis will be on social enterprises in both non-profit and for-profit sectors, leading into a project to be developed in EC320. This course may only be taken in the same term a student is enrolled or waitlisted in EC320. Students who are successfully placed on the EC320 roster (both enrolled and waitlisted) will automatically be enrolled in this adjunct course. (Not offered 2014-15).

Prerequisite: Economics 150 (or Economics 151 & EC152),.

.25 unit

EC320 Entrepreneurship

How, why, and by whom firms are brought into being, the role that production, information and transactions costs and risk and uncertainty play in the process of firm entry and exit. May include field trip. (Not offered 2014-15).

Prerequisite: Economics 150 (or 151 & 152); 160.

1 unit

EC321 Entrepreneurial Execution

For students who have fully-developed venture proposals and intend to launch them into viable business entities. This course may be taken repeatedly after the completion of EC320. (Not offered 2014-15).

Prerequisite: Economics 320 or consent of instructor.

.25 unit

EC322 Money, Banking & Financial Markets

Macroeconomic analysis of capital markets. Issues include Federal Reserve monetary policy, changes in the banking industry, determination of interest rates and stock market valuation. Development of skills to analyze current financial news and make predictions regarding their economic impact. (New York field trip in alternate years with additional expenses and a class size limit of 15.) Class limit is 25 in the years when there is no field trip.

Prerequisite: Economics 209.

1 unit —

EC324 Business & Society

An examination of the institutions, operations, and philosophical foundations of business and the social, political and natural environment in which it grew. Emphasis is on the interrelationships of historical foundations of contemporary problems. (Not offered 2014-15).

Prerequisite: 150 (or 151 & 152); 160.

1 unit

EC326 Consumer Marketing

The analysis and segmentation of markets; the psychological, emotional, and social bases of consumer behavior; the analytical techniques employed by market research professionals; and the development, implementation, and evaluation of marketing strategies. The course makes considerable use of guest speakers and field learning experiences.

Prerequisite: Economics 150 (or 151 & 152); 160.

1 unit —

EC328 Economics of the Environment

Application of economic concepts to analysis of environmental problems. Development of approaches to dealing with the special problems of non-market goods. Discussion of the role of economics in policy analysis. Particular emphasis on problems of market failure, i. e. externalities, public goods, non-market goods, uncertainty, income distribution, inter-temporal resource allocation and policies to correct for imperfect markets. (Not offered 2014-15).

Prerequisite: Economics 150 (or 151 & 152).

.5 unit

EC330 Public economics and Policy

The economic aspects of public revenues, expenditures and debt; the different types of taxes; the interrelationship between the activity of the private and public economy.

Prerequisite: Economics 150 (or 151 & 152).

1 unit —

EC331 Business Organization and Management

The motivation of individuals in organizations, effective goal setting practices, the sources of power in organizations and how leadership styles influence individual effort and job performance, the characteristics of effective teams, the key human resource management challenges facing organizations, and the importance of organizational culture and how organizational cultures are created. (Not offered 2014-15).

Prerequisite: Economics 160 or Psychology 100, 101 or 111. Will count toward the economics major only if taken after Economics 160.

1 unit

EC334 Comparative Economic Systems

Comparison of the nature and operation of modern economic systems, emphasizing structural and policy differences and similarities as well as differences of economic ideology. Emphasis given to contemporary capitalist economies, as well as economies in transition from central planning. (Not offered 2014-15).

Prerequisite: Economics 150 (or 151 & 152).

1 unit

EC335 Environmental Economics

The relation between economic organization and environmental quality. Factors inherent in economic systems which generate environmental debasement and which limit the success of internally generated corrective measures.

Prerequisite: Economics 150 (or 151 & 152).

Also listed as Environmental Science 335.

1 unit —

EC336 Economics of Labor

Problems of employment of labor from the standpoint of employees, employers and society including the following: economic analysis of trade unions; union types, theories, policies, methods and weapons; company and union public relations. Junior standing.

Prerequisite: Economics 150 (or 151 & 152).

1 unit —

EC337 Economic Development

Examines various attempts by Third World countries to achieve higher standards of living; emphasizes the theoretical and policy approaches adopted in both the domestic and international spheres. Meets the Critical Perspectives: Diverse Cultures and Critiques requirement. Meets the Critical Perspectives: Global Cultures requirement.

Prerequisite: Economics 150 (or 151 & 152).

1 unit —

EC339 The East Asian Tigers

This course focuses on the common characteristics and diversity of East Asian growth experiences and the rise and fall of belief in a uniquely East Asian model of economic development. (Not offered 2014-15).

Prerequisite: 150 (or 151 & 152).

1 unit

EC341 Ecological Economics and Sustainability

Provides an introduction to ecological economics (an interdisciplinary approach to understanding and managing the ecology and economics of our world) and introduces/extends students' understanding of sustainability (meeting the needs of the present without compromising the ability of future generations to meet their own needs). It reviews options for economically efficient allocation of resources that also protect the stock of natural capital over spatial and temporal space; and investigates the application of tools of analysis and solutions to a regional management problem in the American West. It includes fieldwork and may involve additional expense. Students may choose to take this course for credit either in Economics (EC 341) or Environmental Studies (EV341) if they meet the necessary prerequisite in either department/program; for Environmental Science credit: EC141 and 151. (Fulfills one unit of the divisional requirement in the Social Sciences but not in the Natural Sciences.) (Not offered 2014-15).

Prerequisite: EC cr: 150(151/152); EV cr: EC/EV 141 & 151.

1 unit

EC342 Economics of International Trade

Historical and economic analysis of foreign trade; theories of international trade; commercial policies and economic integration; changing patterns of trade; regional and world trade organizations.

Prerequisite: Economics 150 (or 151 & 152).

1 unit —

EC344 Economics of International Finance

Historical and economic analysis of international financial arrangements; theories of foreign exchange, balance of payments and adjustment mechanisms; alternative world monetary systems in theory and practice; proposals for monetary reform; regional and world financial organization.

Prerequisite: Economics 150 (or 151 & 152).

1 unit —

EC365 Economics of Innovation

Exploration of the field of technological change: how technologies develop and evolve; and how technologies subsequently affect our economy and society. Using case studies and journal articles as a springboard for discussion, we will apply economic concepts to events ranging from the Industrial Revolution to the present. Topics may include patent law, copyright infringement, the Green Revolution, e-commerce, health and agricultural biotechnology, and energy-related innovation. Required field study during the block, extra expense for students.

Prerequisite: Economics 151 & 152 or Economics 150.

1 unit —

EC370 Contemporary Issues:

A half-unit topics course intended to explore issues of current public or professional interest generating widespread debate. May be taught extended format or as a half-block course. or consent of instructor. No credit as an Economics elective if taken before 150 (or 151 and 152). (Not offered 2014-15).

Prerequisite: 150 (or 151 & 152) or consent of instructor. No credit as an Econ elective if taken before 150 (or 151& 152).

.5 unit

EC375 Introduction to International Political Economy

Examination of classic and modern conceptions of political economy. Emphasis on understanding theory and applying it to explain political and economic outcomes within states and among states in the international arena. Open to International Political Economy majors and to others with consent of instructor.

Prerequisite: Economics 150 (or 151 & 152).

Also listed as Political Science 375.

1 unit —

EC380 Directed Readings in Economics and Business

Student readings of works selected by a faculty member around a common problem or focus important to the discipline which is not covered directly by regular courses. Intensive research, writing, discussion, and oral reporting of ideas related to the assigned readings. Independent student work and initiative., Junior standing, major in Economics or Political Economy or consent of instructor. May be taught as an extended yearlong course.

Prerequisite: consent of instructor & 150 (or 151 & 152), Junior standing, Economics, International Political Economy or Mathematical Economics major.

1 to 2 units —

EC389 The Economics of Sports

The course will examine sports economics models. Students will apply theory to various aspects of both collegiate and professional sports. Topics include (but are not limited to) wage discrimination in sports, the economics of stadiums, alumni giving and collegiate athletics, academics and collegiate athletics, sports rights and broadcasting, and sports and gambling. (Day trips, extra expense for students.) Field trips may be included. (Not offered 2014-15).

Prerequisite: Economics 150 (or 151 & 152) & Mathematics 117.

1 unit

EC390 Advanced Topics in Economics:

Advanced Topics in Economics. Selected topics in the study of economics. Specific content and emphasis are developed by the instructor. (Topics and emphasis will relate to economic development, labor economics, macro theory, environmental economics, governmental regulation of business and similar aspects of economics.) 1 or 2 units.

Prerequisite: Economics 150 (or 151 & 152).

1 unit —

EC391 Advanced Topics in Business:

Selected topics in the study of business. Specific content and emphasis developed by the instructor. (Not offered 2014-15).

Prerequisite: 150 (or 151 & 152); 160.

1 unit

EC392 Advanced Topics in Mathematical Economics

Selected topics in the study of Mathematical Economics. Specific content and emphasis are developed by the instructor(s). Topics will meet the ME elective requirement for the Mathematical Economics major.

Prerequisite: consent of instructor.

1 unit —

EC405 Business Policy & Strategy

The role of general managers in creating and sustaining competitive advantage. Applies microeconomic principles and organization theory to study how managers position their firms in ever-changing competitive arenas, marshal scarce resources to develop competencies, and design structures that promote learning and efficient flows of knowledge and information.

Prerequisite: Economics 150 (or 151 & 152) & 160.

1 unit —

EC408 Econometrics

The use of statistical and mathematical techniques in the analysis of economic models. Macro and micro economic applications. and 200 or MA117, MA217 or BY220, or COI.

Prerequisite: Economics 150 (or 151 & 152); 200 (or Mathematics 117 or Biology 220) or consent of instructor.

1 unit —

EC420 Joint Faculty/Student Research in Economics and Business

Cooperation between advanced students and faculty on an individual basis to jointly pursue research on a selected topic. The student will be responsible for a share of the research, discussion of the findings and significance, and preparation of a paper reflecting the procedures and findings of the investigation. May be taught as an extended yearlong course.

1 unit —

EC440 Independent Study in Economics and Business

A project normally organized around preparation of a substantial paper or project. Proposed and carried out at student initiative, under supervision of a department faculty member, in an area in which the student has already completed basic coursework and an elective and that extends the student's knowledge beyond regularly offered courses.

Prerequisite: consent of department by Application & Sr major in Econ, Poli Econ, or Math Ec.

.5 to 1 unit —

EC470 Tutorial in IPE

(Not offered 2014-15).

Prerequisite: consent of instructor or International Political Economy major.

1 unit

EC485 Field Seminar:

A travel and research opportunity on selected economics, business or political economy topics intended to provide a learning experience in an off-campus setting. Open to junior or senior majors in economics or political economy having completed Principles of Economics, an intermediate theory course (micro or macroeconomics), statistics and additional prerequisites determined by the instructor relevant to the selected topic. Admission to the course by petition to the department and consent of instructor. Majors from other departments will also be considered with strong interest and preparation in the topic area. Offered alternate years. May involve extra expense. The Hilliard Fund will provide a stipend for travel expenses to all students. For those needing assistance in covering the additional expenses, financial aid will also be available from this fund. Enrollment limit based on resources available for the selected topic. (Not offered 2014-15).

Prerequisite: consent of instructor.

.5 unit

EC496 Senior Thesis in Mathematical Economics

Thesis in Mathematical Economics on approved topic. Required for majors in Mathematical Economics. No classes, but periodic scheduled conferences between student and supervisor. or MA 313, EC 207, EC 209, MA 203, one 300- or 400-level approved elective for the major, Mathematical Economics major, senior standing, and consent of department.

Prerequisite: Economics 207, Economics 209, Economics 408, Mathematics 217 and 1 elective at 300 or 400 level, Mathematical Economics major, senior standing.

2 units —

EC497 Senior Thesis in American Political Economy

Thesis in American Political Economy on approved topic. Optional for majors in American Political Economy, upon application to, and approval of, the departments of Political Science and Economics and Business. (Not offered 2014-15).

Prerequisite: consent of instructor & APE major & senior standing Must take Political Science 490 for credit.

1 to 2 units

EC498 Senior Thesis in International Political Economy

Thesis in international political economy on approved topic., 207 or 209, 375, International Political Economy major.

Prerequisite: consent of instructor & Major, senior.

2 units —

EC499 Senior Thesis

Thesis on approved topic of student's choice, based on elective taken at 300 or 400 level. No classes, but periodic conferences between student and supervisor.

Prerequisite: consent of instructor & 209, 207, 303 + 1 elective at 300 or 400 level, Econ major & senior standing.

2 units —