ECO - Economics

In this course, students will describe the use of economics in business from a biblical perspective. They will have the opportunity to explain the interaction of supply and demand as well as demand-elasticity. Throughout the course, students will be challenged to identify the causes and effects of externalities, explain a firm's cost of production, and classify markets according to their structure and level of competition. Core ideas that make up the economic way of thinking will be explained from a global perspective.

An introduction to the principles essential to an understanding of fundamental economic problems and the policy alternatives to contend with these problems. A special emphasis is placed upon macroeconomics topics including national income, employment, fiscal policy, money, monetary policy, and American economic growth. Not recommended for any major in the Business Division.

An introductory survey of microeconomic theory and the principles essential to an understanding of human action within the context of exchange relationships. Emphasis is placed upon the decisions of individuals, households, and firms within a dynamically competitive market process, and the institutional structures that affect those relations. Topics include exchange, scarcity and trade, comparative advantage, division of labor, supply an demand, price signals and price controls, externalities and public goods, competition, monopoly, and market structure, markets for the factors of production, and determinants of income inequality and poverty. This course meets the IDoE Economics State Standards and required standards from the National Council for the Social Studies.

An introductory survey of macroeconomic theory emphasizing how the U.S. economy works as well as the role and influence of the U.S. economy in global markets. Topics include national income accounting, circular flow, short-run and long-run models of the economy, labor productivity and economic growth, inflation and unemployment, money, monetary and fiscal policy, and competing theories of the business cycle. This course meets IDoE Economics Standards' requirements and required standards from the National Council for the Social Studies.

An analysis of the past and present of various political-economic systems and their implications for the present economy. Systems examined include feudalism, mercantilism, socialism, communism, capitalism, welfare, and interventionism. Prerequisite: ECO-211 or ECO-213.

An interdisciplinary analysis of one of the most publicized issues in America. Discussed are the roots and history of poverty, alleged solutions, and the social and economic consequences of these solutions. Emphasized are the discovery and application of solutions from a Biblical perspective. Prerequisite: ECO-211, ECO-212 or ECO-213.

The basic problems of starting a new business, obtaining sufficient capital, and bringing a new business to success are examined, thereby enhancing an understanding of risk, uncertainty, and markets, and the motivations and influence of the legal system within which an economy works. Gives credit for majors in Economics or Business. Prerequisites: BUS-100 and ECO-211.

Provides a thorough grounding in intermediate-level microeconomics. Basic factors of price and distribution theory will be proposed. The standard topics will be covered, including supply and demand analysis, the behavior of consumers and firms, the structure and performance of markets, income distribution, externalities and public goods, and general equilibrium analysis. Prerequisite: ECO212

Provides a thorough grounding in intermediate-level macroeconomics. The course will provide a presentation and study of national income aggregates and accounting including equilibrium analysis of output, employment and the price level, business cycle theory, international macroeconomics and finance, and advanced discussions of economic growth. Prerequisite: ECO-213.

In this course, students will illustrate the laws of supply and demand and their relationship to pricing signals in a market economy. They will have the opportunity to calculate price elasticity while given the opportunity to interpret the concepts of scarcity, opportunity costs, and comparative advantage as used in making business decisions. Students will illustrate the relationship between the concept of productivity, standard of living, and basic macroeconomic concepts. Financial systems will be described along with illustrating the difference between a price-taking firm and a price-searching firm. Various methods of calculating business operation costs will be explored. Students will be expected to apply biblical truth to economic concepts. Not open to students with credit in ECO-330.

An introduction to urban economic theory, urban spatial form, and urban policy problems. Topics include theories of urban evolution and form, regional comparative advantage and trade, urban economic growth and development, the limits to metropolitan size, land-rent gradients, public goods and externalities in urban areas, and urban policy problems: poverty, housing, segregation, transportation networks, congestion, land use planning and issues in local and regional governance and public finance. Pre-requisites: ECO-212 or ECO-213. Student should also be proficient in basic math, algebra and geometry. Knowledge of statistics will also be helpful.

A survey of the history of the United States from the economic viewpoint. Gives credit for majors in Economics or History. Prerequisite: HST-211 or HST-212 or ECO-212 or ECO-213.

This course will provide students with an introduction to research methods and statistical techniques used in social science research, particularly in the fields of economics and political science. This will include basic knowledge of the concepts and models employed for conducting experimental research, policy analysis and program evaluation, and unobtrusive research from data sets. Emphasis will be placed on using and applying the qualitative and quantitative techniques most widely utilized in social science research. This course gives credit for political science and social studies education majors. This course meets IDoE State Standards and required standards from the National Council for the Social Studies. Prerequisite: MAT-112, or MAT-204, or MAT-305, or BUS-320.

This course presents an overview of microeconomic theory as it relates to the individual business. Students will learn about scarcity and opportunity costs as core concepts in economic analysis and consider interdependence and gains from international trade. They will evaluate economic equilibrium conditions using supply and demand models, and differentiate between market types, seeking to understand the conditions necessary for building a competitive advantage. They will calculate and analyze cost, pricing, and revenue variables. Students will study why markets fail and discuss the causes of income inequality and poverty, while integrating a biblical framework to guide their economic reasoning.

An overview of macroeconomic theories and policy. The course focuses on the analysis of the current national economic environment and its effects on business operations.

An intensive study of recent globalization trends and their impact on both developing and developed economies. A survey of economic development theories in developing economies; the role and influence of the U.S. economy in global markets. Students will discuss current theories of economic development and the arguments for and against globalization, free trade, open immigration, technological change, and the free flow of financial capital. Development topics include population growth and fertility rates, gender equity, educational opportunities for women, private property rights, regime corruption, and the role of the IMF and World Bank in developing economies. Prerequisites: ECO-211 or ECO-213 or consent of the Department.

An exploration of individual and social responses to incentives created by legal rules and institutions. Topics include application of the economic way of thinking to the law of property, law of contracts, law of torts, criminal law, and constitutional law; analysis of the economic efficiency of the common law; and an introduction to the public choice perspective on the development of the law. Prerequisite: ECO-212 or ECO-213.

A penetrating analysis of public administration and expenditures. Explores revenue including taxation, budget examination, and the effect of fiscal policy on the economy. Gives credit for majors in Economics or Political Science. Prerequisite: ECO-212, ECO-213 or POL-100.

Work with a faculty mentor and in cooperation with an Honors College advisor, producing a research thesis or creative project.

Students in this course will learn foundational theories of economics and apply them to complex problems in the healthcare industry. Students will examine economic influences on healthcare policy, and evaluate the bearing healthcare policy has on the management of organizations. The impact of legal structures on providers is explored. Finally, students will apply concepts of the Virtuous Business Model to the implementation of economic healthcare policy in organizations.

Discusses the theory of money and banking with specific analysis of the value of money, the nature of inflation, the reappearance of business cycles, and the problem of sound and unsound money. Money supply, interest rates, foreign exchange, and the problems of competition between banking and non-banking financial institutions are examined. Gives credit for majors in Economics or Business. Prerequisite: ECO-211 or ECO-213.

A study of international trade, the international monetary system, and international trade agreements as a means of broadening an understanding of the American economic system within the context of the world economy. Prerequisite: ECO-211 or ECO-213.

An analysis of the derivation of economic doctrines from Smith and Ricardo; through Marshall and Schumpeter; to Keynes and Hayek; Samuelson and Knight; Friedman, Lucas, and Buchanan. Includes a critical examination of the theories of mercantilism, physiocracy, classicism, Marxism, neoclassicism, and contemporary economics. Gives credit toward majors in Economics or Religion/Philosophy. Prerequisite: ECO-211 or ECO-213.

An opportunity for advanced students to pursue further study in an economic field of special interest after catalog offerings have been exhausted. Prerequisites: ECO-212, ECO-213 and consent of the Division.

An opportunity for advanced Economics majors to obtain valuable work experience and gain expertise in relating classroom material to actual business endeavor. A professional-quality paper analyzing one or more business applications will be prepared under departmental faculty supervision. May be repeated. Prerequisites: ECO-212, ECO-213 and consent of the Division.

A seminar course intended to develop the senior Economics major's research skills and professional writing skills in anticipation of a major seminar presentation to be delivered publicly the following semester. Prerequisite: Senior status and ECO/POL-322.

A seminar course intended to develop the senior Economics major's professional presentation skills with the preparation and oral presentation of the results of the research in ECO-498 from the previous semester. Prerequisites: Senior status and ECO-498 .