Economics (BS)

Catalog Year

2020-2021

Degree

Bachelor of Science

Credits

120

Locations

Mankato

Accreditation

Program Requirements

Major Common Core

Emphasis on forces influencing employment and inflation. Current problems of the economy are stressed along with tools government has to cope with them.

Prerequisites: none

Goal Areas: GE-05

Examines decision making by the individual firm, the determination of prices and wages, and current problems facing business firms.

Prerequisites: none

Goal Areas: GE-05

Basic statistical methods including measures of central tendency and dispersion, probability, probability distributions, sampling, problems of estimation and hypothesis testing in the case of one and two sample meaans and proportions. Chi-Square, one-way analysis of variance, simple regression and correlation analysis, and brief introduction to multiple regression analysis. Use of computer statistical packages required.

Prerequisites: MATH 112 or equivalent

Goal Areas: GE-02, GE-04

This course will introduce the student to the use of mathematics in economic analysis. Topics include optimization methods, comparative statics, and linear algebra.

Prerequisites: ECON 201, ECON 202, ECON 207, MATH 112 or equivalent

A survey of imperfect competition, multiple-product firms, multiple-plant firms, and interest theory, designed to develop a system of economic thought.

Prerequisites: ECON 201, ECON 202 and ECON 301

Study of factors determining aggregate level of production, employment, inflation, and implications of monetary and fiscal policies.

Prerequisites: ECON 201, ECON 202 and ECON 301

The economic rationale for interregional trade: emphasis on current problems.

Prerequisites: ECON 201 and ECON 202 

The study of methods and techniques for building econometric models with the goal of forecasting and measurement of the economic relationships by integrating economic theory and statistics in it.

Prerequisites: ECON 201, ECON 202, and ECON 207 

Students learn how to conduct research projects in economics and related fields by using modern econometric tools and undertake a semester-long research assignment.

Prerequisites: ECON 355, ECON 356, ECON 301, and ECON 462. In addition a student must get a minimum of a “C” grade in each prerequisite.

Business Foundation - * All Business Foundation courses are required for the degree.

The accounting process, financial statement preparation, and analysis. Includes the accounting cycle, asset, liability, and equity accounting. Emphasis on the use of accounting data.

Prerequisites: MATH 112 or MATH 115or MATH 121 or MATH 130 or MATH 181

Preparation and analysis of cost-based management reports: use of cost information to make short-term operating decisions and long-term capital decisions.

Prerequisites: ACCT 200

Application of law to business settings; the American court system; alternative dispute resolution; ethics and the social responsibility of business; fundamentals of legal reasoning; sources of law; constitutional, criminal, tort, and contract law; business associations.

Prerequisites: none

Introduction to the personal computer as a productivity tool for business majors. Using Microsoft Office suite, students learn to be productive with document processing, spreadsheets, electronic presentations, and databases. Cannot be used toward any major or minor in Information Systems & Information Technology.Fall, Spring

Prerequisites: none

An introduction to finance relating to problems, methods, and policies in financing business enterprise.

Prerequisites: ACCT 200, Jr. Standing

Concepts of algebra (real numbers, exponents, polynomials, rational expressions), equations and inequalities, functions and graphs, polynomial and rational functions, exponential and logarithmic functions, systems of equations and inequalities, matrices and determinants, conic sections, sequences and series, probability, and binomial theorem.

Prerequisites: Satisfy Placement Table in this section, or MATH 098 with grade of P. 

Goal Areas: GE-04

This course examines basic management concepts and principles, their historical development, and their application to modern organizations. Topics covered include planning, organizing, decision making, leadership, control, and organizational change. In addition, the course includes an introduction to business ethics and social responsibility, human resource management, organizational design and organizational behavior.

Prerequisites: none

This course is designed to introduce students to the Management Information Systems and its application in organizations. The course will present to the students the information systems role to support the various managerial activities, and to help the students identify and evaluate various options in Management Information Systems.

Prerequisites: ISYS 101 or CIS 101

This course engages students in the study of the operations management function in manufacturing and service organizations. Students learn how to apply the basic analytical models to operation decisions involving topics such as scheduling, production technology, inventory management, quality assurance, just-in-time production, and others.

Prerequisites: ECON 207 

This course provides a basic understanding of marketing concepts with emphasis on the pricing, promotion, and distribution of need satisfying products and services in domestic and international markets. The format of the course consists of lectures, case discussions, application exercises, projects, exams, and in-class group assignments.

Prerequisites: none

Major Restricted Electives

Choose 9 Credit(s).

A descriptive and analytical study of the basic principles of money, banking, and finance as they are related to business and public policy.

Prerequisites: ECON 201 and ECON 202 

Elementary economic background and analysis of housing, medical care, inflation, unemployment dilemma, pollution, poverty and affluence, balance between public and private sectors, transportation, urban problems, and other issues will be covered in this course.

Prerequisites: none

Goal Areas: GE-05, GE-08

This course will provide tools for analyzing the effects of economic globalization on employment, distribution of income, economic development and socio-economic issues from a gender perspective.

Prerequisites: ECON 201 or ECON 202

Diverse Cultures: Purple

Employment, wages, and economic security. The structure and impact of labor organizations and labor legislation.

Prerequisites: ECON 201 and ECON 202 

A detailed examination of the Federal Reserve System and monetary policy. The topics will include a history of the Federal Reserve and its monetary tools and strategies: Monetarism, the demand for money, the money supply process, and the impact of financial deregulation on federal policy.

Prerequisites: ECON 305 

Students examine the economics of unions, including the history of union activity, the development and impact of labor laws on labor markets, the economics of strikes and alternative dispute resolution systems, and the impact of unions on wages and price levels.

Prerequisites: ECON 201 and ECON 202 

Economic forces which account for the development of cities and application of principles to some of the major problems of the modern urban community.

Prerequisites: ECON 201 and ECON 202 

Concepts and techniques for evaluating the alternative uses, management and development of natural resources.

Prerequisites: ECON 201 and ECON 202 

This course examines the economics of professional and collegiate sports and sports institutions. Students examine the market for sports competitions, the labor market for player talent, and the role government plays in the business of sports.

Prerequisites: ECON 202 

Fundamental ideas and structure of economics with emphasis on the application of such ideas in the K-12 school curriculum.

Prerequisites: none

Public expenditures, taxes and other revenues, debts and financial administration at federal, state, and local levels.

Prerequisites: ECON 201 and ECON 202 

Economic underdevelopment and the relationships between mature economies and developing nations.

Prerequisites: ECON 201 and ECON 202 

This course is designed to cover basic tools in time series analysis and to equip students with quantitative skills to analyze the financial market.Fall

Prerequisites: ECON 207

This course is an introduction to non-competitive markets using economic models and game theory.

Prerequisites: ECON 201, ECON 202 and ECON 207

Variable

Prerequisites: ECON 201 and ECON 202

.

Prerequisites: none

.

Prerequisites: ECON 207, ECON 355, ECON 356

Major Unrestricted Electives

The following specializations under Major Restricted Electives are not required and are only advising tools. See your advisor for guidance.

Labor Economics -

Employment, wages, and economic security. The structure and impact of labor organizations and labor legislation.

Prerequisites: ECON 201 and ECON 202 

Students examine the economics of unions, including the history of union activity, the development and impact of labor laws on labor markets, the economics of strikes and alternative dispute resolution systems, and the impact of unions on wages and price levels.

Prerequisites: ECON 201 and ECON 202 

This course examines the effective management of the human resources of organizations. Topics include analyzing jobs and writing job descriptions; recruiting and hiring of applicants; complying with employment law; managing promotions, quits, and layoffs; employee training and development; evaluating job performance; determining compensation; and managing human resources in a unionized environment.

Prerequisites: none

Concepts, theories, and empirical research on organizational behavior are studied. Models and tools for diagnosing situations, individual behavior, group behavior, intergroup conflicts, supervisory problems and organizational change are analyzed.

Prerequisites: none

The focus of this course is operating an effective, efficient, legal and responsible system for compensating one's employees. Includes the workings of labor markets, analyzing jobs, finding the market value for jobs, designing a pay structure, appraising performance, setting individual pay, determining benefits, occupations requiring special pay programs.

Prerequisites: MGMT 340 

Economics of Public Sector -

Employment, wages, and economic security. The structure and impact of labor organizations and labor legislation.

Prerequisites: ECON 201 and ECON 202 

Concepts and techniques for evaluating the alternative uses, management and development of natural resources.

Prerequisites: ECON 201 and ECON 202 

The economic rationale for interregional trade: emphasis on current problems.

Prerequisites: ECON 201 and ECON 202 

Public expenditures, taxes and other revenues, debts and financial administration at federal, state, and local levels.

Prerequisites: ECON 201 and ECON 202 

The study of methods and techniques for building econometric models with the goal of forecasting and measurement of the economic relationships by integrating economic theory and statistics in it.

Prerequisites: ECON 201, ECON 202, and ECON 207 

This course is an introduction to non-competitive markets using economic models and game theory.

Prerequisites: ECON 201, ECON 202 and ECON 207

Financial Economics -

Legal aspects of checks and promissory notes, forgery and the use of counterfeit currency. Discusses the Federal Reserve check collection process, electronic banking, the purchase and sale of commercial paper, debtor and creditor rights, securities regulation, fundamentals of collateral foreclosure, the federal bankruptcy code and insurance law.

Prerequisites: BLAW 200 

A descriptive and analytical study of the basic principles of money, banking, and finance as they are related to business and public policy.

Prerequisites: ECON 201 and ECON 202 

A detailed examination of the Federal Reserve System and monetary policy. The topics will include a history of the Federal Reserve and its monetary tools and strategies: Monetarism, the demand for money, the money supply process, and the impact of financial deregulation on federal policy.

Prerequisites: ECON 305 

The economic rationale for interregional trade: emphasis on current problems.

Prerequisites: ECON 201 and ECON 202 

This course is designed to cover basic tools in time series analysis and to equip students with quantitative skills to analyze the financial market.Fall

Prerequisites: ECON 207

Introduction to money and capital markets, instruments and institutions. Consideration of the management problems of financial institutions.

Prerequisites: FINA 362 

Fundamental concepts of commercial bank management: banking trends and performance evaluations. Managing the balance sheet and evaluating loan requests.

Prerequisites: FINA 362

Graduate School Preparation - These courses are recommended for students planning to attend graduate school in economics and are not required for the major. Econ 301, Math 121, MATH 122, Math 247, Econ 462 and Math 354 are the most important. See your advisor for guidance.

This course will introduce the student to the use of mathematics in economic analysis. Topics include optimization methods, comparative statics, and linear algebra.

Prerequisites: ECON 201, ECON 202, ECON 207, MATH 112 or equivalent

The study of methods and techniques for building econometric models with the goal of forecasting and measurement of the economic relationships by integrating economic theory and statistics in it.

Prerequisites: ECON 201, ECON 202, and ECON 207 

Limits, continuity, the derivative and applications, transcendental functions, L'Hopital's Rule, and development of the Riemann integral.

Prerequisites: Satisfy Placement Table in this section, MATH 115 or both MATH 112 and MATH 113 with “C” (2.0) or better.

Goal Areas: GE-04

Techniques of integration, applications of integration, improper integrals, numerical integration, the calculus of parametric curves, infinite series and sequences, and vectors in two and three dimensions.

Prerequisites: MATH 121 with “C” (2.0) or better or consent 

Surfaces, vector-valued functions, partial differentiation, multiple integration, and vector calculus.

Prerequisites: MATH 122 with “C” (2.0) or better, or consent

Matrices, determinants, systems of linear equations, vector spaces, linear transformations, and characteristic value problems.

Prerequisites: MATH 122 with “C” (2.0) or better or consent

This course presents the theory, computations, and applications of first and second order differential equations and two-dimensional systems.

Prerequisites: MATH 122 with “C” (2.0) or better or consent

A calculus based introduction to probability and statistics. Topics include probability, random variables, probability distributions (discrete and continuous), joint probability distributions (discrete and continuous), statistical inference (both estimation and hypothesis testing), confidence intervals for distribution of parameters and their functions, sample size determinations, analysis of variance, regression, and correlation. This course meets the needs of the practitioner and the person who plans further study in statistics.

Prerequisites: MATH 122 with “C” (2.0) or better or consent

The topology of Euclidean spaces, compact and connectedness, properties of continuous functions, differentiation, basic theory of Riemann-Stieltjes integration and the fundamental theorem of Calculus.

Prerequisites: MATH 223 and MATH 290 with “C” (2.0) or better or consent 

Minor

Required Minor: None.

4-Year Plan

The 4-Year Plan is a model for completing your degree in a timely manner. Your individual 4-Year plan may change based on a number of variables including transfer courses and the semester/year you start your major. Carefully work with your academic advisors to devise your own unique plan.
* Please meet with your advisor on appropriate course selection to meet your educational and degree goals.

First Year

Fall - 15 Credits

Concepts of algebra (real numbers, exponents, polynomials, rational expressions), equations and inequalities, functions and graphs, polynomial and rational functions, exponential and logarithmic functions, systems of equations and inequalities, matrices and determinants, conic sections, sequences and series, probability, and binomial theorem.

Prerequisites: Satisfy Placement Table in this section, or MATH 098 with grade of P. 

Goal Areas: GE-04

General Education Course * 2 credits

General Education Course * 3 credits

General Education Course * 3 credits

Spring - 14 Credits

Emphasis on forces influencing employment and inflation. Current problems of the economy are stressed along with tools government has to cope with them.

Prerequisites: none

Goal Areas: GE-05

Diverse Cultures Course * 3 credits

General Education Course * 4 credits

General Education Course * 4 credits

Second Year

Fall - 15 Credits

Examines decision making by the individual firm, the determination of prices and wages, and current problems facing business firms.

Prerequisites: none

Goal Areas: GE-05

Basic statistical methods including measures of central tendency and dispersion, probability, probability distributions, sampling, problems of estimation and hypothesis testing in the case of one and two sample meaans and proportions. Chi-Square, one-way analysis of variance, simple regression and correlation analysis, and brief introduction to multiple regression analysis. Use of computer statistical packages required.

Prerequisites: MATH 112 or equivalent

Goal Areas: GE-02, GE-04

Writing Intensive Course * 4 credits

General Education Course * 4 credits

Spring - 15 Credits

The accounting process, financial statement preparation, and analysis. Includes the accounting cycle, asset, liability, and equity accounting. Emphasis on the use of accounting data.

Prerequisites: MATH 112 or MATH 115or MATH 121 or MATH 130 or MATH 181

This course will introduce the student to the use of mathematics in economic analysis. Topics include optimization methods, comparative statics, and linear algebra.

Prerequisites: ECON 201, ECON 202, ECON 207, MATH 112 or equivalent

Diverse Cultures Course * 3 credits

General Education Course * 3 credits

General Education Course * 3 credits

Third Year

Fall - 15 Credits

Application of law to business settings; the American court system; alternative dispute resolution; ethics and the social responsibility of business; fundamentals of legal reasoning; sources of law; constitutional, criminal, tort, and contract law; business associations.

Prerequisites: none

Preparation and analysis of cost-based management reports: use of cost information to make short-term operating decisions and long-term capital decisions.

Prerequisites: ACCT 200

A survey of imperfect competition, multiple-product firms, multiple-plant firms, and interest theory, designed to develop a system of economic thought.

Prerequisites: ECON 201, ECON 202 and ECON 301

Elective Course in Major * 3 credits

General Education Course * 3 credits

Spring - 15 Credits

This course is designed to introduce students to the Management Information Systems and its application in organizations. The course will present to the students the information systems role to support the various managerial activities, and to help the students identify and evaluate various options in Management Information Systems.

Prerequisites: ISYS 101 or CIS 101

Study of factors determining aggregate level of production, employment, inflation, and implications of monetary and fiscal policies.

Prerequisites: ECON 201, ECON 202 and ECON 301

The economic rationale for interregional trade: emphasis on current problems.

Prerequisites: ECON 201 and ECON 202 

Elective Course in Major * 3 credits

General Education Course * 3 credits

Fourth Year

Fall - 15 Credits

This course provides a basic understanding of marketing concepts with emphasis on the pricing, promotion, and distribution of need satisfying products and services in domestic and international markets. The format of the course consists of lectures, case discussions, application exercises, projects, exams, and in-class group assignments.

Prerequisites: none

This course examines basic management concepts and principles, their historical development, and their application to modern organizations. Topics covered include planning, organizing, decision making, leadership, control, and organizational change. In addition, the course includes an introduction to business ethics and social responsibility, human resource management, organizational design and organizational behavior.

Prerequisites: none

The study of methods and techniques for building econometric models with the goal of forecasting and measurement of the economic relationships by integrating economic theory and statistics in it.

Prerequisites: ECON 201, ECON 202, and ECON 207 

Elective Course in Major * 3 credits

Other Graduation Requirements Course * 3 credits

Spring - 16 Credits

This course engages students in the study of the operations management function in manufacturing and service organizations. Students learn how to apply the basic analytical models to operation decisions involving topics such as scheduling, production technology, inventory management, quality assurance, just-in-time production, and others.

Prerequisites: ECON 207 

An introduction to finance relating to problems, methods, and policies in financing business enterprise.

Prerequisites: ACCT 200, Jr. Standing

Students learn how to conduct research projects in economics and related fields by using modern econometric tools and undertake a semester-long research assignment.

Prerequisites: ECON 355, ECON 356, ECON 301, and ECON 462. In addition a student must get a minimum of a “C” grade in each prerequisite.

General Elective Course * 3 credits

General Elective Course * 3 credits