Courses Offered in Economics | Salem State University Skip to main content

Economics

ECO 200: Principles and Problems of Economics

This course is an introduction to the basic economic concepts in micro and macroeconomics. Tonics analyzed include: scarcity, supply and demand, costs of production, the price mechanism, market structures, national income, money and banking, the public sector, distribution of income and an introduction to alternative economic systems. The influence of political, social, legal, environmental, global, and technological issues are discussed in the process of presenting applications of economic theories. Discussions, basic quantitative and written analysis and evidence based research are encouraged. Three lecture hours per week. Not open to Economics majors or Business Administration majors. Elective for all other majors.
Prerequisite: Satisfaction of the Basic Math Competency requirement.

Credits: 3.00

This course fulfills these general education curriculum requirements: Quantitative Reasoning

ECO 201: Principles of Macroeconomics

This course employs economic theory and models to study aggregate measures of the economy such as GDP, National income accounting, the role of consumption, savings, investment and government spending, the open economy (exports and imports), that is, our economy's interactions with the global economy, the functions of money and credits, the banking system and fiscal and monetary policy will be examined from a descriptive and analytical point of view. The economic objectives of growth, price, stability and full employment are reviewed and evaluated in the light of current issues. The influences of political, social, legal, environmental, global, and technological issues are discussed in the process of presenting applications of macroeconomic theories. Discussions, quantitative and written analysis and evidence based research are encouraged. Three lecture hours per week. Required of all Economics majors and Business Administration majors. Elective for all other majors.
Prerequisite: Satisfaction of the Basic Math Competency requirement.

Credits: 3.00

This course fulfills these general education curriculum requirements: Contemporary Society, Quantitative Reasoning

ECO 202: Principles of Microeconomics

This course encompasses the economics of the firm, price theory, analysis of demand, supply, elasticity, market structures, income distribution, international trade, foreign exchange, and current issues in microeconomics. The influences of political, social, legal, environmental, global, and technological issues are discussed in the process of presenting applications of microeconomic theories and models. Discussions, quantitative and written analysis and evidence based research are encouraged. Three lecture hours per week. Required of all Economics majors and Business Administration majors. Quantitative Reasoning (QR) elective for all other majors.
Prerequisite: Satisfaction of the Basic Math Competency requirement.

Credits: 3.00

This course fulfills these general education curriculum requirements: Contemporary Society, Quantitative Reasoning

ECO 208N: Economics of Personal Financial Decisions

An examination of the role of the consumer in the United States Economy. Stress is upon the conventional concepts of consumer behavior as well as the contemporary institutional forces which affect the consumer in the market place such as consumer law, governmental regulation and deregulation, the "consumerism" movement, and the state of formal consumer education. Emphasis will also be placed upon the economics of credits, insurance, real estate, investing in the financial market, personal buying decisions, and other household buying decisions. Three lecture hours per week. Elective for Economics majors and minors. Division III elective for all other majors. Not open to students who have received credits for ECO208. This course is offered on a periodic basis.
Prerequisite: ECO200 or ECO201 or ECO202.

Credits: 3.00

ECO 215: Political Economy I

This course deals with the combined economic-political process as related to society's desire to efficiently allocate scarce resources among competing socially desired goals. Course material will explore the various political economic theories relative to competition, command (power), and change. The merits of these theories will be critically evaluated relative to efficiency, fairness and democracy. The course will focus attention on the economic realities of present day society as it debates the pros and cons of a free market system (capitalism). Three lecture hours per week. No previous study of economics is presumed. Elective for Economics majors and minors. Division III elective for all other majors. Not open to students who have taken ECO101. This course is offered on a periodic basis.

Credits: 3.00

ECO 300: Economics of Labor and Income Distribution

Analysis of labor markets and how they function, the functional and personal distribution of income, poverty and low-wage employment and a comparison of theories of labor supply wages and employment with labor market behavior. Discussion of public policy issues; structural unemployment, impact of technical change, and cost-push inflation. Three lecture hours per week. This course is offered on a periodic basis. Elective for Economics majors and minors. Division III elective for all other majors.
Prerequisite: ECO202.

Credits: 3.00

ECO 301: Intermediate Macroeconomics

Analysis of the status and performance of the U.S. economy. A discussion of the issues that affect the open economy, such as unemployment, inflation and growth, and policies (monetary, fiscal, international and structural) that the government may employ to affect the performance of the open economy both domestically and in its interactions with the global economy. Analysis of various aggregate demand and supply models. Comparison of Classical, Keynesian, Neo-Keynesian macroeconomics models. Emphasis is on static and comparative static analysis of employment, production, and the general price level. The influence of political, social, legal, environmental, global, and technological issues are discussed in the process of presenting applications of macroeconomic theories. Oral discussion, quantitative analysis, reading a current financial newspaper, computer usage and Internet research are encouraged. Three lecture hours per week. Required of all Economics majors-Junior year. Elective for Economics minors. Division III elective for all other majors.
Prerequisite: ECO201.

Credits: 3.00

ECO 302: Intermediate Microeconomics

Applied economic analysis of the market decisions of the consumer, firms and labor. Using optimization techniques, the decisions of the participants in various market structures are evaluated both in theory and in case studies. Topics include optimization decisions under conditions of uncertainty, less than perfect competition, and in the presence of externalities. The influence of political, social, legal, environmental, global, and technological issues are discussed in the process of presenting applications of microeconomic theories. Oral discussion, quantitative analysis, Internet research and computer usage are encouraged. three lecture hours per week. Required of all Economics Majors-Junior year. Elective for Economics Minors. Division III elective for all other Majors.

Credits: 3.00

ECO 305A: Money, Banking and Financial Markets

A detailed description of the financial markets, instruments and institutions of the U.S. economy. Discussion of the Federal Reserve system and monetary policy formation and implementation. Essentials of the classical theory of money and modern theories of money and income. Emphasis on domestic and international debt and equity markets and foreign exchange. Three lecture hours per week. This course is offered on a periodic basis. Elective for Economics majors and minors. Not open to students who have taken ECO305.
Prerequisites: ECO201, ECO202.

Credits: 3.00

ECO 306: Comparative Economic Systems

An analytical comparison of the ways in which nations organize economic activity. Different systems will be scrutinized with respect to the role of monetary and financial institutions, the organization of industry, agriculture and trade. Three lecture hours per week. This course is offered on a periodic basis. Elective for Economics majors. Division III elective for all other majors.
Prerequisites: ECO201, ECO202.

Credits: 3.00

ECO 307: Economic History

Variations in aspects of American and European History with emphasis upon the role of technological change as related to economic growth will be analyzed and evaluated. A variety of historical materials will be used to suggest desirable alterations in certain economic models. Three lecture hours per week. This course is offered on a periodic basis. Elective for Economics majors. Division III elective for all other majors.

Credits: 3.00

This course fulfills these general education curriculum requirements: The Human Past

ECO 309: Urban Economics

A study of both economic theory and the economic institutions characteristic of urban areas. Problems of urban economics, such as poverty, discrimination, housing, pollution, education, transportation and crime are examined in depth. Three lecture hours per week. This course is offered on a periodic basis. Elective for Economics majors. Distribution III elective for all other majors.
Prerequisite: ECO200 or ECO201 or ECO202.

Credits: 3.00

ECO 312: International Trade

An examination of the basis for trade among nations and the implications of trade restricting policies on a nation's welfare. The open economy and the implications for fiscal and monetary policies in achieving various economic goals. An introduction to international finance and various exchange and payment mechanisms. Three lecture hours per week. This course is offered on a periodic basis. Elective for Economics majors and minors. Division III elective for all other majors.
Prerequisites: ECO201, ECO202 or permission of the Department Chairperson.

Credits: 3.00

ECO 313: Economic Development

This course applies economic development concepts and theories to present world economic development issues and problems. Topics covered include the causes and distributional effects of economic growth; migration and urban unemployment; oppression, the welfare effects of technical change; the role of agrarian institutions in the development process; the impact of alternative development policies and strategies on various populations; and poverty and famine in developing countries. This course will increase awareness of growth issues in the context of a multicultural world. Three lecture hours per week. This course is offered on a periodic basis. Elective for Economics majors.
Prerequisite: ECO201 or ECO202 or permission of Department Chairperson.

Credits: 3.00

ECO 317: Government Finance

The micro and macro economic roles and responsibilities of government are reviewed and analyzed. Topics discussed are fiscal policy, income distribution, principles of taxation, the taxpayers' revolt, state and local government finance, revenue sharing, and the fiscal crisis of cities. Current issues are used for analytical purposes. Three lecture hours per week. This course is offered on a periodic basis. Elective for Economics majors. Division III elective for all other majors.
Prerequisite: ECO200 or ECO201.

Credits: 3.00

ECO 318: Health Economics

The organization of health care, the problems associated with various alternate delivery systems, the utilization and availability of physicians and other paramedical personnel, the growth and pressures exerted by third-party payers, and consideration of federal, state, and municipal participation in the delivery of quality medical care under the various alternatives for national health care. Three lecture hours per week. The course is offered on a periodic basis. Elective for Economics majors. Division III elective for all other majors.
Prerequisite: ECO200 or ECO201.

Credits: 3.00

ECO 319: Environmental and Natural Resource Economics

This course will study environmental and natural resource economics. Resource allocation, government regulation, the presence of externalities, economic growth and poverty will be analyzed in terms of their impact on depletion, conversation and restoration of our natural resources. Three lecture hours per week. This course is offered on a periodic basis. Division III elective for all other majors.
Prerequisite: ECO202.

Credits: 3.00

ECO 320: Economics of Sports

Using examples and applications from the sports industry, this course applies a wide range of economic principles to the study of sports. Industrial organization, public finance, and labor economics represent some of the areas of economics used to analyze the economic impact of the sports industry. Theories related to the issue of profit vs. not for profit companies will be explored. Three lecture hours per week. This course is offered on a periodic basis. Elective for Economics majors.
Prerequisite: ECO200 or ECO202.

Credits: 3.00

ECO 350: Probability and Game Theory

Probability is the study of uncertainty using mathematics. Game theory is the use of mathematical models to analyze strategic choice. This course attempts to merge the two in a comprehensive integration of the two fields. Basic topics that will be covered include extensive and normal form games, the Nash equilibrium, dominant and mixed strategies and probability. Advanced topics will include utility and risk, brinkmanship, auctions, elementary calculus, and the theory of moves. Games will be analyzed with and without complete information, in both a static and dynamic context. This course is highly influenced by the field of economics and will include many economic examples of game theory in practice. Other examples will draw from psychology, sociology, history and politics. Three lecture hours per week.
Prerequisites: MAT108 and either ECO201 or ECO202.

Credits: 3.00

ECO 400: Econometrics

This is an Econometrics seminar on single variable regression, multiple regression, functional form analysis and alternative specifications to assess whether findings are robust. Emphasis will be placed on empirical real world examples to foster the understanding of how regression analysis can provide credible estimates of causal effects. Additional topics include: omitted variable bias, sampling variability, econometric inference (estimation, testing, confidence intervals), specification errors, residual diagnostics and time series analysis. Empirical analysis is done using SPSS or a similar statistical package. Major requirement for BS degree in Economics. Three lecture hours per week.
Prerequisites: ECO301, ECO302 and ECO304N or ODS262 or MAT147.

Credits: 3.00

ECO 401: Economic Research

Economic research methods, problem solving techniques, formulation of the problem, selection and use of methods for gathering evidence, analysis and interpretation of data, and reporting will be covered. Students demonstrate their understanding and mastery of the economic research methods studied in this course by discussing, researching and writing about a relevant economic problem. Statistical inference and econometrics are employed to formulate and research a hypotheses. A poster presentation of the final research to a faculty forum is required. Three lecture hours per week.
Prerequisites: ECO 304N or ODS 262 or MAT 147 and either ECO 301 or ECO 302.

Credits: 3.00

This course fulfills these general education curriculum requirements: Written Commun-Level III

ECO 403: Economics Study Travel Seminar

A study/travel course that focuses on selected economic issues related to a country or region, followed by travel and field study in the area concerned. Topic varies. May be repeated for credit with permission of Department Chair. Three lecture hours per week.
Prerequisites: Permission from Department Chair.

Credits: 3.00

ECO 485: Internship in Economics

This course provides an opportunity for experiential learning in the field of Economics. The student will present a proposal, secure an advisor to supervise the experience, keep a detailed weekly journal of the work experience and write a research paper on a topic which has been approved by the advisor. 120 hours of work experience.
Prerequisites: ECO201 and ECO202.

Credits: 3.00

ECO 710: Economics for Managers

This course applies microeconomic and macroeconomic analysis to business decision-making. Emphasis will be on current applications Microeconomic theories of supply, demand, market structure, production, pricing, and game theory will be applied to strategic decisions facing the individual units in the economy. Macroeconomic analysis will focus on DGP growth, inflation, unemployment, trade, monetary policy and fiscal policy in the context of the national and global economic environments within which industries and business operate.

Credits: 3.00

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