2007-08 Undergraduate Catalog
Indiana, Pennsylvania 15705
Economics (ECON)
Department of Economics
College of Humanities and Social Sciences
Credit designation below each title is expressed in (c) class hours per week, (l) lab or (d) discussion section hours per week, and (cr) credits per semester.
3c-0l-3cr
Scarcity, role of prices in determining production and the allocation of resources, business cycle analysis, policy options for reducing unemployment and inflation, economic role of government, international trade, and selected current economic problems are studied. For those who do not plan to take more than 3cr of economics. Note: May not be taken after successful completion of or concurrent registration in any other ECON course.
ECON 121 Principles of Macroeconomics
3c-0l-3cr
Nature and methodology of economics; mixed capitalism and market economy; national income; employment theory, including economics of fiscal policy; money, banking, and Federal Reserve System; international trade and finance.
ECON 122 Principles of Microeconomics
3c-0l-3cr
Economics of the firm; theory of consumer demand; determination of price and output in different market structures; distribution of income; economic growth.
3c-0l-3cr
Economic analysis of criminal activity and its impact on the allocation of scarce resources. Uses fundamental economic models to explain crimes against people, property crime, “victimless crime,” and organized crime.
3c-0l-3cr
Student gains a better understanding of the sports industry. Course explores how economics applies to both amateur and professional sports. Addresses a variety of areas, including labor issues in sports (e.g., free agency, reserve clause, unions, strikes, and discrimination), the legal relationship between sports and government (e.g., Title IX and antitrust law), and public finance issues (e.g., location of sports franchises and public ownership of stadiums and arenas). Guest speakers and a multimedia approach are used.
var-1-3cr
Prerequisite: As appropriate to course content
Offered on an experimental or temporary basis to explore topics not included in the established curriculum. A given topic may be offered under any special topic identity no more than three times. Special topics numbered 281 are offered primarily for lower-level undergraduate students.
3c-0l-3cr
Organization, operation, and economic significance of U.S. monetary institutions; commercial banks and Federal Reserve System; survey of monetary theory and policy; mechanism of international payments.
ECON 326 Monetary Economics II
3c-0l-3cr
Prerequisite: ECON 325or instructor permission
A detailed study of monetary theory; tasks of central banking; principal objectives of monetary policy; intensive study of recent monetary experience; complementary and competing aims of monetary and fiscal policy.
3c-0l-3cr
History, structure, and operation of trade unions and employer organizations; major federal labor legislation; collective bargaining theory; wage determination; current labor problems.
ECON 331 Industrial Organization
3c-0l-3cr
Prerequisite: ECON 122 or instructor permission
Social effectiveness of industries analyzed through measures of market structure, market conduct, and market performance.
ECON 332 Government and Business
3c-0l-3cr
Prerequisite: ECON 122 or instructor permission
An analysis of the antitrust laws focusing on the maintenance of competition, the prohibition of unfair business conduct, and the achievement of desirable economic performance.
ECON 333 Regulation of Industry
3c-0l-3cr
Prerequisites: ECON 121, 122 or instructor permission
Examines the theory and practice of regulation, emphasizing effects of regulation on economic performance and efficiency in the U.S.
3c-0l-3cr
Prerequisites: ECON 121, 122, MATH 121 or equivalent
Applications of economic theory using algebra, elementary statistics, and calculus to solve managerial optimization problems including problems of forecasting and risk.
3c-0l-3cr
Prerequisites: ECON 121, 122 or instructor permission
Taxation and expenditure theory at the federal level; federal budget and debt considerations; public sector impact upon economy.
ECON 336 State and Local Finance
3c-0l-3cr
Prerequisite: ECON 122 or instructor permission
An analysis of character and impact of state and local government revenue sources, expenditures, and fiscal systems; intergovernmental fiscal relations.
ECON 339 Economic Development I
3c-0l-3cr
Theory of growth; theory of economic development of underdeveloped countries.
ECON 343 Economic History of the United States
3c-0l-3cr
Prerequisite: ECON 101 or 121or 122
Applications of economic theory and models of economic development to the main patterns of U.S. postrevolutionary growth; emphasizes the history of economic development as a laboratory for testing economic hypotheses.
3c-0l-3cr
Prerequisites: ECON 121 and 122 or instructor permission
A study of the microeconomic segment of international specialization and exchange, including theories of international trade and their application to commercial policies, historical survey and examination of current problems of international trade, and the institutional setting of international trade.
ECON 346 International Finance
3c-0l-3cr
Prerequisites: ECON 121 and 122 or instructor permission
A study of the macroeconomic segment of international specialization and exchange, including analysis of balance of payments, exchange rates, and the mechanism of international economic and monetary adjustments; international macroeconomic policy; historical survey and examination of current international financial problems; and the institutional setting of international payments.
ECON 350 Comparative Economic Systems
3c-0l-3cr
Prerequisite: ECON 101 or 121or 122
An evaluation of premises, practices, institutions, and performance of capitalist, socialist, and mixed economies using economic theory and measurement.
ECON 351 Russian Economic Development
3c-0l-3cr
Prerequisite: ECON 101 or 121or 122
A study of the theory, institutions, and performance of the Russian economy including comparison of present and past patterns of economic development.
ECON 355 Statistics for Economists
3c-0l-3cr
Prerequisite: ECON 121 or 122 or instructor permission
An introduction to economic statistics, including frequency distributions, probability, distributions of random variables, functions of random variables, and tests of economic hypotheses.
ECON 356 Introduction to Econometrics
3c-0l-3cr
Prerequisites: ECON 355 or its equivalent or instructor permission
An introduction to econometrics, including linear normal regression models of two or more random variables, special econometric problems, and solutions of simultaneous equations.
ECON 360 Economics of Health Services
3c-0l-3cr
Prerequisite: ECON 101 or 122 or instructor permission
An analysis of the allocation of resources in the health sector using demand and supply techniques. Pricing and output decisions by physicians, hospitals, and other health agencies are considered along with other current policy issues.
ECON 361 Environmental Economics
3c-0l-3cr
An examination of economic costs and benefits of environmental control and modification. Techniques of economic analysis are used to understand economic aspects of environmental problems and contribute toward their solution. (Offered as ECON 283 prior to 2003-04)
ECON 365 Economics of Tourism
3c-0l-3cr
Prerequisite: ECON 101, 121, or 122; or instructor permission
Examines the importance of tourism and the travel industry. Examines economic applications to tourism and each of the segments of the travel industry, including transportation, accommodations, food, and attractions and entertainment from both a domestic and international perspective.
ECON 369 Contemporary Economic Issues
3c-0l-3cr
A rigorous but nontechnical analysis of a variety of economic problems and a formulation and evaluation of possible corrective policies. (Offered as ECON 241 prior to 2003-04)
ECON 371 Economics of Labor Legislation
3c-0l-3cr
Prerequisite: ECON 330 or instructor permission
Economic background and effects of governmental regulation of labor relations, emphasizing a detailed examination of National Labor Relations Act as amended.
ECON 372 Economics of Wages and Employment
3c-0l-3cr
Prerequisite: ECON 330 or instructor permission
An analysis of wages and employment under various market structures. Also, analysis of the impact of labor market forces on wages, prices, and distributive shares.
ECON 373 Economics of Human Resources
3c-0l-3cr
An inquiry into economic demographics and related factors affecting growth, structure, and distribution of an economy’s labor force into different occupations.
ECON 383 Urban/Regional Economics
3c-0l-3cr
Prerequisites: ECON 121 and 122
Location theory, land use patterns, urban economic/regional growth change, and urban economic problems and policies.
ECON 421 Macroeconomic Analysis
3c-0l-3cr
Prerequisites: ECON 121, 122 or instructor permission
Emphasizes aggregate income levels and problems of unemployment, inflation, and growth. Covers consumption and investment theories and the role of fiscal and monetary policy.
ECON 422 Microeconomic Analysis
3c-0l-3cr
Prerequisites: ECON 121, 122, MATH 121 or equivalent
Consumer behavior, theory of the firm, theory of exchange, market structures, distribution, general equilibrium theory, welfare economics.
ECON 456 Advanced Econometrics
3c-0l-3cr
Prerequisite: ECON 356 or equivalent or instructor permission
Provides a more thorough understanding of the theory and practice of econometrics introduced in ECON 356. Students will increase their proficiency in econometric analysis and improve their research skills by extending their research agendas begun in ECON 356 and through exposure to the scholarly literature. Students will learn about a variety of topics related to regression analysis, including violations of the Classical assumptions, extensions of the basic regression model, and advanced techniques.
3c-0l-3cr
Prerequisite: Instructor permission
A seminar in selected economic issues or problems.
var-l-3cr
Prerequisite: Instructor permission
Offered on an experimental or temporary basis to explore topics not included in the established curriculum. A given topic may be offered under any special topic identity no more than three times. Special topics numbered 481 are primarily for upper-level undergraduate students.
var-1-6cr
Prerequisite: Prior approval through advisor, faculty member, department chairperson, dean, and Provost’s Office
Students with interest in independent study of a topic not offered in the curriculum may propose a plan of study in conjunction with a faculty member. Approval is based on academic appropriateness and availability of resources.
var-1-6cr
Prerequisites: Admission to departmental honors program; prior approval through advisor, faculty member, department chairperson, dean, and Provost’s Office
An intensive, focused study involving independent research culminating in a written thesis approved by a thesis director and two faculty readers/committee members. May be taken more than once to a maximum of 6cr.
ECON 493 Internship in Economics
var-2-12cr
Prerequisites: Economics major who has completed at least 12cr in ECON and who has at least a 2.5 GPA in the major and in all coursework
Provides on-the-job experience in economics positions with private and governmental employers. The student is also required to complete related academic work in the form of papers and selected readings. Number of credits earned depends upon the nature of the job and amount of time involved in internship. A maximum of 6cr earned in this course may be counted toward the 30cr in economics requirement for ECON majors.
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