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Full Catalog - Wayne State College

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82 <strong>Wayne</strong> <strong>State</strong> <strong>College</strong>minor, a Business Administration major with a concentrationin Economics, or a Social Sciences major with an Economicsconcentration.Minor in Economics: 21 hoursA minor must include a minimum of 12 hours unduplicated bythe student’s major(s) and minor(s).ECOSSCBUS202 Principles of Macroeconomics.....................3203 Principles of Microeconomics.....................3302 Intermediate Macroeconomics.....................3303 Intermediate Microeconomics......................3319 Statistics for the Social Sciences or226 Business Statistics........................................3Economics Electives (Upper Level)...................6Undergraduate CoursesECO 202 Principles of Macroeconomics (3) In this coursethe principal macroeconomic measurements of nationalproduction; unemployment and inflation will be introduced.Theories of how these measures interact and how they areinfluenced by activity in households, businesses, the FederalGovernment and the Federal Reserve System, as well as theimpact of international trade, will also be studied.ECO 203 Principles of Microeconomics (3) In this coursethe principal microeconomic market model of supply anddemand will be studied. Additional topics introduced toadd to our understanding of the basic model will includeresource allocation concepts, production and cost theory,consumer theory and market structure conditions.ECO 302 Intermediate Macroeconomics (3) Prerequisites:ECO 202 and Junior Standing. Determination of the levelof national income, output and employment according toClassical, Keynesian and Modern theories. The mechanismand evaluation of stabilization policies in a global economyis discussed.ECO 303 Intermediate Microeconomics (3) Prerequisites:ECO 203 and Junior Standing. The general frameworkfor economic analysis of activity in a market for a productwill be covered. The standard treatment of consumer andproducer theory, as well as market structure influences onpricing and output activity, will be presented. Areas ofapplication will include the labor markets, financial marketsand the legal environment of business. By employingmeasures of economic well-being as a policy evaluationtool, particular attention will be paid to how markettransactions affect the market participants and society ingeneral.ECO 310 Money & Banking (3) Prerequisites: ECO 202 andJunior Standing. A study of the historical evolution of theUnited <strong>State</strong>s money and financial institutions, their currentstatus, regulation and its impact on the whole economy.Topics include regulatory functions of the Central Bankand their relationships to sectoral, regional and aggregateoutput, price level and employment, an introduction tomonetary theory and policies.ECO 320 Labor Economics (3) Prerequisites: ECO 203 andJunior Standing. A study of the labor market focusing ondemand for labor, supply of labor, wage determination andoccupational wage differential, investment in human capital,discrimination and labor market outcomes, collectivebargaining, industrial relations, labor laws, employment,unemployment, and related public policy issues.ECO 350 Economic Development (3) Prerequisites: 3 hours ofEconomics and Junior Standing. A study of the economicconditions of the Third World Countries analyzing historicaland institutional aspects as to why they are underdeveloped.Modern development theories are introduced and theirapplication to the Third World Countries are discussed.ECO 360 Global Economics (3) Prerequisite: Junior Standing.Basic economic concepts and their applications areintroduced with the study of the trade links of differentcountries of the world in a global economy. The theory ofinternational trade, the role of international agencies, WorldBank, IMF, GATT and various trade blocks in a globaleconomy are discussed.ECO 430 International Economics (3) Prerequisites: 3 hours ofEconomics and Junior Standing. A study of the principlesand theories of international trade, finance, foreigninvestment, barriers to trade, and international economiccooperation. This course provides the necessary tools tointerpret, evaluate and analyze the changing internationaleconomy.ECO 444 Topics in Economics (3) Prerequisite: JuniorStanding. Current or special issues in Economics will beexamined. The course offers students the opportunity todiscuss relevant issues facing society. The course may berepeated for credit, by advisement, when no duplication oftopics exists.ECO 470 Industrial Organization (3) Prerequisites: ECO 203and Junior Standing. A study of the forces shaping thestructure of industries and the way in which the structureof markets influences pricing, advertising, unemploymentand income distribution in the economy. The evolutionof public policy in relationship with the corporation isdiscussed.Cross Listed Courses:GEO 315 World Economic Geography (3) May be taken as anelective in the Economics minor.Eligible seniors may enroll in 500 level graduate courses.Graduate CoursesECO 501 Foundations of Statistics and Economics (3)Prerequisite: Approval of MBA Director. This course isdesigned to provide the student with a working knowledgeof statistics and economics from a decision maker’sperspective. (MBA foundation course)

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