Professors Casler, Afrasiabi, Baskan, Cupper, Goldstein, Martin, Moskwa, Nonnenmacher, Onyeiwu, Sickafuse, Golden
Economics, a social science, studies the production, distribution, and consumption of products and services. The scarcity of human, natural, and other material resources requires that these activities be well-directed to enhance the general welfare of the global population. In the process of learning how human societies could accomplish such goals, economics has come to include a core of widely accepted general theory, techniques for using data to test hypotheses and draw inferences, and skills that are often refined by experience in the application of theory to particular problems. Like many related disciplines in a liberal arts curriculum, Economics emphasizes oral, written, and quantitative methods in courses and seminars.
The Department of Economics offers students a program that requires a balance of theory and application in its curriculum. The offerings are a combination of theory courses, quantitative work, and a number of field courses that are also accessible to non-majors and minors. It is a program designed to provide a liberal educational foundation for citizen and voter, for advanced study in Economics, or other professions, and careers such as international affairs, law, business, finance, education and public policy.
The major in Economics is required to take Economics 100 and 101; 300; 310; 320; two 200-level courses; three 400-level courses, one of which must include Economics 460, 463 or 466; one of the 580 series; 615; and one Senior Project Workshop 620 section. Economics 160 can be used as a substitute for one of the 200-level courses, and Economics 360 can substitute for one of the elective 400-level courses.
Economics majors are required to have a GPA of at least 2.0 in departmental courses at graduation. Only Economics courses taken at Allegheny on a letter grade basis and only the most recent grade in repeated courses are included in the calculation. All courses required for the major must be taken on a letter grade basis except one of the 100 or 101 courses.
The 200-level courses have only introductory micro and/or macroeconomics as a prerequisite, whereas the 400- and 500-level courses require 300 and 310. Courses numbered 215-261 are intended to be primarily informational, institutional, historical, or philosophical in nature, while the 400-level courses are more theoretical, empirical or quantitative in emphasis.
Students considering a major in Economics are advised that 231, 232, 299, 300, 310, and 320 are calculus-based and have Mathematics 157 or 160 as prerequisites.
A field has emerged at the intersection between traditional economics and business. It involves new understandings of how organizations succeed within their competitive environments and the roles managers play in fostering success. To recognize this area of specialization, the department offers a track in Managerial Economics within the major. This program is an especially appropriate preparation for a career in management or related fields (e.g., law, public policy, or entrepreneurship) or for graduate education in these areas. Through case studies, internships, and interactions with practicing managers, students learn how economic theory and quantitative methods can be used to solve managerial and business problems.
To complete this track students must take Economics 100 and 101; Economics 240 as one of the two 200-level courses; Economics 160; Economics 300, 310, and 320; and Economics 440 plus one other 400-level elective, which can be replaced by 360 or 370. In addition, one of the upper level statistics courses-—460, 463, or 466—is required, along with the Junior Seminar and Senior Project. The Managerial Economics junior seminar, Economics 588, is recommended.
Those students wishing to pursue a career in International Economics or business should combine the study of a particular country and language with a background in Economics. If students are majoring in Economics and minoring in a language, they should take Economics 251, 256 or 261 as their elective 200-level course and 450 and/or 452 as their elective 400-level courses. Students majoring in a language and minoring in Economics should take Economics 251, 256 and/or 261, in addition to 240. In addition, students are encouraged to study abroad and to complete an internship either abroad or with a company engaged in international trade. Students may also select a double major in these two disciplines. For an example of language courses that complement a Managerial Economics track major or Economics minor, see the course of study described in the German section of the Modern & Classical Languages catalogue section.
The minor field program in Economics requires the successful completion of Economics 100 and 101; 300 or 310; and three other courses offered by the department. Mathematics 157 or 160 or a sufficient mathematics background (requiring permission of the department chair) is prerequisite to 300 and 310. Course sequences suggested for the development of various interests are available from department faculty. All courses except one of 100 or 101 must be taken on a letter grade basis.
During the junior year, students can take advantage of Washington Semester programs in Washington, D.C. Particularly suited to the economics major are: Economic Policy Semester, International Business Semester, and Development and Environmental Semester. It is possible to substitute courses taken under this program or other courses taken in this country or abroad for some of the courses in the major or minor program. However, departmental approval of the proposed work must first be given. Ordinarily the major in Economics cannot include more than three courses taken at other colleges and universities. Several internships are available through the department and one may be taken as an elective in addition to the 12 required courses.
Those students intending to pursue graduate study in economics or business should note that these graduate programs usually require a high performance in Economics courses and a thorough understanding of mathematics and quantitative methods. For graduate study in Economics, the recommended minimum is mathematics courses through linear algebra. Proficiency in a second language may also be required. Courses in Political Science may be required for admission to some of the special graduate programs, such as those in city planning and urban affairs.
100 Introduction to Microeconomics
A student may take only one course in this category for credit. The available courses follow:
100 Understanding Prices and Markets
A study of the behavior of individuals, households and firms in markets. In learning how the market system works, we see how prices influence the production and distribution of goods and services and where the system fails.
100 The Behavior of Firms in the Modern Economy
An introduction to pricing, production, and investment decisions in firms. Competitive and non-competitive industries are also considered, as well as the role of government in various market settings.
100 Trade and Exchange
An exploration of the fundamentals of market forces through an illustration of the buyer-seller relationship. In particular, the objectives of these interacting individuals and the means by which they attain these objectives are described to reveal the potential gains to both the buyer and the seller. Variations in the behavior of producers in different market environments (ranging from competitive to monopolistic) are analyzed. The process through which prices of goods and services are determined is part of all applications.
100 Introduction to Environmental Economics
A study of the process through which allocative market inefficiency affects environmental quality. The traditional and modern economic-environmental policy tools are compared and evaluated.
100 Wealth, Poverty and Power in America
An inquiry into the efficiency and fairness of the capitalist economic system in the U.S. The course examines how capitalist markets confer differing degrees of economic power upon different groups in society, and how individuals’ lives are affected.
100 Introduction to Macroeconomics
A student may take only one course in this category for credit. The courses available follow:
100 Understanding Money, Taxes and the Economy
A study of the determination of output, the price level and employment in the United States economy. The impact of government policies designed to achieve full employment and price stability is also explored. This course supplies a framework for interpreting and critically analyzing issues and policies in the “news” that have an economic dimension.
100 Controlling the Business Cycle
Policies of the government and the Federal Reserve, which are designed to control inflation, unemployment and the rate of economic growth, are examined in the context of what economists know about the operation of a modern economy.
100 The Science of Economic Aggregates
An examination of the measurement, determination, and interrelationships of economic aggregates, such as Gross Domestic Product, Personal Consumption Expenditures, Gross Private Domestic Investment, Government Purchase of Goods and Services, Net Exports, Total Unemployment and the movement of indices of prices. No Economics prerequisite, but some acquaintance with a mathematical or quantitative approach to analyzing a problem is helpful.
100 Economic Growth and Instability
An inquiry into the alternating periods of growth and stagnation in the U.S. economy. Questions to be addressed include the following: Why is it so hard to fully employ America’s human resources? How do international economic pressures affect the problem? What role can government play?
160 Fundamentals of Financial Accounting
Introduction to methods of recording, classifying, and summarizing financial data. Does not count toward a major in Economics, except for the Managerial Economics track.
170 Fundamentals of Managerial Accounting
Study of the uses of accounting data to make basic managerial decisions of the firm. Comparisons between managerial decision-making and economic theory of the firm will be made. Prerequisite: Economics 160.
212 Marxian Economics
An introduction to Marxian analysis of a capitalistic economy. Topics considered include: Marx’s political project and historical method of analyzing society; social classes, exploitation and profits in a highly simplified context; and production, financing, and economic crisis in a complex capitalist system. Prerequisite: One micro-based or one macro-based introduction to economics course.
215 History of Economic Thought
The development of economic theory from the Scholastics to Keynes. The emphasis is on the comparison and contrasting of ideas and theories of leading economic thinkers. Evolution of the modern theories of price and income determination will be considered along with the various methodological approaches employed historically in the construction of these theories. Prerequisite: One micro-based and one macro-based introduction to economics course.
226 Money and Financial Institutions
A study of the activities of commercial banks and other financial institutions, the structure and operation of the Federal Reserve System, and the role of each in determining the supply of money and credit. The mechanism whereby money affects economic activity and the role of monetary policy in pursuing society’s goals is examined. Prerequisite: One micro-based or one macro-based introduction to economics course.
231 Environmental Economics and Policy
An examination of the economic factors leading to environmental degradation and the range of policy options available to limit their action. Theories based on externalities and property rights are introduced and command and control, economic incentive, and market-based approaches to environmental regulation are evaluated and compared. Prerequisites: Mathematics 157 or 160, and one micro-based introduction to economics course.
232 Resources and Energy Economics
An examination of the factors that determine the prices of natural resources and their rate of exhaustion. Concepts of dynamic efficiency and sustainability are used to analyze the utilization and management of renewable and nonrenewable resources. Prerequisites: Mathematics 157, or 160, and an introduction to economics course.
236 Economics of Gender, Race, and Work
An examination of the economic theories of the labor market as they apply to gender and race issues. Determinants of male-female and black-white wage and occupational differences and theories of racial and gender discrimination in the labor market are studied. The role for public policy in reducing discriminatory differentials is analyzed. Prerequisite: One micro-based or one macro-based introduction to economics course.
238 Poverty, Inequality, and Efficiency
An examination of the characteristics of the poor in the United States and around the world. Current measures of poverty and inequality are examined in context of the trends in poverty over time and the causes of poverty and income inequality. The fundamental efficiency and equity concerns of social welfare policy are investigated. The class examines other key topics using real world examples, such as poverty and race, gender, immigration, education, and international development strategies on extreme poverty.
240 Introduction to Managerial Economics
An exploration of the roles and responsibilities of the corporation in society, decision-making processes in business and other kinds of organizations, and basic concepts used by managers. Students examine the goals and organizational structures of firms; strategies for surviving in a competitive global economy; corporate ethics; relations with employees, investors, and other stakeholders; the regulatory environment; and the implications of globalization for today’s managers. Managerial economics draws upon a variety of sub-disciplines, including theory of the firm, industrial organization, corporate finance, accounting, and international trade. Case studies are used throughout to allow students to apply the theories to real world situations. Prerequisite: One course in introductory microeconomics.
242 The Economics of Strategy
An introduction to game theory and its economic applications. The fundamental theories of strategic decision-making are followed by advanced topics. These topics may include the analysis of brinkmanship in politics and business, bidding and auction design, bargaining, and the analysis of non-competitive markets. Prerequisite: One micro-based introduction to economics course.
248 Law and Economics
An investigation of the contributions of economic theory to the core areas of the law, e.g., property, contracts, torts, civil procedure, and criminal law and procedure. The course compares economic and non-economic theories of law and addresses the strengths and limitations of the economic approach. Prerequisite: One micro-based introduction to economics course.
250 Issues in Financing Health Care
An examination of the competing interests of the users, providers and financiers of health care. An exploration of reform proposals by these three groups in terms of their economic feasibility is included. Another objective is to frame questions of health care finance so as to better define the appropriate methodologies for their meaningful analysis. Students run through exercises in posing a well-defined question and designing an approach to its study, including data sources and relevant relationships to be included in the analysis. Prerequisites: One micro-based and one macro-based introduction to economics course.
251 International Economics
A study of international economic relationships in theory and practice. The bases of an international division of labor, international financial arrangements and agencies, balance of payment problems, trade policies of nations, trade and development, regional economic integration, and the multi-national corporation are among the principal topics discussed. Prerequisites: One micro-based and one macro-based introduction to economics course.
256 Economic Development
An examination of the problems of the less developed countries in achieving adequate economic development. The role of resources, human and physical; patterns of trade and specialization; international investment and the transfer of technology; the role of international agencies; development strategies; and development planning are some of the principal topics explored. Prerequisites: One micro-based and one macro-based introduction to economics course.
261 Comparative Economic Systems
An investigation of scarcity of resources relative to wants. Various market and non-market mechanisms are critically examined. Case studies of countries are followed by a comparison of economic performance. Prerequisites: One micro-based and one macro-based introduction to economics course.
290 Economics of Entrepreneurship I
A study of the economic role and principles of entrepreneurship. Entrepreneurship is a combination of many disciplines including law, business theory, history, psychology, political science, economics, and in many instances, just plain intuition. Topics covered include the development of various business models, the economic impact of antitrust laws, the social and economic implications of “globalization,” the psychology of management, and an analysis of some current buzz-words such as the “new economy” and “e-commerce.” Students are exposed to the disparate requirements of taking an idea (not necessarily their own) and creating an economically viable enterprise that can sustain itself. Prerequisites: One micro-based or one macro-based introduction to economics course.
299 Introduction to Quantitative Methods
Introduction to the various methods and concepts of economic analysis. The use of calculus and linear algebra in developing and solving economic models is the focal point of the course. Concepts and elementary methods of probability are also covered as means of evaluating such models. Prerequisites: One introductory level economics course and Mathematics 157 or 160.
300 Microeconomic Theory
Study of the theories of consumer and firm behavior, economic efficiency and welfare. Analysis of markets, resources, and general equilibrium is made. Prerequisites: One micro-based introduction to economics course (a macro-based introduction to economics course is also recommended) and Mathematics 157 or 160. Must be taken on letter grade basis by majors. It is recommended that this course be taken prior to the second semester of the junior year.
310 Macroeconomic Theory
A development of theories concerning the determination of output, prices, and employment, the hypotheses upon which these theories are founded, and their implications for policy programs. Prerequisites: One micro-based and one macro-based introduction to economics course and Mathematics 157 or 160. Must be taken on letter grade basis by majors. It is recommended that this course be taken prior to the second semester of the junior year.
320 Economic Statistics
An introduction to the basic components of statistical analysis necessary for applied economic research. Basic concepts of probability, probability distributions, random sampling, point estimation, internal estimation and hypothesis testing are covered. Special attention is focused on the development of multiple regression analysis. Prerequisites: One micro-based and one macro-based introduction to economics and Mathematics 157 or 160. Must be taken on letter grade basis by majors. It is recommended that this course be taken prior to the second semester of the junior year.
360 Intermediate Accounting
Theory and procedures used to account for the assets, liabilities, and equity of corporate enterprises. Prerequisite: Economics 170.
370 Cost Accounting
Methods and systems used by various enterprises to develop estimates of costs and techniques for controlling costs of operation. Prerequisite: Economics 170.
390 Economics of Entrepreneurship II
An exploration of the skills necessary to create a new business or secure funds to expand an existing one. Student teams produce business plans with three major functions: an outline of the business and its financing needs for use in obtaining funding, an exercise in the planning process, and a document used to measure the progress of the enterprise. Topics include forms of organization, sources of competitive advantage, entry and growth strategies, technology and personnel policies, and cash flow analysis. Prerequisites: One micro-based or one macro-based introduction to economics course and Economics 290.
421 Strategic Environmental Management
Explores how companies seek profit opportunities by reducing costs associated with environmental impacts and by satisfying market demand for ecologically sound products. Economic theories of the firm and theories of sustainable development provide the analytical framework. Various templates for building environmental management systems are reviewed, along with the corporate sector’s progress toward sustainable business practices.
427 Theory of Finance
Organized around the objective of maximizing the stockholder wealth within a set of corporate risk-return characteristics. Major topics include financial analysis and planning, capital budgeting, evaluation and cost of capital, capital asset pricing, and long-term financing.
440 Advanced Managerial Economics
Application of statistical methods and economic theory to managerial decision making. The course covers a range of analytical tools useful in solving problems that arise in managing firms’ operations. Particular examples include regression analysis, linear programming, forecasting, time value of money, break-even analysis, statistical quality control, pricing, production, demand and cost functions. Prerequisites: Economics 300 and 320.
441 Public Finance
An investigation of the effects of governmental taxation. Topics include income redistribution, public goods, welfare economics, and the efficiency and equity implications of various types of taxation. Prerequisites: Economics 300 and 310.
448 Organizations and Contracts
An exploration of the costs of organizing economic activity. Topics include the determination of the scale and scope of the firm, the consequences of separating control from ownership, and the transaction costs of contracting in the marketplace. Theoretical work is followed by case studies of several industries, including aerospace, coal, oil, air traffic control, and automobile. Prerequisites: Economics 300 or permission of the instructor.
450 International Banking and Finance
Beginning with the fundamentals of international currency markets, risks incurred in international transactions are defined and analyzed. Various methods of covering for such risks through portfolio adjustments, international trade practices and banking instruments are described. The impact of international lending on the balance sheets of banks, as well as the balance-of-payments of nations, are explored. Some suggested guidelines for lending institutions in the wake of recent lending crises and the potential for their recurrence are also evaluated. Prerequisites: Economics 300 and 310, or permission of the instructor.
452 Theory of Trade
An exploration of the macroeconomics of an open economy. Topics include the balance-of-payments, exchange rate markets, and external borrowing for developing countries. The production and consumption possibilities of trading partners are analyzed in a general equilibrium framework. The roles of tariffs, trade quotas, and pegged exchange rates as appropriate policies for the achievement of domestic and international economic goals, as well as means of international economic cooperation, are discussed. Prerequisites: Economics 300 and 310.
460 Economic Forecasting
An examination of statistical techniques used to predict the future performance of key economic variables. Topics include forecasting with the multiple regression model and with time series models, with an emphasis on applications using real-world data. Prerequisites: Economics 300 or 310, and 320.
463 Applied Economic Statistics
Fundamental statistical measures and models are reviewed and developed with applications to economic theory and data. Topics include confidence intervals, hypothesis testing and the multiple regression model. The use of computers for statistical analysis is included. Recommended before the senior year. Prerequisite: Economics 320.
466 Introduction to Econometrics
Regression analysis, its basic assumptions, and the consequences of the violations of those basic assumptions. Related problems, such as collinearity, identification, autocorrelation, and tests of significance, are included. These techniques are used to measure the relationships between and among selected microeconomic and macroeconomic variables. Applied econometric research with computer usage in areas of student interest is included. Prerequisites: Economics 300 or 310 and 320 or permission of instructor.
470 The Mathematical Approach to Economics
Mathematical development of the basics of modern economic theory. Applications and examples are drawn from the major fields of Economics, such as international, monetary and fiscal theory. Mathematical techniques such as calculus, differential equations, and linear algebra are utilized. Prerequisites: Economics 300 and 310 or permission of instructor.
490 Advanced Topics in Economics
A continuation of material taught in Intermediate Theory and specific 400-level field courses. Within the field considered, students become familiar with current problems and developments in theory and/or empirical research. Possible topics include Production Theory, Business Cycle Models, Regional Economics, and Time Series Analysis. Prerequisite: Permission of instructor.
500 Internships
The department offers internships with local, national, and international organizations. Credit hours, timing, and responsibilities are arranged on a case by case basis; for-credit internships will usually be taken Credit/No credit. Students may be required to participate in a seminar during the semester of the internship. Interested students should speak with the department’s Managerial Economics Coordinator (332-2385) well in advance of the semester during which they plan to take part in an internship. Internships change from semester to semester; as up-to-date as possible a listing is available through the ACCEL database, which can be accessed at www.allegheny.edu/academics/Economics/ and www.allegheny.edu/accel/what_intern.html. The department’s Coordinator should be consulted about current listings as well. An application is required prior to registering for an internship, and students with insufficient course work or low GPAs may be ineligible.
The following indicate the range of possible internship areas within Economics, although others may be found as well. Also listed are the faculty members likely to act as liaisons in each area:
500 Internships in Banking and Finance
Liaison: Professor Onyeiwu
Internships with banks, brokerages, and other financial services companies. Students may be exposed to activities such as credit assessment, financial product sales, and portfolio management. Good preparation is provided by coursework in corporate finance, money and banking, and accounting.
500 Internships in Accounting
Liaison: Professor Sickafuse
Students participate in the work of one or more fields of accounting. Activities may include financial statement preparation, bookkeeping, tax preparation and financial analysis. Requirements and prerequisites vary depending on the internship.
500 Internships in Environmental Management
Liaison: Professor Goldstein
Work with a local company, regulatory agency, or others concerned with how organizations can improve performance while at the same time reducing environmental impacts. Recommended background includes business-related Economics courses (managerial, finance, accounting), and/or courses related to the environment in the Economics or Environmental Science Departments.
500 Internships in Regional Development
Liaison: Professor Onyeiwu
Issues of regional growth and development. Topics include downtown revitalization, the effects of local industrial growth and decline, the linkages between sectors of the regional economy, and the competitive effects of entry in all sectors. A written report is required at the end of the internship. Prerequisites: Three courses in Economics and the approval of the liaison.
500 Internships in Medical Management
Liaison: Professor Baskan
Students are placed with firms in the health care field, such as in the management offices of a local hospital complex. Interns may deal with medical costs, service quality, health insurance, and other related issues. Coursework in health care financing, and management in general are recommended.
500 International Internships in Costa Rica
Liaison: Professor Goldstein
Allegheny College has made special arrangement with partner organizations in Costa Rica, Central America, for summer or semester internships related to the economics of sustainable development. The partners include private companies, nonprofit organizations, and consulting firms. Assistance with travel and living arrangements will be provided, and financial support may be available. Some familiarity with Spanish, or a willingness to undertake intensive language study, is required.
Required of majors in Economics in the second semester of the junior year or the first semester of the senior year.
580 Innovation and Technological Change
An exploration of how firms generate and manage innovation and technological change. Managing technological innovation has become a competitive imperative for business practitioners, managers, and strategic planners in the global economy. The basic concepts used in understanding the innovation process are introduced, along with case studies of how leading firms manage their technological systems and portfolios: the organizational, institutional, and managerial structures that are used to compete through technological change.
581 Business Cycles
A survey of the historical record of business cycles in the U.S. Methods of measuring and modeling cyclical activity are discussed. Individual student research is then conducted on selected business cycle models.
582 Topics in Open Economy Macroeconomics
Study of economic relationships among nations. Topics included focus on institutional, as well as theoretical, aspects of these relationships: the choice is left to the students based on their major/minor interests (political science, economics, international studies, Latin American studies, etc.). Each student is expected to contribute to the class discussions of others’ topics with the intention of adding new dimensions to the seminar paper.
583 Financing the American Economy
An examination of the financial sector of the U.S. economy and recent developments in the structure, operation, and regulation of its institutions and markets. Economics 226 is recommended.
585 Issues in Resource Markets
An examination of theoretical and empirical models of natural resource commodity markets. Students are exposed to statistical applications of microeconomic theory to the problems associated with these markets. Economics 320 is recommended.
586 Special Topics in Labor Issues
An examination of topics in labor economics, such as human capital, compensating wage differentials, discrimination, unions, mobility, and incentive pay schemes. Material includes an analysis of the wage and employment effects of various public policies. Economics 320 is recommended.
587 Transformation of the Global Economy
Market and non-market economies are critically examined. Case studies of selected countries will be followed by comparative economic performances.
588 Topics in Managerial Economics
A capstone seminar for economics majors in the managerial track.
A case study format is used to encourage integrated application of standard economic theory and managerial economics fields (like strategic management, finance, accounting, statistics, ethics, and technology management) to the complexities of real strategic management problems. Students choose case-related research paper topics that reflect both significant real world management questions and applicable theoretical frameworks. Case and research reports provide training in project analysis and presentation, both verbal and written, and opportunities to broaden and integrate knowledge of the intellectual, institutional, and historical contexts of the management environment. Prerequisites: Economics 240, 320, and 440.
589 American Regulatory History
A study of the development of the American economy with a special focus on the role of regulation. There is a broad overview of the economic and political forces shaping the country followed by a theoretical discussion of regulation. Students lead class discussion for the remainder of the semester on topics such as the regulation of the meatpacking, oil, margarine, and cigarette industries. Prerequisites: Economics 300 and 320.
590 Independent Study
Credit: One to four semester hours.
615 Senior Project I
A one-credit, graded course required of Economics majors in the senior year. Students should enroll with the department chairman. Entails mainly topic definition, literature search, and (where appropriate) data gathering. Credit: One semester hour. Prerequisite: Permission of instructor.
620 Senior Project II
A graded course required of Economics majors generally taken in the second semester of the senior year. Students should enroll in a workshop section with the instructor who has agreed to supervise the Senior Project. Entails mainly the writing and defense of the Senior Project. Credit: Three semester hours. Prerequisites: Economics 615 or permission of instructor.
Section 1: Workshop in Macroeconomics and Business Cycles
Section 2: Workshop in International Economics
Section 3: Workshop in Financial Institutions and Monetary Policy
Section 4: Workshop in Public Finance
Section 5: Workshop in Resource Markets
Section 6: Workshop in Labor Economics
Section 7: Workshop in Comparative Economic Systems
Section 8: Workshop in Industrial Organization
Section 9: Workshop in Economic History
Section 10: Workshop in Topics in Finance
FS ECO 201 Communication in a Discipline
Comparative Economic Systems
An investigation into the various ways societies can and have met the challenge of reconciling the scarcity of resources relative to human needs and wants. Both market and non-market approaches to answering basic economic questions are critically examined. Case studies of particular countries are explored to compare their economic performance. Writing and speaking assignments introduce methods of inquiry used in economic analysis. May count toward a major or minor in Economics. May substitute for Economics 261 in an International Studies major. Prerequisite: a micro or a macro-based introduction to economics.
