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Economics Undergraduate Courses

 
Professor UmbeckThe Economics Department offers a wide selection of courses. 200-level courses provide an introduction to economics and are open to students of any major with no prerequisites. 300-level courses generally require calculus and completion of ECON 25100 and/or ECON 25200. 400-level courses are designed for students who have already completed the core economics courses. Some 500-level master's courses are available to advanced undergraduate students.

ECON 21000 - Principles Of Economics
Credit Hours: 3
Prerequisites: None
Typically Offered: Fall Spring Summer
Description: Economics is the study of decision making under conditions of scarcity. This course looks at the behavior of the individual consumer and firm and their interaction with the government. The second half of the course studies the macroeconomy and focuses on the causes of inflation, unemployment, and interest rate changes. The international economy also will be studied. No credit for economics majors.

ECON 21900 - Economics For Future Elementary Teachers
Credit Hours: 3
Prerequisites: None
Typically Offered: Fall Spring
Primary Audience: College of Education Students
Description: A principles of economics course designed for future elementary and social studies teachers. The purpose of this course is to: 1) introduce the future teacher to basic economic concepts required by the Indiana Academic Standards for Social Studies, K-6, 2) learn methods for teaching these concepts in the K-6 curriculum, and 3) develop a catalog of curriculum materials appropriate for teaching economics in grades K-6. No credit for economics majors.

ECON 21910 - Economics For Future Secondary Teachers
Credit Hours: 3
Prerequisites: None
Typically Offered: Fall Spring
Primary Audience: College of Education Students
Description: Upon completion of this course students will be able to analyze economic events in order to make more intelligent choices as consumers, workers, and voting citizens; identify and understand the basic concepts and principles of economics in order to meet standards at the secondary school level; identify supplemental materials and programs from variety of sources used in your teaching major, minor, or as supplements in your classrooms; and review and organize lessons that teach economic concepts. No credit for management students. The course content is principles-level economics and is designed for social studies education students who are beginning their sequence of required economics courses. The course is designed to be taken before upper-division economic content courses. No credit for economics majors.

ECON 25100 - Microeconomics
Credit Hours: 3
Prerequisites: None
Typically Offered: Fall Spring Summer
Description: Microeconomics studies the choices individuals make and the incentives that influence those choices. Emphasis is on the incentives that determine market prices and resource allocation. The role of public policy in influencing incentives and efficiency is also addressed. An honors section is offered in the fall semester.

ECON 25200 - Macroeconomics
Credit Hours: 3
Prerequisites: None
Typically Offered: Fall Spring Summer
Description: Introduction to macroeconomic theory. The course develops a theoretical framework permitting an analysis of the forces affecting national income, employment, interest rates, and the rate of inflation. Emphasis is placed upon the role of government fiscal and monetary policy in promoting economic growth and stable prices.

ECON 32500 - Economics of Sports
Credit Hours: 3
Prerequisites: ECON 25100, ECON 25200
Typically Offered: Fall Spring Summer
Description: This class applies economic principles to the professional sports entertainment industry and its derivative input markets. The class begins by examining the microeconomics of demand for (by fans) and supply of (by teams) sports entertainment. The labor markets for the primary input, athletic talent, receive significant attention. Coordination among economic agents, taking the forms of leagues, players' unions, and government, is considered at the end of the class, with an emphasis on how they affect the efficiency of the markets related to sports entertainment. Quantitative empirical analysis is emphasized throughout the class. This is not a sports trivia or fantasy sports strategy class.

ECON 34000 - Intermediate Microeconomic Theory
Credit Hours: 3
Prerequisites: ECON 25100, MA 16010/16100/16500
Typically Offered: Fall Spring Summer
Description: Topics from consumer behavior and demand, production and cost, factor demand, market structure, strategic behavior, and game theory. Emphasis on the tools used to analyze the behavior of individual economic units. Covers material similar to ECON 51100.

ECON 35200 - Intermediate Macroeconomics
Credit Hours: 3
Prerequisites: ECON 25100, ECON 25200, MA 16010/16100/16500
Typically Offered: Fall Spring Summer
Description: A rigorous, general equilibrium treatment of macroeconomic theory with emphasis on the components of the macroeconomic model: determinants of consumption, investment, net exports and foreign exchange rates, the level of unemployment, inflation and the long-run rate of economic growth. Covers material similar to ECON 51200.

ECON 36000 - Econometrics
Credit Hours: 3
Prerequisites: STAT 35000/51100 or MGMT 30500
Typically Offered: Fall Spring Summer
Description: This course examines the statistical techniques used to analyze economic data, estimate causal effects, make predictions, and test economic theory. Students learn empirical skills used in analytical consulting, financial modeling, economic research, and by analysts in the private and public sectors. Emphasis is placed on estimating a single equation (e.g., a demand function) and the problems associated with such estimation. As part of the course, students will estimate equations using statistical software available. Covers material similar to ECON 56200.

ECON 36100 - Antitrust and Regulation
Credit Hours: 3
Prerequisites: ECON 25100
Typically Offered: Spring
Description: The course studies the influence of laws and regulations on the behavior of firms, focusing on two types of government intervention in the market: antitrust law and economic regulation. Antitrust laws define the rules by which firms must compete. Economic regulation more tightly constrains the actions of firms, requiring that they obtain approval to set prices and/or enter new markets. The focus is on current topics in both areas, including comparison of U.S. practice with that of the European Union and elsewhere.

ECON 36200 - Health Economics
Credit Hours: 3
Prerequisites: ECON 25100 and ECON 25200
Typically Offered: Fall Spring
Description: This course is designed to introduce upper-level undergraduate students in economics to the field of health economics. We will analyze health and health care theories, institutions, and key policy issues using tools from intermediate microeconomic theory. The course begins with an analysis of health care as a commodity and why health is different from other consumer goods. The course then examines the demand for and the production of health and health care, and the behavior and organization of health care providers. The discussion then switches to information asymmetries and the functioning of health insurance markets. Afterwards, the course turns to the analysis of government involvement in the health care system. The class concludes with an examination of medical care systems around the world, paying particular attention to the U.S. health care system.

ECON 36500 - History of Economic Thought
Credit Hours: 3
Prerequisites: ECON 25100 and MA 16010/16100/16500
Typically Offered: Spring
Description: Modern economic theory has roots in antiquity, in early efforts by social philosophers motivated by belief in natural law - to discover and explain the underlying forces that shape individual and collective behavior. With the emergence of classical thinkers led by Adam Smith - in the eighteenth century came efforts to firmly establish economics as a systematic inquiry into the determination of the wealth of nations. Later, as we move to the nineteenth century, the foundations of much of modern microeconomic theory consumer demand, production and cost, profit maximization, etc. were laid. Economics became a science. It is this evolution of the subject that is explored in this class.

ECON 36700 - Law and Economics
Credit Hours: 3
Prerequisites: ECON 25100
Typically Offered: Spring Summer
Description: It has become increasingly clear to economists, legal scholars and political scientists that it is impossible to understand economic institutions without first having an understanding of the legal framework within which they operate. Similarly, it is impossible to understand the impact of law on society without first having an understanding of economic principles. This problem is further complicated by the fact that there are often ambiguities in the written law that lead to significant differences between what the law appears to say and how the law is interpreted in the courts. This course is designed to give the student an understanding of both legal and economic principles and the relationship between them. Finally, through the use of economic analysis, the student will acquire the tools to predict the likely outcomes of particular laws and how they will affect their family and business decisions.

ECON 37000 - International Trade
Credit Hours: 3
Prerequisites: ECON 25100, ECON 25200, MA 16010/16100/16500
Typically Offered: Fall Spring Summer
Description: Develops an understanding of the economics of globalization, including the movement of goods, people, capital, and ideas across countries. Using the tools of intermediate economic theory, we discuss the benefits and costs of globalization, the implications of globalization for wages, earnings and national welfare, and their intersection with government policies.

ECON 37600 - Economics of the European Union
Credit Hours: 3
Prerequisites: ECON 25100 and ECON 25200
Typically Offered: Fall 
Description: The goal of the course is to give you an understanding of the background to and current economic structure of the European Union, as well as the economic challenges it is now facing.  

ECON 38000 - Money and Banking
Credit Hours: 3
Prerequisites: ECON 25100, ECON 25200
Typically Offered: Fall Spring Summer
Description: The course analyzes the economics of money, monetary systems, investments, and financial intermediaries in modern industrial economies. Topics considered include the origin of money and the banking industry, financial asset markets, the role of central banks, and the effects of various monetary policies. The theory will be presented side by side with current economic and financial news, and the students will learn how to track financial and economic data via The Wall Street Journal.

ECON 38500 - Labor Economics
Credit Hours: 3
Prerequisites: ECON 25100
Typically Offered: Fall Spring
Description: The purpose of this course is to introduce important topics, theories, institutions, and policy issues relating to the functioning of labor markets. Topics to be considered include labor supply decisions, investments in human capital, compensating wage differentials, labor contract theory, unions, compensation programs, signaling in labor markets, the economics of unemployment, and government employment, retirement, and workplace safety.

ECON 39000 - Capitalism, Socialism, and Incentives
Credit Hours: 3
Prerequisites: ECON 25100
Typically Offered: Fall
Description: The pursuit of happiness and prosperity leads naturally to the creation of markets where individuals trade goods and services. In order for there to be orderly trade, we must agree to a set of rules that regulate our behavior. The resulting social contract defines (and is enforced by) our chosen form of government. Some rules encourage individuals to be more productive, leading to an increase in wealth and prosperity. Some rules will have the opposite effect, discouraging production and leading to an increase in poverty. We will discover that the emergence and outcome of selected rules is predictable once we understand the role played by individual incentives.

ECON 41900 - Managerial Economics
Credit Hours: 3
Prerequisites: ECON 25100
Typically Offered: Fall Spring
Primary Audience: Krannert School of Management Students
Description: The application of economic analysis and common nonmathematical models to managerial decisions. Topics include decisions involving time and uncertainty in both competitive and noncompetitive markets. Pricing decisions are emphasized. No credit for economics majors. Covers material similar to ECON 34000.

ECON 42200 - Public Finance & Taxation
Credit Hours: 3
Prerequisites: ECON 25100, ECON 25200, MA 16010/16100/16500
Typically Offered: Spring 
Description: In this course we study of the role of government in market economies. The aim of the course is to provide an understanding of the reasons for government intervention in the economy, its financing via taxation, and how individuals respond to government action. Emphasis is placed on current U.S. policy issues including environmental policy, Social Security, education policy, welfare programs, and healthcare.

ECON 45100 - Game Theory
Credit Hours: 3
Prerequisites: ECON 34000/51100 or MA 16200/16600
Typically Offered: Fall Spring
Description: In the course, economic, political, and social interactions are represented as games, in which strategies and resulting outcomes can be analyzed. The analysis of these interactions is then used to demonstrate how one can make optimal decisions under uncertainty.

ECON 46100 - Industrial Organization
Credit Hours: 3
Prerequisites: ECON 25100, MA 16010/16100/16500
Typically Offered: Fall Spring
Description: This course examines the determinants of firm and market structure and the resulting market performance in imperfectly-competitive markets. Advanced topics include advertising, research and development, imperfectly competitive international markets, and market integration. Emphasis is placed on using theoretical models of firm and industry behavior to explain and analyze real-world examples of firm behavior.

ECON 46600 - International Economics
Credit Hours: 3
Prerequisites: ECON 25100, ECON 25200, MA 16010/16100/16500
Typically Offered: Fall
Description: Analyzes topics in international economics, using more advantage techniques and more detailed treatment than in ECON 370 or 371. While coverage varies somewhat with instructor, some topics could include: economic growth, innovation and technology transfer, and the role of multinational corporations.

ECON 47100 - Behavioral Economics
Credit Hours: 3
Prerequisites: ECON 34000/51100 or MA 16200/16600
Typically Offered: Fall Spring
Description: Students learn about human behavior in economic environments, with a strong emphasis on classroom laboratory exercises. Topics considered include behavior in a variety of markets - for example, markets with price controls, markets for financial assets and auction markets -- and behavior in social dilemmas that arise when people try to provide public goods voluntarily or when sellers try to conspire to fix prices. Students will also learn how people bargain with, trust each other, and show social preferences towards others. Decision-making and anomalies for risky and uncertain choices will also be covered.

ECON 49900 - Senior Honors Thesis
Credit Hours: 3
Prerequisites: ECON 36000, 12 Upper-Division Econ Credit Hours, Minimum GPA of 3.5
Typically Offered: Fall Spring
Description: Execution by economics honors students of a senior honors thesis under the direction and supervision of the faculty. In addition to a paper, completion of the research project may involve the presentation of the findings in a seminar or workshop setting.

ECON 51100 - Intermediate Economics I
Credit Hours: 3
Prerequisites: Graduate Student or MA 16200/16600
Typically Offered: Fall
Primary Audience: ECON-MS Students & Advanced Undergraduate Students
Description: Consumer behavior and demand, production and cost, factor demand, market structure, general equilibrium and welfare. Emphasis on the tools used to analyze the behavior of individual economic units. Not open to students with credit in ECON 34000.

ECON 51200 - Intermediate Economics II
Credit Hours: 3
Prerequisites: Graduate Student or MA 16200/16600
Typically Offered: Spring
Primary Audience: ECON-MS Students & Advanced Undergraduate Students
Description: Course content includes money and banking, national income and aggregative economics; the analysis of the determination of national income, employment, the price level, and the balance of payments. Consideration of both theory and economic policy. Not open to students with credit in ECON 35200.

ECON 56200 - Econometrics I
Credit Hours: 3
Prerequisites: Graduate Student or (STAT 35000/51100 & MA 16200/16600)
Typically Offered: Fall
Primary Audience: ECON-MS Students & Advanced Undergraduate Students
Description:This course in econometrics covers the tools that will enable students to conduct empirical analysis using economics data. The course examines the statistical techniques used in testing economic theories, estimating casual effects, and making predictions. Emphasis is placed on estimating a single equation (e.g., a demand function) and the problems associated with such estimation. As part of the course, students will estimate equations using STATA, a statistical software package. Not open to students with credit in ECON 36000.