Undergraduate Catalog 2009-2010
UDM Academic PoliciesCourse DescriptionsList of All ProgramsFaculty


ECN 1000 Introduction to Economics
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


An introduction to economic way of thinking covering a survey of micro and macro economics including basic data sources.
300

ECN 1370 Economic Geography
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


A study focusing on economic activity at the local, national and world levels, including developing nations as well as the geography of highly developed economies such as the United States and Canada. Geographic study of economic organizations and their classification with respect to resource endowment and utilization. Topics such as production, distribution and consumption of selected commodities, representing the use of resources in the framework of evolving and existing technology and culture are also included in discussions.
300

ECN 2950 Microeconomic Principles
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


Study of the scope and method of economics. The course focuses on: the allocation of resources and economic efficiency in production, demand and supply in consumption, pricing system, competition and monopoly, the pricing of factor services, and the distribution of income.
300

ECN 2960 Macroeconomic Principles
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


Study of the scope and method of economics. Course topics include: measures and determinants of the level of aggregate income and demand, inflation, employment, economic development; monetary institutions and money supply, monetary policy; taxes, government borrowing; expenditures, fiscal policy, international trade and alternative systems of economic organization.
300

ECN 3050 Money and Financial Systems
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


Introduction to international financial system, balance of payments, exchange rates and external currency markets. Course topics include: the nature and economic role of money and credit, financial intermediation and its control by monetary authority, financial markets, institutions and instruments, interest rate theory, level and term structure, yield curve strategies, control of monetary aggregates and their relationship to employment and prices, and controversies in monetary policy.
300

ECN 3070 Business Economic Analysis
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


Students are introduced to various techniques and forms of business analysis in the public sector; discussion of aggregate forecasting and determining market factors that affect business performance.
300

ECN 3130 Capital and Interest
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


A study of the U.S. financial system using a flow-of-funds approach. Class analyzes the nature and role of all financial institutions and markets and the policies of the Federal Reserve and Treasury operations.
300

ECN 3150 Intermediate Microeconomics
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


An extension and elaboration of elementary price and allocation theory with emphasis on techniques and methods of analysis. Covers topics, among others, that include: the principle of optimization in consumption, production and distribution, behavior of firms, market structure and function, factor markets, and programming and activity analysis.
300

ECN 3160 Intermediate Macroeconomics
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


An extension and elaboration of elementary aggregate income and employment analysis. Focuses on: aggregate income and product accounts, aggregate demand, aggregate supply and general static equilibrium of the product and money markets, growth and instability in economic activity, stabilization through the application of fiscal and monetary policies, and simple dynamic models of growth.
300

ECN 3310 Economics of the Household
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


The household is the consumer of two-thirds of the final output of the economy; net saver-investor in the financial system; and also a supplier in the resource markets.
300

ECN 3440 International Economics
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


A survey course of international trade and international finance. Class discusses problems such as comparative advantages, tariffs, quotas, balance of payments and exchange rate systems.
300

ECN 3470 Economic Development
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


An explanation of alternative approaches to economic growth for both developed and underdeveloped countries. Focuses on: meaning, measurement and theories of development; factors contributing to economic growth, government policies, welfare issues in economic development and a critique of current development policies.
300

ECN 3480 Business Forecast
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


Introduction to the techniques of business forecasting. Class examines short run models and aggregate forecasts for major sectors of the economy, with applications to particular industries and long run predictions.
300

ECN 3550 Economic Thought
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


A critical overview of some of the most influential thinkers in the history of economic doctrine.
300

ECN 3580 Money and Capital Markets
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


A study of the U.S. financial system using a flow-of-funds approach. Class analyzes the nature and role of all financial institutions and markets and the policies of the Federal Reserve and Treasury operations.
300

ECN 3760 Monetary and Fiscal Policy
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


An analysis of the expected consequences of monetary and fiscal policies on investment, production, employment, pricing, balance of payments and economic growth. The course also covers some of the structural, allocational and political constraints.
300

ECN 3850 Comparative Economic Systems
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


An inquiry into the relative efficiencies, merits and demerits of the most typical institutions, structure, functioning and performance of diverse economic systems. The economic systems studied include the capitalistic free-market, market-socialistic and centralized-planned. Economic models are then applied to a study of representative economies such as the U.S., U.K., France, Norway and Sweden, the former USSR and China. Deals with fundamental economic problems, such as choices between goals, the allocation of resources, the maintenance of full and stable employment and production, capital accumulation, technological advancement, income distribution, and consumer welfare.
300

ECN 3910 Washington Seminar
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


Co-requisite: ECN 394. A required course taken in conjunction with the Washington Center Internship. Classes are offered through the Center one evening a week in Congressional studies, policy evaluation, law, and justice studies.
300

ECN 3940 Washington Intern
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


Co-requisite: POL 391.Full-time placement in government agencies, public interest law firms, congressional committees, foreign affairs lobbies, and the public communications media. Arranged through the Washington Center in the area of the student's interest. Open to Majors and non-majors with second semester sophomore status and 2.5 QPA. Only nine hours count toward the major although all count toward graduation. Admission at the discretion of the political science faculty. Shorter seminars available for reduced credit. Summer sessions available for 7 credits.
1200

ECN 3950 Directed Studies
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


Reading and research in economics in an area elected by the student and supervised by a faculty member of the students choice. The reading and research program must be presented in writing by the student and his/her faculty supervisor to the department chair for approval within two weeks after the first day of classes in the term.
300

ECN 4100 Mathematics for Economists
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


Examines the following: sets, the axioms of algebra, equations, functions, and series; compound interest; the fundamentals of differential and integral calculus; the elements of linear algebra and linear programming; the structure and reduction of mathematical models in economics; linear algebra and the calculus of variations; differential and difference equations; linear and non-linear optimization approaches when applied to economic models; dynamic economic models and economic stabilization conditions.
300

ECN 4150 Econometrics I
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


Examines the following topics: ordinary least squares, multi-collinearity, dummy variables, specification error, auto-correlation and the Durbin-Watson test, the heleroscedaticity problem, and the distribution lag model.
300

ECN 4160 Adv Money and Capital Markets
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


Advanced course in money and capital market. This course examines new processes and products in the financial system such as securitization and financial derivatives.
300

ECN 4200 Labor Economics
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


Examines the following topics: determinants of the demand for and supply of labor; the changing labor force; time-allocation models; wage structure; occupational, industrial and geographical wage differentials; the wage-price unemployment problem; the impact of unionism; the implications of wage-price policies; structural unemployment; the problems of maintaining full employment.
300

ECN 4300 Performance of U.S. Industry
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


An application of microeconomic theory to the analysis of market structure, conduct and performance of American industries. Examines topics such as: size and efficiency of firms, competitive behavior and market entry, product differentiation and advertising, integration and merger, the behavior of conglomerates, market power, coordination and administered prices, innovation, technological development and investment, the impact on resource allocation, consumer satisfaction and income distribution.
300

ECN 4350 U.S. Economic History
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


A survey of the economic development of the United States. Course topics include: the geographical setting, the economy of the colonial period, the impact of political independence and the industrial revolution, the development of monetary and financial institutions, capital accumulation, advancement in technology and business organization, the growth of large scale production, the labor movement, business concentration, instability, the growing economic role of government, and contemporary trends and problems in their historic context.
300

ECN 4400 Economics of the Public Sector
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


An in-depth examination of the role of the public sector in a market-based and market-driven economy like the U.S. Course topics include: efficiency criteria in public decision-making; budgeting; priority setting; economic analysis of the incidence and economic effects in particular, on resource allocation and income distribution as well as the intricate issue pertaining to the relations in inter-governmental agencies.
300

ECN 4450 Free Enterprise
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


Seminar on issues covering workplace alienation, worker management, private ownership of the means of production, political power and economic decision making. Emphasis is on faculty papers, student essays and small group interaction. (Honors only or consent of Economics chair.)
300

ECN 4510 Urban Regional Economics
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


Application of economic analysis to urban goals, problems and interactions. Course topics include: growth, income levels, income distribution, and stability in urban economy; employment, poverty, and local finance; transportation, housing, and land use; interactions and opportunity cost of goals; problems and solution in terms of labor markets; the price system; multipliers, and industrial and occupational mix; interrelationships of physical planning and financial and socioeconomic constraints; patterns of governmental support for urban renewal and development.
300

ECN 4520 Market Economics
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


Acquaint the student with the various currents of modern economic thought using original sources. The various schools of modern economic thought will be explored with an emphasis on market economics. The course materials will address topics in both microeconomics and macroeconomics. The course presumes that the student has taken both microeconomics and macroeconomics.
300

ECN 4550 Regulation
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


The course examines the economics of legal and social rationale for governmental regulation. Course topics include: public utilities and the regulation of the rate level, rate basis and structure, the economic principles of ratemaking, the expansion of regulation to quasi-utilities, regulation with respect to product quality and performance, regulatory agencies, and policy recommendations.
300

ECN 4600 Economic History of Europe
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


A study of the evolution of economic institutions, organizations, problems and policies in modern and contemporary Europe. Course topics may include: the development of market economies, mercantilism, the Industrial Revolution, the rise and decline of laissez-faire, the labor movement, the economic impact of the two world wars, the growing economic role of governments, totalitarian governments, state capitalism, central planning, and economic integration.
300

ECN 4640 Issues in Financial Economics
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


Consideration of capital structures, debt and equity, business costs and financing methods are discussed in the context of mergers, acquisitions and financial forecasting for business/industry. The case study approach of analysis will be used to view various models of financial economic considerations.
300

ECN 4650 International Trade
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


A study of the foundation, advantages, problems of international specialization/trade and the accelerated pace of globalization process among world economies. Course topics include: the rise of multinational and transnational firms, absolute and comparative advantages in production, distribution and consumption, differences in cost and price relations among countries, foreign exchange rates, the terms of trade and trade balances, international cartels and commodity agreements, import quotas and bilateral or multilateral agreements, tariffs, and relations between domestic and international economic policies.
300

ECN 4660 International Finance
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


An analysis of the monetary and financial framework of international trade. Course topics include: international payments methods and money markets; fluctuations in foreign exchange rates, devaluation, and exchange control; capital movements, international borrowing, and debt; balance of payments problems and gold flows; the International Monetary Fund and the World Bank; plans for international monetary reform.
300

ECN 4700 Special Problems
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


An intensive study of some special problems in economics, directed by members of the regular faculty or visiting professors.
300

ECN 4750 Natural Resource Economics
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


Examination of the economic principles and theories of the production and uses of natural resources. It analyzes the impossibility/probability/likelihood of resource repletion as based on economic rationale. Both renewable and non renewable resources such as land, water, mineral, energy, food, the environment as well as the topic of population growth are studied for economic growth/development, both in developing and developed countries.
300

ECN 5000 Economics for Teachers I
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


An overview of both the micro and macro economy, including international trade the financial system. The examination of the related databases, such as the National Income and Product Accounts and the Flow of Funds Accounts.
300

ECN 5050 Basic Economic Analysis
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


A study in the fundamental concepts and methods of economic analysis with some emphasis on the determination of the size and composition of national income in a market economy; international trade and finance; and current economic systems.
300

ECN 5060 Economics for Teachers II
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


Conceptual approach to the micro and macro economy with an emphasis on the theoretical relationships and their applications to policy. A review of the relevant social accounts.
300

ECN 5070 Bus Enterprise & Public Policy
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


An examination of the role of public policy and legislation shaping and controlling the institutions and practices of private enterprise with special reference to the United States. The general nature of private enterprise. The effects of tax policies, labor legislation, antitrust laws, regulation of public utilities, and government ownership.
300

ECN 5100 Economic Analysis
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


Microeconomics concerns itself with analyzing rational decision-making processes by consumers, producers, competitive firms, monopolistic competitors, oligopolists and monopolistic enterprises. Decision-making processes aim at value-maximization by consumers, factor efficiency and cost-minimization by producers, and profit maximization by sellers. In addition to studying production, distribution and consumer decision, Microeconomics also analyzes rational behavior of factor suppliers whether they be providers of labor, raw materials, parts or services for utility maximization by suppliers and value-product optimization by factor employers. Diverse aspects of buying and selling are then integrated into a general equilibrium model for social optimality.
300

ECN 5120 Economic Conditions
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


The primary function of this course is to delve into economic analysis to describe, explain and predict aggregate measures of economic activities such as product, employment/unemployment, inflation, international trade and the balance of payments. The course constructs macro economic models of the economy, based on theory, to explain economic events. The models are then used to apply to and evaluate policy alternatives and actions of governments in their attempt to influence economic outcomes such as keeping inflation in check while achieving fuller employment while trading successfully with economies abroad.
300

ECN 5150 Quant Foundat of Econ Analysis
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


Sets, the axioms of algebra, equations, functions and series. Compound interest. The fundamentals of differential and integral calculus. The elements of linear algebra and linear programming. The structure and reduction of mathematical models in economics.
300

ECN 5200 Economic Policy
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


An analysis of current economic and social problems, such as the role of government in a market-oriented society, externalities, market structure, regulation, anti-trust, and globalization of business.
300

ECN 5210 Labor Economics
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


Examines the following topics: determinants of the demand for and supply of labor; the changing labor force; time-allocation models; wage structure; occupational, industrial and geographical wage differentials; the wage-price unemployment problem; the impact of unionism; the implications of wage-price policies; structural unemployment; the problems of maintaining full employment.
300

ECN 5220 Urban Economics and Planning
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


Application of economic analysis to urban goals, problems and interactions. Course topics include: growth, income levels, income distribution and stability in urban economy; employment, poverty, and local finance; transportation, housing, and land use; interactions and opportunity cost of goals; problems and solution in terms of labor markets; the price system; multipliers, and industrial and occupational mix; interrelationships of physical planning and financial and socioeconomic constraints; patterns of governmental support for urban renewal and development.
300

ECN 5300 Economic Ideas In Perspective
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


A critical overview of some of the most influential thinkers in the history of economic doctrine.
300

ECN 5350 Comparative Economic Systems
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


An examination and comparison of the economic, psychological, and philosophical arguments advanced as the rationale for free enterprise, democratic socialist, fascist, etc. systems of economic order.
300

ECN 5400 Financial Economics
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


An introduction to the financial system, which precedes courses in finance and economics. It is designed for three groups of graduate students: those who have not had such an introductory course, those who had such a course several years ago and need a review and for those who have had such a course but for one reason or another did not learn the material well enough. Concepts such as financial intermediation, money, credit, interest rates, valuation are covered in depth. Cash and derivative markets as well as domestic and international finance are grist for our mill. The roll of the monetary authority (Federal Reserve) and its relationship to the financial system is covered. Readings written by the author are also supplied to see how problems arise in the system that can seriously impair that system from optimized economic welfare.
300

ECN 5450 Public Sector
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


The role of the public sector in a market-oriented economy. Efficiency criteria in public decision-making, budgeting, setting of priorities. Economic analysis of the incidence and economic effects, particularly on resource allocation and income distribution of major taxes, including their structures. Problems of intergovernmental relations.
300

ECN 5460 Capital Markets
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


A flow of funds approach to the study of financial institutions and markets. Analysis of the nature and role of monetary and non-monetary financial institutions. Effects of cyclical and secular changes in business activity. Federal Reserve policies and treasury operations in the financial markets. Inter-working of financial and non-financial markets.
300

ECN 5480 Business Forecast
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


(Formerly ECN 520.) A study of the nature, techniques and problems of business forecasting. Indicators of business activity. Short-run econometric forecasting models and the construction of aggregate forecasts and forecasts for major sectors of the economy. Application of aggregate and sector forecasts to particular industries and firms. Long-run predictions.
300

ECN 5500 Adv Microeconomic Analysis I
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


The theory of consumer behavior and demand. The theory of the firm. Partial and general equilibrium under pure competition.
300

ECN 5600 Adv Macroeconomic Analysis I
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


Macroeconomic variables and their measurement. Classical and Keynesian theories of the determination of income, employment, and the price level. Aggregate demand; the consumption function and the theory of investment.
300

ECN 5610 Analysis of Household Sector
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


In-depth analysis of the role of the household in the economy as consumer and supplier of productive resources.
300

ECN 5640 Issues in Financial Economics
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


Acquaints students with various critical issues as applied to present day conditions and economic development.
300

ECN 5650 International Trade
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


An approach to the theory of international trade. Topics examined include the determination of the amount and composition of goods and services traded by nations, the terms of trade and changes in the structure of world trade. The impact of international trade on domestic stability, welfare and development. International factor price equalization, location theory and general methods of international economic relations. Qualitative and quantitative trade barriers are also analyzed.
300

ECN 5660 Internat Monetary
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


An analysis of monetary and financial problems, adjustment mechanisms and policies of international trade. The foreign exchange market, capital flows, the problem of international liquidity. Particular, cyclical, secular and structural disequilibria in balance of payments are examined as are gold movements and the role of national central banks and international monetary agencies. International Monetary Policy analyzes issues, such as underdeveloped nations, debt forgiveness and funding of Third World projects are discussed and the ethical considerations of the human impact of international economic trends are evaluated.
300

ECN 5700 Econ Development
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


An examination of the fundamental problems of economic development of nations and an analysis of the process of their economic growth.
300

ECN 5750 Resource Economics
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


A study of the distribution of natural resources.
300

ECN 5800 Econometrics I
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


Ordinary least squares, multicollinearity, dummy variables, specification error, autocorrelation and Durbin-Watson test; heleroscedaticity problem; distribution lag model.
300

ECN 5810 Adv Money and Capital Markets
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


Advanced course in money and capital market. This course examines new processes and products in the financial system such as securitization and financial derivatives.<
300

ECN 5850 Sem Monetary & Fiscal Policy
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


A study of monetary and fiscal policies designed to achieve maximum employment, price stability and economic growth. International interrelationships.
300

ECN 5950 Indiv Readings
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


An intensive study of some special problems in the general area of financial economics.
300

ECN 5990 Masters Thesis
Credit HoursRecitation/Lecture HoursStudio HoursClinical HoursLab Hours


Optional Course. An intensive study of some special problems in the general area of financial economics.
300

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