Economics

Portia W. Benson, Associate Professor

Matthew A. Cocks, Associate Professor

Economics is taught at Principia College from the standpoint of concepts, principles, and application. Learning the principles involves an integrated approach to the study of individual choice, markets of various kinds, the physical environment, and the impact of governmental policies. Upon completion of this major, the student will be able to determine the appropriate response to a broad range of economic issues at the household, firm, national, and international levels. The student will also be able to appreciate and appraise alternative perspectives on key economic issues.

Students are encouraged to declare their major before the end of their sophomore year. Any student declaring the economics major after earning 60 semester hours must petition the department for approval of a graduation plan.

A cumulative GPA of 2.000 or above in the nine Economics courses is necessary to complete the major. Similarly, a cumulative GPA of 2.000 or above is necessary to complete the minor.

ECON 431 Senior Seminar must be taken at Principia College.

The application of transfer course credit to the major or minor is considered on an individual basis.

  1. For students who are currently enrolled or were once enrolled at Principia College: Students are expected to complete remaining major/minor courses at Principia. Exceptions must be pre-approved according to Principia's transfer policy.

Each student with a major in the Center for Civic and Global Engagement, including ECON, will practice their active citizenship skills through participating in at least one “engagement activity” approved by their major advisor.

Program Learning Outcomes

  1. Explain principle economic theories.
  2. Apply economic theories or models to a range of real-world situations.
  3. Appraise the impact of economic decisions on diverse stakeholders.
  4. Demonstrate effective written or oral communication of economic ideas.

College Wide Student Learning Outcomes of Principia College: Defining a Liberal Arts Education

The curricular and co-curricular programs at Principia College are designed for students to be lifelong learners, thinkers, and problem-solvers. To accomplish this, the College has established the following outcomes for its graduates.

Guided by Principle, Principia College students will demonstrate:

  1. Depth and breadth of knowledge
  2. Critical and creative thinking
  3. Effective communication
  4. Intellectual inquiry and engagement
  5. Active commitment to community and global citizenship

Major

Minor

ECON 030 Internship - No Credit 0.0 SH [  ]

Professional internship in a 3rd-party economics-related setting. Position may be in any area of microeconomics, macroeconomics, international economics, economic development, urban economics, econometrics, finance, or relevant academia/research, but must provide a professional, career-based experience. Supports the Economics major by providing context and skills relative to the concepts taught within the major. May be taken twice.

ECON 203 Principles of Microeconomics 3.0 SH [GESS]

This course provides an introduction to economics with special emphasis on rudimentary microeconomic concepts, including supply and demand, market structures, and decision-making by individuals and firms. Students develop economic perspectives on many topics; examples include taxation, environmental legislation, Social Welfare policy, and entrepreneurship. First course in the economics major's sequence.

ECON 204 Principles of Macroeconomics 3.0 SH [  ]

This course continues the study of economic theory and analysis begun in ECON 203. Major topics include long-run economic growth, employment, national income accounting, the financial system, money, aggregate demand and supply, monetary and fiscal stabilization policy, inflation, and international economics.
Prerequisite: ECON 203.

ECON 225 Topics in Economics 1.0-3.0 SH [  ]

An economics seminar intended for lower division students on a topic of economic interest. The title will be extended to describe the current topic. May be taken four times provided the topics differ.

ECON 270 Sustainable Business & Econ 3.0 SH [  ]

This course considers both sustainable business and sustainable economics more widely. Topics typically covered include key concepts and issues related to sustainable business and economics, business strategies for sustainability, sustainable consumerism and branding, public policy for a sustainable economy and concepts for a sustainable future economy. Also listed as BUAD 270.
Class Level Restriction: Sophomore and Junior and Senior only.

ECON 271 Environmental Economics 3.0 SH [  ]

This course provides an economic perspective on natural resource and environmental issues. Topics such as sustainability, pollution, allocation of non-renewable resources, ecosystem management, and global climate change are examined using two different approaches: traditional economic theory; and ecological economics, which considers economic activity in the context of the biological and physical systems in which it occurs.
Prerequisite: ECON 203.
Class Level Restriction: Sophomore and Junior and Senior only.

ECON 301 Internship 1.0-3.0 SH [  ]

Professional internship in a 3rd-party economics-related setting. Position may be in any area of microeconomics, macroeconomics, international economics, economic development, urban economics, econometrics, finance, or relevant academia/research, but must provide a professional, career-based experience. Supports the Economics major by providing context and skills relative to the concepts taught within the major. May be taken twice.

ECON 303 Intermed Microeconomic Theory 3.0 SH [  ]

This course builds on principles studied in ECON 203. Students will gain an understanding of how supply and demand, the elasticity of the demand curve, cost structure and industry structure affect the economic performance and behavior of a firm.
Prerequisite: ECON 203 and ECON 204.
Class Level Restriction: Junior and Senior only.

ECON 304 Intermed Macroeconomic Theory 3.0 SH [  ]

Builds on the principles studied in ECON 204. Focus is on the use of the long-run Classical and short-run fixed price analyses to explore the alternative policy options available to government in its attempts to promote economic welfare. Includes the Solow and IS-LM models.
Prerequisite: ECON 203 and ECON 204.
Class Level Restriction: Junior and Senior only.

ECON 310 Environ Decision Analysis 3.0 SH [  ]

Course content covers decision analysis methods - in particular cost-benefit analysis, life cycle assessment, and risk management - that are widely used in business, economics, the environmental field, and by regulatory agencies. For each method students will explore the theoretical underpinnings, appropriate applications, and the benefits and drawbacks. Both qualitative and quantitative methods are used. Also listed as SUS 310.
Class Level Restriction: Junior and Senior only.

ECON 313 Introduction to Econometrics 3.0 SH [  ]

This course covers the statistical tools needed to understand empirical economic research and to plan and execute independent research projects. Topics include statistical inference, regression, generalized least squares, instrumental variables, simultaneous equations models, and evaluation of government policies and programs.
Class Level Restriction: Junior and Senior only.

ECON 316 Economic Development 3.0 SH [  ]

This course focuses on the long-run growth and development of national economies. Topics include the role of physical capital, institutions, education, financial capital, development aid, and market structure. Other issues considered include poverty, population, agriculture, and trade.
Prerequisite: ECON 203.
Class Level Restriction: Junior and Senior only.

ECON 321 Money and Banking 3.0 SH [  ]

Principles of money and the monetary system; commercial bank and thrift operations; central banking and monetary management.
Prerequisite: ECON 203 and ECON 204.
Class Level Restriction: Junior and Senior only.

ECON 325 Urban Economics 3.0 SH [  ]

Considers the relationship between the economy, land, and property. Students will study key urban growth theories, the role of agglomeration effects, models of land value, contemporary city economies, local economic development strategies, the role of land as a financial asset, and how urban areas change and evolve as a result of economic transformation.
Class Level Restriction: Junior and Senior only.

ECON 331 International Economics 3.0 SH [  ]

Explores key concepts and theories related to economic interactions across national borders. Includes consideration of comparative advantage, trade barriers, trade blocs, the winners and losers from trade, foreign direct investment, exchange rate systems, and economic migration.
Prerequisite: ECON 203.
Class Level Restriction: Junior and Senior only.

ECON 345 History of Economic Thought 3.0 SH [  ]

Examines influential figures in the history of economic thought and their contributions to the development of the discipline. Economists considered include Adam Smith, David Ricardo, Karl Marx, Ludwig von Mises, John Maynard Keynes, and Milton Friedman. We also explore how their ideas have helped shape various economic systems, including free market, social democratic, and centrally planned economies.
Class Level Restriction: Junior and Senior only.

ECON 425 Advanced Topics in Economics 1.0-3.0 SH [  ]

An economics seminar intended for upper division students on a topic of economic interest. The title will be extended to describe the current topic. May be taken four times provided the topics differ.
Prerequisite: ECON 203 and ECON 204.
Class Level Restriction: Junior and Senior only.

ECON 431 Senior Seminar 3.0 SH [  ]

This course serves as the culmination of the Economics major and provides students with the opportunity for in-depth economic research on a selected topic.
Prerequisite: ECON 303, ECON 304, and ECON 313. ECON 313 may be taken concurrently.
Class Level Restriction: Senior only.
Field of Study Restrictions: Economics Majors only.