Economics Minor

To earn an economics minor, students will need to complete two economics courses, one calculus course, and one statistics course. Additionally students will pick three courses from a selection of economics courses.

Principles of Economics: Micro: The study of allocation of scarce resources at the level of the individual, household, and firm. Included are human motivation and preferences, the market, the function of prices, supply, demand, perfect and imperfect competition, and selected policy questions. Christian views on the nature of humanity, human motivation, and the market are also studied.

Principles of Economics: Macro: An introduction to the study of human choice in the allocation of scarce resources, concentrating on the aggregate or national level. Economic systems, national income accounts and analysis, income distribution, fiscal and monetary policy, banking systems, economic growth, and selected economic policy problems are covered. Christian views on the origin and nature of economic resources and humankind’s stewardship responsibilities are discussed.

Calculus I: A study of the basic concepts and techniques of calculus for students in all disciplines. Topics include limits, differentiation, integration, and applications. This course is intended for students without any previous calculus credit.

Introductory Statistics: An introductory course in statistical techniques and methods and their application to a variety of fields. Topics include data analysis, design of experiments, and statistical inference including confidence intervals and hypothesis testing. Exposure to statistical software and a substantive student project are also part of this course.

Accelerated Introductory Statistics: This course covers the same content and learning objectives as Statistics 131 but in half the time. This course, along with Statistics 202 and Statistics 203, also serves as preparation for Actuarial Exam SRM. Additionally this course, along with Statistics 202, Statistics 203, Statistics 220 and Statistics 352, serves as preparation for Actuarial Exam MAS I. Offered first half of spring semester.

Econometrics: This course covers all of the topics in Statistics 201 and topics commonly used in economic applications of statistics: time series and forecasting, linear time series models, moving average, autoregressive and ARIMA models, data analysis and forecasting with time series models and forecasting errors. Meets at the same times as Statistics 201 plus two additional hours per week. Offered second half of spring semester. Credit will not be given for both Statistics 201 and 202.

Money and Banking: An analysis of the nature and function of money; the operation of the financial system; the organization, management and regulation of financial institutions; and the Federal Reserve Systems with special emphasis on the impact of monetary policy and financial institutions on the global economy.

Intermediate Microeconomics: Theory and Application: Microeconomic theory is based on the notion that individuals (and firms) make choices with well-defined objectives (e.g., maximizing utility or profits) and behave systematically according to the incentives and constraints of their economic environment. This course lays the theoretical framework and provides detailed intermediate-level study of the theory of consumer behavior, production and costs, partial equilibrium analysis of pricing in competitive and monopolistic markets, general equilibrium, welfare, and externalities. A critical reformational Christian perspective will pervade throughout.

Intermediate Macroeconomics: Theory and Policy: This course provides an intermediate-level study of large scale relationships between macroeconomics, the financial system, and stabilization policy. It is comprised of a theoretical, institutional, and empirical study of national income distribution, price levels, labor markets, and policy-induced economic stabilization. It is particularly concerned with fluctuations in economic activity and the implications of economic disequilibrium for public policy. A reformational Christian perspective will be employed to critically assess prevailing macroeconomic paradigms and systems.

Economic History of the United States: A history of the development of the United States from an economic point of view. To set the context for the U.S. experience, the course will trace the roots of American economic development back to European and Medieval Economic thought. The causes and effects of major historical events are analyzed using contemporary economic thought. Some of the economic institutions and policies that played an important role in U.S. economic history will be evaluated from a Christian perspective.

Government Finance: A study of government taxing and spending, primarily at the federal level. Christian and secular views on government economic activity, forms of taxation and their effects, debt financing, budget processes and problems are studied. The broad purpose of the course is to help students learn how to apply economic principles in an analysis of the effects of governmental policies, particularly tax and expenditure policies. Emphasis is on analytical skills.

Global Economic Development: A study of economic aspects of poverty and underdevelopment in the modern world. Specific topics include the dimensions and nature of poverty in the world, characteristics and types of developing nations, theories of development, and emerging issues in development. We will also consider the implications of biblical principles for policy to promote economic development and alleviate poverty.

Economics of Natural Resources and the Environment: A study of economic aspects of Christian stewardship in relation to the environment and use of natural resources. Major topics include biblical norms on creation, property rights, economic justice, the economic dimensions of current environmental problems and trends in resource use, institutions and social structures that affect environmental policy, economic theories related to resource use and environmental quality, and evaluation of current and proposed policies from a Christian point of view.

Special Topics: Courses on different topics of special interest, utilizing individual instructor strengths, interests, and competencies. Each course selected will involve a topic not usually treated in depth in regularly scheduled courses

Senior Business and Economics Ethics Seminar: An integration of departmental courses involving student research and analysis on current topics in business and economics, with primary emphasis on Christian perspectives for the businessperson and economist.

Individual Studies: Open to qualified juniors and seniors with permission from the department and the registrar. See page 40, Individual Studies for application procedures and policies governing service-learning courses. The student will study a topic not normally included in regular course offerings that is interdepartmental in nature or that has a service-learning component. Graded on an A-F scale.

Econometrics: This course covers all of the topics in Statistics 201 and topics commonly used in economic applications of statistics: time series and forecasting, linear time series models, moving average, autoregressive and ARIMA models, data analysis and forecasting with time series models and forecasting errors. Meets at the same times as Statistics 201 plus two additional hours per week. Offered second half of spring semester.