Department of Economics

http://www.ncat.edu/academics/schools-colleges1/sbe/econ-fin/index.html

Vereda J. Williams, Chairperson

OBJECTIVES

The objectives of the Department of Economics and Finance are to prepare highly competent and globally competitive graduates in the areas of economics and finance, and to develop students’ potential for leadership positions in business, education, and the government.

DEGREE OFFERED

Economics – Bachelor of Science (Curriculum Guide)

GENERAL PROGRAM REQUIREMENTS

Economics and Finance majors are required to complete a minimum of 124 hours for a bachelor’s degree consistent with the curriculum guide for the program selected. The following four program options are available to majors in Economics: (1) Economics (General), (2)Economics (Business), (3) Economics (Law), and (4) Economics (International). In the Economics (General) option, the student is allowed 24-30 hours of free electives in order to develop other areas of interest, or prepare for graduate study. The Economics (Business) option fills many of the free elective areas with the same core courses required of all majors in the School of Business and Economics; the Law concentration  includes law, communications, and philosophy courses, while the International concentration fills these areas with internationally-related economics, business, and political science courses. The Finance curriculum  contains a core business finance and investments component with the same core courses required of all majors in the School of Business and Economics.

CAREER OPPORTUNITIES

In the department, well-prepared graduates in the majors can serve in the financial or non-financial sectors of the economy, everywhere from Wall Street to Capital Hill. Graduates are also provided a strong educational background for graduate study and the study of law.

DEPARTMENTAL REQUIREMENTS

Students majoring in Economics or Finance must earn a minimum grade of “C” in the 10 (30 hours) courses listed as major program requirements. In addition, students must earn a minimum grade of “C” in all major program elective courses.

COURSE DESCRIPTIONS IN ECONOMICS

ECON 200. Principles of Economics (Micro) Credit 3(3-0)
This course is an introduction to the principles of economics as they relate to individual segments of the society. Emphasis will be placed upon scarcity, supply and demand, consumer behavior, business firms and market structures. (F;S;SS)

ECON 201. Principles of Economics (Macro) Credit 3(3-0)
This course introduces the student to the principles of economics as they apply to the economy as a whole. National income determination, inflation, unemployment, monetary and fiscal policies, and the basics of international economic relations are examined. (F;S;SS)

ECON 305. Elementary Statistics Credit 3(3-1)
This course is an introduction to descriptive statistics, including tabular and graphic presentation of data, measures of central tendency and of dispersion; index numbers; probability; probability distributions; sample design and sampling distributions; and estimation. Prerequisite: A minimum grade of C in MATH 112 or MATH 131. (F;S;SS)

ECON 310. Advanced Statistics Credit 3(3-1)
This course focuses on inferential statistics, including classical hypothesis testing, chi-square tests and analysis of variances; regression analysis; correlation analysis; time series analysis; and decision theory. Prerequisite: A minimum grade of C in ECON 305. (F;S;SS)

ECON 312. Quantitative Analysis Credit 3(3-0)
This course is intended to provide students with a solid foundation to basic mathematical methods employed in macro and micro economic theory. It includes elementary application of calculus and analytical geometry, and matrix algebra to illustrate income - expenditure model, demand theory, production function, problems of cost minimization and profit maximization, and linear programming. Prerequisites: A minimum grade of C in ECON 200, and MATH 112 or MATH 131. (F;S)

ECON 401. Public Finance Credit 3(3-0)
In this course, an analysis is made of the way federal, state, and local governments obtain and spend their revenues. Tax theories, incidence and impact are covered, as are factors influencing governmental fiscal policies. Prerequisites: A minimum grade of C in ECON 200, ECON 201, and ECON 305 or equivalent. (F;S)

ECON 405. History of Economic Thought Credit 3(3-0)
This course is a survey of the history of economic thought from the Middle Ages to John M. Keynes. The course attempts to show how and under what conditions the more important laws and theories have become a part of the body of modern economics. Prerequisites: A minimum grade of C in ECON 200 and ECON 201. (DEMAND)

ECON 410. Intermediate Microeconomic Theory Credit 3(3-0)
This course examines the following: theoretical analysis of consumer demand; production and costs; optimum output and pricing behavior under various market conditions; allocation of factors of production and distribution of income; general equilibrium and welfare economics. Prerequisites: A minimum grade of C in ECON 200 and ECON 305 or equivalent. (F;S;SS)

ECON 415. Money and Banking Credit 3(3-0)
This course introduces the student to money, banking, and recent developments in the U.S. financial system. The functions and definitions of money, various types of financial intermediaries and instruments, commercial banking and credit creation, the Federal Reserve System, monetary theory and policy, and international banking are covered. Prerequisites: A minimum grade of C in ECON 200, ECON 201 and ECON 305 or equivalent. (F;S;SS)

ECON 420. Intermediate Macroeconomic Theory Credit 3(3-0)
This course provides an intermediate level exploration of macroeconomic phenomena. Topics include aggregate demand and supply, income determination, equilibria in money and commodity markets, expectations theories, consumption, investment, inflation and unemployment trade-off, and monetary and fiscal policies for stabilization. Prerequisites: A minimum grade of C in ECON 201 and ECON 305. (F;S)

ECON 440. Introduction to Econometrics Credit 3(3-0)
This course is intended to provide the student with a working knowledge of applications of modern statistical tools for the formulation and the verification or refutation of economic theories. Primary attention is given to quantitative estimates of parameters in single equation stochastic models. The course also introduces the student to simultaneous-equation models. Prerequisites: A minimum grade of C in ECON 200, ECON 201 and ECON 310 or consent of the instructor. (F;S)

ECON 472. Economics and Society Credit 3(3-0)
This course offers an in-depth treatment of a current area of special concern within the field of economics. The content varies from semester to semester. Prerequisites: A minimum grade of C in ECON 200 and ECON 201 and Junior standing. (DEMAND)

ECON 501. Labor Relations Credit 3(3-0)
This course introduces the student to the economic analysis of labor markets. Labor economics is a field in applied microeconomics, and draws upon basic microeconomic and statistical concepts. Topics to be studied include the demand for and the supply of labor, labor market equilibrium, compensating wage differentials, acquisition of human capital, education as a signal, migration, discrimination, unions, incentive pay, and unemployment. Prerequisites: A minimum grade of C in ECON 310 and ECON 410. (F;S) 

ECON 505. International Economic Relations Credit 3(3-0)
This course examines the national specialization and international exchange. The history and significance of international trade among nations of the world will be studied. Prerequisites: A minimum grade of C in ECON 310 and ECON 410. (F;S)

ECON 510. Business Cycles Credit 3(3-0)
In this course, the general instability of capitalism and its causes, seasonal fluctuations and the secular trend will be studied as well as business cycle history and theories and the influence of cycles on government fiscal policy. Prerequisites: A minimum grade of C in ECON 200, ECON 201, and ECON 440. (F;S)

ECON 515. Comparative Economic Systems Credit 3(3-0)
This course is a description and analytical study of the various systems that have developed in different countries at different times, motivations, production and distribution patterns. Prerequisites: A minimum grade of C in ECON 200 and ECON 201. (DEMAND)

ECON 520. Economic Development Credit 3(3-0)
This course surveys the problem of economic growth and development in modern times and analyzes the present efforts to increase the rate of economic growth. Selected case studies will be drawn from both highly developed nations and lesser developed nations. Special emphasis will be given to the disproportionate growth in sectors of the United States’ economy. Prerequisites: A minimum grade of C in ECON 200, ECON 201, and ECON 305. (F;S)

ECON 525. Economics Seminar Credit 3(3-0)
This course utilizes economic tools in delineating, analyzing and presenting economic problems that are not included in other courses. This course will also include exposure to recent developments in economics. Prerequisite: A minimum grade of C in ECON 410, ECON 420, ECON 440, and Senior standing. (F;S)

ECON 599. Independent Study Credit 3 or 6
This course is designed for students involved in Cooperative Work-Study Program where the length and nature of their involvement warrant the awarding of such credit. The following conditions must be met in order to receive credit: (1) The credit will be determined by the department chairman at the time of registration; (2) the student must be registered at the University during the off-campus assignment; (3) the student should spend a minimum of three months in the off-campus experience for each three semester hours of academic credit. When the off-campus experience is in the form of seminar exposure, not less than forty-five clock hours should represent three semester hours of academic credit; and (4) the student will be required to present a written report and/or other evaluation criterion that will be evaluated by the supervising teacher. Any special problem or technical report pursued by the student will be subject to prior approval by the department chairman or supervising teacher. Prerequisite: Consent of the advisor and/or department chairperson. (S)

Advanced Courses

ECON 601. Economic Understanding Credit 3(3-0)
This course is an introduction to the principles of economics utilizing the macro approach. No credit is given towards a degree in economics. (DEMAND)

ECON 602. Manpower Problems and Prospects Credit 3(3-0)
This course is an analysis of manpower development problems and prospects, with particular reference to the problems of unemployment, underemployment and discrimination. The course will focus on problem measurement, evaluation of existing policy and prospects for achievement of all human resource development. The course will invite an interdisciplinary participation on the part of students and faculty. Prerequisite: ECON 200 or ECON 201; ECON 305 or equivalent, or consent of the instructor. (DEMAND)

ECON 603. Manpower Planning Credit 3(3-0)
Manpower planning centers chiefly on the adjustment necessary to adapt labor resources to changing job requirements. This course is designed to prepare students to create plans which will facilitate this adjustment. This course will attempt to acquaint the student with labor force and labor market behavior such that the is able to make planning decisions relating to job creation (increasing demand) and education and training (increasing supply). Planning will be done at both the national (macro) and local (micro) levels, with special emphasis on the latter. We will further attempt to evaluate all planning decision by use of Cost-Benefit Analysis or Multivariate Analysis. Prerequisite: ECON 200 or ECON 201; ECON 305 or equivalent, or consent of the instructor. (DEMAND)

ECON 604. Economics Evaluation Methods Credit 3(3-0)
The course will cover needed tools of research design, statistical reporting, cost benefit analysis and other related techniques for internal and external evaluations of human resource development programs. The course is designed both for in-service personnel currently employed by agencies, and for the regular student enrolled in a degree-granting program. Prerequisites: ECON 200 and ECON 201. (F)

ECON 608. Managerial Economics Credit 3(3- 0)
This course will apply the tools and methods of microeconomics theory to specific management decision making in the private sector. Particular emphasis will be placed on pricing profit, maximization, capital budgeting and financial decisions in the long-run. Prerequisite: Senior standing and ECON 200 and ECON 201, or consent of Instructor. (S)

ECON 610. Consumer Economics Credit 3(3-0)
This course is designed to acquaint the student with the nature, scope and tools of consumer economics. It is particularly oriented to minority groups, thus focusing on the economic choices currently affecting groups with rising incomes and aspirations. This course will consider the economic choices faced by the consumers in maximizing satisfaction with limited means. Prerequisites: ECON 200 and ECON 201. (DEMAND)

ECON 615. Economic, Political and Social Aspects of the Black Experience Credit 3(3-0)
A study of the political, economic and social tools of current public policy treating the subject of race in America. This course will examine the economic and social conditions of income, inequality and explore the national commitment to equal opportunity. Special emphasis will be placed on illustrations from North Carolina and adjacent states. Prerequisites: Junior standing and permission of instructor. (DEMAND)

ECON 690. Special Topics in Economics Credit 3(3-0)
This course is an examination of problems and analytical techniques in economics. The pursuit of certain specific or problem oriented area in economics not covered in other courses. Course content may vary from semester to semester. May not be repeated for credit. Prerequisite: Junior standing and permission of instructor. (DEMAND)

DIRECTORY OF FACULTY

Abdussalam Addus
Associate Professor
B.S., Addis Ababa University; M.S., University of Wisconsin-Madison; Ph.D., Pennsylvania State University

Mark Burkey
Professor
B.S., Appalachian State University; Ph.D., Duke University

David Chen
Associate Professor
B.S., National Taiwan University; M.S., New Mexico State University; Ph.D., University of Wisconsin

Johnny Ducking
Assistant Professor
M.A., University of Mississippi; M.S., Ph.D., University of Kentucky

Jeffrey Edwards
Professor
B.A., University of North Carolina at Chapel Hill; M.A., Ph.D., Virginia Polytechnic Institute and State University

Krishna Kasibhatla
Associate Professor
B.A., S.K.B.R. College, India; M.A. Andhra University, India; Ph.D., Rutgers University

Lyubov Kurkalova
Professor
B.S., Tajik State University (USSR); Ph.D., Iowa State University

Alfredo Romero Aguirre
Assistant Professor
B.A., University of the Americas, Puebla, Mexico; M.A., PhD., Virginia Polytechnic Institute and State University

Ryoichi Sakano
Associate Professor
B.S., Keio University; M.B.A., M.A., University of North Carolina at Greensboro; Ph.D., University of Alabama

Scott Simkins
Associate Professor and Director of the Academy for Teaching and Learning
B.A., St. John’s University; Ph.D., University of Iowa

Vereda Williams
Chairperson, Financial Trade Room Director, and Associate Professor
B.A., Johnson C. Smith University; M.B.A., North Carolina Central University; Ph.D., Duke University

Points of Pride