Department of Economics

http://www.ncat.edu/cobe/departments/econ/index.html

Vereda J. Williams, Chairperson

OBJECTIVES

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

DEGREE OFFERED

Economics (General) – Bachelor of Science (Curriculum Guide)
Economics (Business) – Bachelor of Science (Curriculum Guide)
Economics (Law) – Bachelor of Science (Curriculum Guide)

GENERAL PROGRAM REQUIREMENTS

Economics majors are required to complete a minimum of 120 hours for a bachelor’s degree consistent with the curriculum guide for the program selected. The following three program options are available to majors in Economics: (1) Economics (General), (2) Economics (Business), and (3) Economics (Law). In the Economics (General) option, the student is allowed 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 designed to prepare the student with critical thinking skills for entry into any Law program.

CAREER OPPORTUNITIES

Private companies hire economics majors for a range of duties and career paths. They are hired by manufacturing firms, banks, educational entities, insurance companies, securities and investment companies, transportation companies, economics research firms, and management consulting firms. Economics graduates also have career options in the public sector with career choices in transportation, banking and finance, labor, agriculture, urban economics, industrial organization, and international trade, Economics majors find that their training is very flexible and that their quantitative and critical thinking skills are in high demand. Many economics majors go on to be very successful in law school and to earn various graduate  degrees.

DEPARTMENTAL REQUIREMENTS

Students majoring in Economics 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 College of Business and Economics requirements: ENGL 100, 101; MATH 111, 112; ACCT 221, ACCT 222; BUED 260, ECON 206, FIN 253, MGMT 110, 201, 315, 495, and MKTG 230.

COURSE DESCRIPTIONS IN ECONOMICS

ECON 200. Principles of Economics (Micro) Credit 3(3-0)
This course introduces principles of economics related 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  principles of economics related to the economy. National income determination, inflation, unemployment, monetary and fiscal policies, and the basics of international economic relations are examined. (F;S;SS)

ECON 205. Elementary Statistics (formerly ECON 305) Credit 3(3-1)
This course introduces 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 111 and MATH 112 or MATH 131 and MATH 132. (F;S;SS)

ECON 206. Statistics for Decision Making (combination of ECON 205 and ECON 210) Credit 3(3-1)
This course focuses on descriptive and inferential statistics. Prerequisite: A minimum grade of C in MATH 111 and MATH 112 or MATH 131 and MATH 132. (F;S;SS)

ECON 210. Advanced Statistics (formerly ECON 310) 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 212. Quantitative Analysis (formerly ECON 312) Credit 3(3-0)
This course provides 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 303. Public Finance (formerly ECON 401) Credit 3(3-0)
This course, analyzes 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 205 or equivalent. (F;S)

ECON 304. History of Economic Thought (formerly ECON 405) Credit 3(3-0)
This course surveys the history of economic thought from the Middle Ages to John M. Keynes. It 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 311. Intermediate Microeconomic Theory (formerly ECON 410) 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 205 or equivalent. (F;S;SS)

ECON 313. Intermediate Macroeconomic Theory (formerly ECON 420) 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 205. (F;S)

ECON 314. Introduction to Econometrics (formerly ECON 440) Credit 3(3-0)
This course provides 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. It also introduces simultaneous-equation models. Prerequisites: A minimum grade of C in ECON 200, ECON 201 and ECON 210 or consent of the instructor. (F;S)

ECON 315. Money and Banking (formerly ECON 415) Credit 3(3-0)
This course introduces 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 205 or equivalent. (F;S;SS)

ECON 372. Economics and Society (formerly ECON 472) 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. (DEMAND)

ECON 408. Managerial Economics (formerly ECON 608) Credit 3(3-0)
This course applies the tools and methods of microeconomics theory to specific management decision making in the private sector. Particular emphasis is placed on pricing profit, maximization, capital budgeting and financial decisions in the long-run. Prerequisite: Senior standing, ECON 200, ECON 201, or consent of Instructor. (F;S)

ECON 422. Consumer Economics (formerly ECON 610) Credit 3(3-0)
This course acquaints 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 considers the economic choices faced by the consumers in maximizing satisfaction with limited means. Prerequisites: ECON 200 and ECON 201. (DEMAND)

ECON 423. Economic, Political and Social Aspects of the Black Experience (formerly ECON 615) 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 examines the economic and social conditions of income, inequality and explores the national commitment to equal opportunity. Special emphasis is placed on illustrations from North Carolina and adjacent states. Prerequisites: Junior standing and permission of instructor. (DEMAND)

ECON 451. Labor Relations (formerly ECON 501) Credit 3(3-0)
This course introduces the economic analysis of labor markets. Labor economics is a field in applied microeconomics, and draws upon basic microeconomic and statistical concepts. Topics 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 210 and ECON 311. (F;S)

ECON 452. International Economic Relations (formerly ECON 505) 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 210 and ECON 311. (F;S)

ECON 453. Business Cycles (formerly ECON 510) Credit 3(3-0)
This course examines the general instability of capitalism and its causes, seasonal fluctuations and the secular trend 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 314. (DEMAND)

ECON 454. Comparative Economic Systems (formerly ECON 515) 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 455. Economic Development (formerly ECON 520) 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 205. (DEMAND)

ECON 485. Special Topics in Economics (formerly ECON 690) Credit 3(3-0)
This course examines 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. This course may not be repeated for credit. Prerequisite: Junior standing and permission of instructor. (F;S)

ECON 490. Independent Study (formerly ECON 599) Credit 3 or 6
This course is designed for students involved in the 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 chairperson 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 chairperson or supervising teacher. Prerequisite: Consent of the advisor and/or department chairperson. (DEMAND)

ECON 492. Economics Seminar (formerly ECON 525) Credit 3(3-0)
This course utilizes economic tools in delineating, analyzing and presenting economic problems that are not included in other courses. It also includes exposure to recent developments in economics. Prerequisite: A minimum grade of C in ECON 311, ECON 313, ECON 314, and Senior standing. (F;S)

Advanced Courses

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 focuses on problem measurement, evaluation of existing policy and prospects for achievement of all human resource development. The course invites an interdisciplinary participation on the part of students and faculty. Prerequisite: ECON 200 or ECON 201; ECON 205 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 and is designed to prepare students to create plans which will facilitate this adjustment. This course familiarizes students with labor force and labor market behavior to enable them 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. Students will further evaluate all planning decisions by use of Cost-Benefit Analysis or Multivariate Analysis. Prerequisite: ECON 200 or ECON 201; ECON 205 or equivalent, or consent of the instructor. (DEMAND)

ECON 604. Economics Evaluation Methods Credit 3(3-0)
The course covers needed tools of research design, statistical reporting, cost benefit analysis and other related techniques for internal and external evaluations of human resource development programs. It 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. (DEMAND)

DIRECTORY OF FACULTY

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

Fafanyo Asiseh
Assistant Professor
B.S., University of Ghana-Legon; M.S., University of Idaho; Ph.D., Washington 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

Cephas Naanwaab
Assistant Professor
B.S., University for Development Studies, Ghana; M.S., Ph.D., Auburn University

Alfredo Romero Aguirre
Associate 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
B.A., St. John’s University; Ph.D., University of Iowa

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