Economics Course Descriptions
Scroll down to read descriptions of the economics courses offered at Carthage, or click on these links for additional resources:
Principles of Microeconomics (SOC) (SI)
ECN 1010 / 4 credits
The rise and expansion of market economies, and the principles of microeconomic behavior. Topics include an introduction to economic methodologies, the ideas and institutions of the microeconomy, consumer behavior, the business firm and market structure, labor and capital markets, and government policies affecting resource allocation and the distribution of income.
Offered in Fall/Spring
Principles of Macroeconomics (SOC) (SI)
ECN 1020 / 4 credits
An introduction to the principles and issues of the national economy, and the institutions of macroeconomic behavior. Topics include the role of government in a mixed market economy; measuring and determining national income; money and the banking system; and the public policies available for achieving full employment, price stability, and continuing economic growth in modern industrial and democratic societies.
Offered in Fall/Spring
Issues in Economics (SOC) (SI)
ECN 1030 / 4 credits
This course offers students an introduction to economics, along with some elementary tools of economic analysis, with emphasis on their application to contemporary problems and issues. The economy and selected issues are examined in their global context. Designed to meet the needs and interests of students in various majors outside of the economics and business administration areas, the course is not open to students who have received credit for either ECN 1010 or ECN 1020.
Offered in Fall
Intermediate Microeconomics (SOC) (SI)
ECN 2510 / 4 credits
The economic theory of microeconomic units: consumers, firms, and industries. This entails the study of production, cost, and price theory, and the practices of firms under alternative market structures. Concepts of social welfare will be explored, and the uses and limits of public policy in addressing the problems of market failures will be examined.
Prerequisite: ECN 1010 or 1030
Offered in Fall
Intermediate Macroeconomics (SOC)
ECN 2520 / 4 credits
The economic theory of macroeconomic aggregates: national income accounting; the determinants of output, income, and employment levels; the analysis of inflation; processes of economic growth; and open-economy macroeconomics. Monetary, fiscal, and income policies are examined, and the uses and limits of these tools in promoting macroeconomic goals are discussed.
Prerequisite: ECN 1020 or 1030
Offered in Spring
History of Economic Thought (SOC)
ECN 3310 / 4 credits
The evolution of economic ideas in the Western tradition, their influence on their times, and their lasting effects on the economics discipline are the focus of this course. The precapitalist development of economic thought is explored, followed by an examination in the capitalist age of classical, neoclassical, and Keynesian economics with particular emphasis on the work of Smith, Marx, and Keynes. The final stage of the course considers modern economic thought and the role its antecedents play in informing contemporary theoretical and policy discussions.
Offered in Spring
Introduction to Econometrics (SOC)
ECN 3340 / 4 credits
Econometrics is a set of tools researchers use to estimate relationships between variables, test theories, and make forecasts, all using real-world data. Econometric analysis supports decision-making in public policy, business, the court system, and academia. This course provides a rigorous introduction to econometrics, with a particular emphasis on multiple regression analysis. Topics include formulating good research questions; estimating regression models using cross-section, time-series, and panel data; conducting hypothesis tests; and interpreting and critically evaluating published regression results.
Prerequisite: BUS/ECN 2340, MTH 1050, or MTH 1055
Offered in Spring
Senior Seminar in Economics
ECN 4410 / 4 credits
Serving as a capstone for the major, the seminar focuses on the research process in economics. Essential elements of this process are development of an effective research question, surveying the literature, analysis of a selected problem, the testing of this analysis and interpretation of results, drawing conclusions, and effective communication of research findings to a wider audience. Successful completion of a thesis on a topic approved by the department along with an oral presentation of results to faculty and students is required.
Prerequisites: ECN 2510, 2520, 3310, and 3340
Offered in Fall
Senior Thesis Completion
ECN 4990 / 0 credits
Students must register for ECN 4990 during the semester of their Senior Thesis completion.
Applied Statistics for Economics and Management (MTH) (QR)
BUS/ECN 2340 / 4 credits
The application of statistics to problems in business and economics, encompassing the gathering, organization, analysis, and presentation of data. Topics include descriptive statistics in tabular and graphical forms, the common measures of central tendency and dispersion, sampling and probability distributions, construction of confidence intervals and hypothesis testing, and correlation analysis. This course is also offered as BUS 2340 or ECN 2340. Students who earned less than 20 on the math component of the ACT (or equivalent on the SAT) are encouraged to take a mathematics course to strengthen their preparation for this class.
Offered in Fall/Spring
Elementary Statistics (MTH) (QR)
MTH 1050 / 4 credits
Methods of determining averages, variability, hypothesis testing and correlation, and of testing the significance of the statistics, prediction, and distribution-free statistics. A student may not receive credit for this course after receiving credit for any other statistics course without approval of the Mathematics Department chair.
Offered in Fall/Spring
Statistics for Social Justice (QR) (DIV)
MTH 1055 / 4 credits
A study of elementary statistics with a focus on social problems related to inequality and systemic racism. Topics including descriptive statistics, probability, confidence intervals, hypothesis testing, and correlation and regression will be studied and applied to real-world data to draw conclusions about social disparities in the United States and across the globe. A student may not receive credit for Statistics for Social Justice after receiving credit for any other statistics course.
Statistics (MTH)
MTH 3050 / 4 credits
Data collection and analysis| continuous and discrete distributions, central limit theorem, sampling theory, confidence intervals and estimation theory, regression analysis and correlation including multiple linear regression models and hypothesis testing and confidence intervals in regression models, chi-square test of independence and other nonparametric statistical tests, time series models and forecasting, linear time series models, moving average and autoregressive models, estimation, data analysis, index numbers, forecasting with time series models, forecasting errors and confidence intervals, and application of statistics to significant real-world data.
Prerequisites: MTH 1050 and MTH 1220 or instructor approval
Offered in Alternating Spring
Environmental Economics (SI)
ECN 3050 / 4 credits
This course explores the economic dimension of environmental and natural resource use questions. The actions of producers and consumers, as influenced in part by institutional patterns and public policies, give rise to a variety of environmental problems and issues. By applying some basic tools of economic and institutional analysis, students may obtain a better understanding of environmental issues, both national and global, and are able to identify and evaluate alternative solutions.
Prerequisite: ECN 1010, ECN 1030, or ENV 1000
Political Economy of East Asia (SOC) (SI) (ITL)
ECN 3100 / 4 credits
An exploration of the historical, cultural, and political forces that have contributed to the economic growth and development of Asia. Emphasis is placed on studying development in the context of regional and global integration.
Money and Banking (SOC) (SI)
ECN 3200 / 4 credits
A survey of the financial sector of the economy covering the role and functions of money and other financial instruments; commercial banks and financial intermediaries; the purposes of central banking and the structure and operations of the Federal Reserve; and the relationship between the monetary and credit system and the level of economic activity.
Prerequisite: ECN 1020 or 1030
Offered in Fall
Regional Economic Development (SOC) (SI)
ECN 3220 / 4 credits
The analysis of subnational or regional and metropolitan economies encompassing their distinctive processes and problems of economic growth, employment, and income determination, and intra-urban land use patterns. Policies addressing urban problems in the areas of job creation, housing, public infrastructure, education, and welfare are included among the topical areas examined.
Prerequisite: ECN 1010 or 1030
Economics of Government and Policy (SOC) (SI)
ECN 3240 / 4 credits
An analysis of the reallocative and redistributive functions of federal, state, and local governments, emphasizing the efficiency and effectiveness of various tax and expenditure programs. The course covers game theory applications in public policy and the democratic process, the regulation of the private sector, and the economics of health care. It also explores the role of public spending in economic stability and growth. Special attention is given to the impact of public sector activities on private markets and the overall economy.
Economics of Poverty and Income Inequality (SOC) (SI)
ECN 3250 / 4 credits
This course surveys research and evidence on the effects of high income inequality on a host of social, economic, and quality-of-life indicators. It studies trends in poverty and inequality in the U.S. and internationally by economic class, gender, and race. The course explores the leading explanations for these trends. It critically evaluates policy options for addressing them, and considers how society’s views of these problems and their underlying causes influence policy responses to them. Lastly, the course examines the effects on income distribution and social mobility of a wide range of public policies.
Labor Economics (SOC) (SI)
ECN 3260 / 4 credits
An overview of the institutions and processes affecting the development, allocation, and utilization of human resources, as well as the level and structure of wages and other forms of compensation. Topics include the impact of legislation, collective bargaining, discrimination, and education on labor markets, along with the design of public policies to address market imperfections or to provide assistance to those not currently in the workforce.
Prerequisite: ECN 1010 or 1030
International Trade (SOC)
ECN 3270 / 4 credits
A historical and theoretical analysis of international economic relations in both public and private spheres. Using the principles of economic analysis, models of international trade and factor prices, commercial policy, and economic integration are set forth and become a basis for examining policy issues.
Prerequisites: ECN 1010 and 1020, or 1030
Offered in Fall
International Finance (SI) (QR) (ITL)
ECN 3290 / 4 credits
This course examines the monetary side of international economics and globalization, including the current and historical structure of international financial institutions. Topics include exchange rate theories, monetary regimes, interest rates, asset pricing, risk diversification, the balance of payments, currency crises, and open-economy aspects of fiscal and monetary policies. Emphasis is given to the use of theories in understanding current events and policy issues.
Prerequisites: ECN 1010 and 1020, or ECN 1030
Offered in Spring
Law and Economics (SOC) (SI) (OC)
ECN 3300 / 4 credits
This interdisciplinary course delves into the dynamic intersection of law and economics, exploring their symbiotic relationship within the realms of cutting-edge technological advancements and critical global challenges such as space exploration, robotics, and sustainability. Students will examine the interaction of economic incentives and legal frameworks for these challenges suing real-world case studies and debate.
Prerequisite: ECN 1010, 1020, or 1030
The Economics of Love and Sex (SI)
ECN 3330 / 4 credits
No one would argue that ours is not a culture of commodification. Everything is for sale; we even package ourselves for consumption in the college and job market. Even our most intimate relationships may be governed by supply and demand and cost-benefits analysis. The extent to which love and sex are subject to market forces is the controlling question of this course. Using a combination of literature, film, and economic and feminist theory, we will go back to the Greek philosophers to define love and friendship, then explore the relationship between love, sex, and economics in British and American culture from the long 19th century until today.
Prerequisite: Junior standing
Internship in Economics/IPE
ECN 3550 / 4-8 credits
Placement for a term and relevant learning experiences in business, nonprofit organizations, or government. Enrollment is restricted to economics majors; this course may not be used to fulfill upper-division economic electives. Graded P/F.
Prerequisites: Junior standing and permission of the instructor
Offered in Fall/Spring
International Political Economy (SOC)
ECN 4030 / 4 credits
Building upon prior analysis of international trade and finance, this course offers students an advanced study of the interaction of the economic and political processes in the world arena. Topics may include, but are not limited to, economic and political integration, theories of direct foreign investment and international production, economic development, the political economy of the global environment, and international governance.
Offered in Spring