Department of Economics
Division of Business and Managment
Program Director: Frank M. Murtaugh, Ph.D.
The Bachelor of Science degree (B.S.) in Economics at Norwich University is a program that combines elements of the social sciences in economics courses with applied business or managerial economics courses. The program is designed to prepare students for entry level employment or for graduate school in Economics and/or Business.
The curriculum of the Economics program includes basic courses in business and management, accounting, marketing, and finance. Most importantly it provides diverse courses in economics ranging from empircally oriented courses such as economic history or comparative economic systems, to theoretical courses such as advance price theory and national income analysis. With over twenty-five courses in Economics, Quantitative Methods and Finance, an economics major has a very wide array of choices in developing an individualized course of study within the program.
An Economics degree prepares one for employment in a number of fields which include: marketing research, banking, insurance, finance and various aspects of the public sector. Some Economics majors opt to continue their study either in business (M.B.A.) or in economics at the master's or doctorate level.
Students majoring in Economics have an opportunity to participate in an international exchange program with Buckinghamshire College of Business which is locate in Chalfont St. Giles, thirty miles northwest of London, England. Students are chosen for the exchange through a competitive process in either the sophomore or junior year.
Description of Courses For Norwich Economics (EC)
106. The Structure and Operation of the World Economy, 3 Credits
This course will introduce students to the operation of the world economy. Emphasis will be on the identification and description of economic concepts such as tariffs, multinational companies, stock markets, debt, international trade balances, and international banking. These concepts will be developed utilizing examples from current world economic conditions. Prerequisite: permission of instructor required for upperclassmen.
201. Principles of Economics (Macro), 3 Credits
Description and analysis of the American economic system in terms of basic economic concepts and the determination of national income and its fluctuation. Prerequisite: one semester of college mathematics.
202. Principles of Economics (Micro), 3 Credits
Study of the composition and pricing of national output, distribution of income and the pricing of productive factors, international aspects of trade, and the problems of growth. Prerequisite: one semester of college mathematics.
300. Topics in Economic History, 3 Credits
This course will focus on the progress and development of economic institutions of industrialized nations. These institutions, such as private property, free markets, financial intermediation, and discretionary fiscal policy, will be discussed in a historical perspective. Prerequisites: EC 201 and EC 202.
301. Intermediate Price Theory, 3 Credits
A study of the economic behavior of consumers and producers and their interrelationship in a market economy. Emphasis is on the application of economic theory and the tools of analysis to price determination and market behavior. Welfare economics and other modern analytical techniques are also introduced. Prerequisites: EC 201, EC 202, and MA 108.
302. National Income Analysis, 3 Credits
The theory and policies of determining national income, achieving economic stability, and maintaining economic growth. Attention is given to leading post Keynesian and Monetarist economists' interpretation of current economic conditions. Prerequisites: EC 201, EC 202, and MA 108.
*304. Labor Economics, 3 Credits
Operation of labor markets from theoretical and policy perspectives. Topics include: human capital theory, the impact of labor unions and public policy issues relevant to collective bargaining, unionism, and wages and income. Prerequisites: EC 201 and EC 202.
310. Money and Banking, 3 Credits
The principles and institutions of money, banking, and finance as they influence the performance of the economy. The major topics covered are the nature of money, commercial banking and financial institutions, central banking, monetary theory, monetary policy, inflation, and the international monetary system. Prerequisites: EC 201, EC 202, and QM 213 or permission of instructor.
*331. Business and Government, 3 Credits
A study of the institutional relationships between business and government, with stress upon public policies toward business and the role of government in fostering competition. Emphasis is placed upon the economic effects of the antitrust laws through outside readings and analysis of landmark court decisions. Other topics covered are concentration and mergers, restrictive business practices, monopoly, and oligopoly. Prerequisites: EC 201 and EC 202.
403. Comparative Economic Systems, 3 Credits
The study of major economic systems. Theories of capitalism, socialism, and communism and their implementation by major nations are discussed. Prerequisites: EC 201 and EC 202. Offered alternate years.
406. Public Finance, 3 Credits
An investigation of the effects of government expenditures and revenues on the efficiency of resource allocation and the equity of the income distribution. Topics covered include public goods, externalities, benefit cost analysis, the structure of major taxes, and expenditure and tax incidence. Prerequisites: EC 201 and EC 202. Offered alternate years.
419. International Economics, 3 Credits
International trade and the theory of comparative advantage. Special attention is given to free world trade and economic development in other countries and groupings as in the European Common Market. Prerequisites: EC 201 and EC 202.
421. History of Economic Thought, 3 Credits
Development of economic thought with emphasis upon the evaluation of economic theory as it has developed in response to problems of society. Prerequisites: EC 201 and EC 202.
499. Seminar in Economics and Finance, 3 Credits
A capstone economics course designed to integrate the students' undergraduate studies in economics, management, accounting, information systems, and finance. Prerequisite: senior standing and permission of instructor.
Description of Courses Finance (FN)
311. Managerial Finance, 3 Credits
Development of the basic theoretical framework for decision making in financial management, utilizing the Capital Asset Pricing Model. Areas of concentration are working capital management, ranking of competing capital investment projects, cost of capital, risk analysis and quantification, operating and financial leverage, capital structure and dividend policy, and valuation models. Prerequisites: AC 206, EC 202, QM 213 or permission of instructor.
407. Advanced Financial Management, 3 Credits
Special topics in financial management including: multinational finance; mergers and acquisitions; bankruptcy and reorganization; working capital management and Pro Forma statement preparation; and commercial banking. Prerequisite: FN 311. Offered alternate years.
412. Investments, 3 Credits
Methods of security analysis and portfolio management, including the current theoretical literature and thought. Discussion and analysis of current events and their implications for stock price behavior. Prerequisites: QM 213, FN 311. Offered alternate years.
Description of Courses Quantitative Methods (QM)
213. Business and Economic Statistics I, 3 Credits
A course emphasizing the development and presentation of statistical data for business and economic decision making. Topics will include survey methods, statistical description measures, sampling distributions, statistical inference procedures, simple regression and time series analysis, and construction and use of index numbers. Prerequisite or Corequisite: MA 212.
*317. Business and Economic Statistics II, 3 Credits
A course in which the statistical concepts developed in QM 213 are continued. New topics developed are multiple correlation and regression theory and analysis, the assumptions of regression analysis and econometrics problems, and an introduction to simultaneous models and advanced topics. Computer software will be used. Prerequisite: QM 213.
*409. Business and Economic Forecasting, 3 Credits
An examination of short and long term forecasting methods and their application in planning, decision making, and control. Emphasis will be placed on problem solving, class discussion, and computer applications. Prerequisite: QM 213.
Tel (802) 484-2210
Fax 484-2087
