Economics (Minor)

Business and Economics Department

Deborah Calhoun, M.B.A., Ph.D, Chair
Ademar Bechtold, Ph.D.
Charles E. Yoe, Ph.D, Coordinator

Degrees offered

Minor

Campuses

Main Campus

The Business and Economics Department of the College of Arts, Sciences, and Business offers a Minor in Economics to students in the Women's College. Economics is the study of the way individuals and societies choose to use scarce resources in both the private and public sectors. Economic concepts are applied to nearly every aspect of human activity from ensuring food safety; supporting transportation systems and health care services; shaping international trade policy, government monetary and fiscal policy; and evaluating political, social, environmental and other issues. As an indication of the importance of economics, it is the only social science for which a Nobel Prize is awarded.

Summary

Women's College and College of Adult Undergraduate Studies

Economists use their knowledge and skills to advise business firms, banks, and other financial institutions, government agencies, international organizations, environmental organizations, special interest groups, and others. The overarching goal of the Economics Program of Study is to enable students to "think like an economist." Thinking like an economist requires problem-solving skills and creative thinking.

Economics graduates from Notre Dame have used their education and internship experiences as avenues to careers in local, state and federal government agencies, as well as in the private sector. Many also have used their classroom and practical experiences as stepping-stones to advanced degrees in economics, law, business and a variety of other fields. Our graduates are employed by organizations such as Motorola, Inc., Legg Mason, and the Federal Reserve Bank. Several own their own companies. Students have earned graduate degrees at institutions such as Johns Hopkins University, Virginia Polytechnic University, Georgetown University, the University of New York, and the University of Brussels, Belgium.

The following Economics courses satisfy the General Education Requirement in Social Sciences: ECO-211, ECO-212 and ECO-220.

ECO-404 fulfills the General Education Requirement in Cross-cultural Studies.

Economics Minors must have a minimum grade of C in all courses to satisfy the Minor.

Required Courses for the Minor in Economics

       ECO-211 Introduction to Macroeconomics (3)
       ECO-212 Introduction to Microeconomics (3)
       ECO-311 Applied Macroeconomics or ECO411 Topics in Economics or ECO463 Independent Study in Economics (3)
       ECO-402 Money and Banking (3)
       ECO-404 International Economics (3)
       ECO-440 Economics of the Environment and Natural Resources or ECO-330 Honors: Food Safety Risk Analysis (3)

 


Courses

ECO-211 Introduction to Macroeconomics

Focuses on the United States economy and its relations with the world. Examines how interactions among consumers, businesses, government and the rest of the world impact economic growth, inflation, unemployment and business cycles. Investigates the impact of monetary and fiscal policies on the overall performance of the economy. Fulfills general education requirement in social science. [3 credits]

ECO-212 Introduction to Microeconomics

Examines the manner in which prices are determined and limited resources are allocated efficiently through mastery of basic supply and demand. Considers the behavior of producers and consumers under various competitive conditions. Assesses the role of government in responding to market failures. Fulfills general education requirement in social science. [3 credits]

ECO-220 Honors: Economics and Contemporary Issues

Applies economic principles and methodologies to the decision-making process of individuals, businesses and governments. Evaluates current political, social and economic events using basic economic theories and principles. Prerequisite: Morrissy scholar or permission. Fulfills general education requirement in social science. [3 credits]

ECO-311 Applied Macroeconomics

Examines data related to economic, finance and international indicators. Applies macroeconomic theory to assess the current state of the economy and to forecast economic activities in the near future. Evaluates current economic policies in light of the economic forecast. Prerequisite: ECO-211. [3 credits]

ECO-330 Honors: Food Safety Risk Analysis

Analyzes the extent and significance of food-borne diseases in the United States and around the world. Examines the most important hazards to food safety, including food additives and pesticides, microbial hazards, irradiation, and food defense as well as science-based solutions to their management. Considers the interdisciplinary risk analysis paradigm as a modern approach to food safety systems in considerable detail. Prerequisite: Morrissy scholar or permission. [3 credits]

ECO-342 Introduction to Public Finance

Analyzes the role of local, state and federal government in meeting the demands of the public through examination of government's expenditure and taxing policies. Examines the theory of public goods, public expenditures, taxation, public choice, fiscal federalism, budgeting and benefit-cost analysis along with their application in public policy. Prerequisite: ECO-211 or ECO-212. [3 credits]

ECO-348 Economic Theory of Management

ECO-402 Money and Banking

Examines the interactions between the United States financial system and the wider economy. Studies current developments in monetary policy and financial markets and explores the impact of money on the productive sector of the economy. Analyzes current economic, financial and international issues and tracks a variety of economic indicators to predict the actions of the Federal Reserve. Prerequisite: ECO-211 or permission of instructor. [3 credits]

ECO-404 International Economics

Examines international trade theory, international trade policy and international finance from multi-country and multicultural perspectives. Applies economic models to explain the benefits from trade and its effect on the distribution of income among different groups within a country. Studies the impact of protectionist policies on the standard of living of both importing and exporting countries. Describes the balance of payments and develops models of exchange rates. Investigates international capital and finance issues in light of the current economy. Fulfills eneral education requirement in cross cultural studies. Prerequisite: ECO-211 or ECO-212. [3 credits]

ECO-411 Topics in Economics

Provides opportunities to pursue special topics of current interest in the field of economics. [3 credits]

ECO-463 Independent Study in Economics

Provides opportunities for a student to study a topic of special interest in economics under the guidance of a faculty member. [3 credits]

ECO-550 Managerial Economics

Introduces economic methodologies to managerial decisions. Examines consumer demand, production costs, and output/price combinations that maximize firms' goals under different market structures. Applies basic math and statistics tools to evaluate business choices. All statistics and mathematics used in the class are explained in basic terms at the point of first usage. [ 3 credits ]