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Economics is the science of choice-the science
that explains the choices made by individuals and organizations.
Among the topics studied in economics are: the determination of
the prices and quantities of goods; consumer and firm behavior;
international trade; income distribution; taxes, subsidies and tariffs;
the determination of the aggregate level of economic activity; unemployment;
inflation; and economic growth.
Economics is an important component of the liberal arts curriculum
and provides a useful background for students planning to enter
any of the professions. Introductory Economics, Micro- (001) and
Macroeconomics (002), are prerequisites for all other offerings
of the Economics Department. In addition to these two courses, the
Economics Department offers Intermediate Micro- (101) and Macroeconomics
(102), Statistics for Economists (103) and a number of courses in
theory and methods, industrial organization, history and development,
political economy, policy analysis, economic systems and international
economics.
Econ 001 covers microeconomics: the decisions of individual people
and firms, the determination of prices and quantities of individual
goods, wages for various classes of workers, and the theoretical
basis for international trade. Government policies, such as taxes,
subsidies, tariffs, trade quotas and income distribution are discussed.
Econ 002 is devoted primarily to macroeconomics, with emphasis
on the determination of the aggregate level of economic activity,
economic growth, analysis of government policies, short-run economic
stability (the degree of unemployment and the rate of inflation),
long-run economic growth and international finance. Econ 001 is
a prerequisite for Econ 002.
For more information, contact Lynn
Costello
revised June, 2006
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