UMUC

School of Undergraduate Studies

Course Descriptions — Economics (ECON)

ECON 201 Principles of Macroeconomics (3)

An introduction to the problems of unemployment, inflation, and economic growth. Emphasis is on the roles of monetary policy and fiscal policy in determining macroeconomic policy. The efficacy of controlling wages and prices is analyzed. Students may receive credit for only one of the following courses: ECON 201 or ECON 205.

ECON 203 Principles of Microeconomics (3)

Analysis of the principles underlying the behavior of individual consumers and business firms. Topics include problems of international trade and finance, distribution of income, policies for eliminating poverty and discrimination, problems of environmental pollution, and effects of various market structures on economic activity.

ECON 301 Current Issues in American Economic Policy (3)

Prerequisites: ECON 201 and 203. Analysis of current economic problems and public policies. Topics include market power, federal budget and tax policy, governmental regulation, inflation, unemployment, poverty and distribution of income, and environmental issues.

ECON 305 Intermediate Macroeconomic Theory and Policy (3)

Prerequisite: ECON 201. Analysis of forces that determine a nation’s income, employment, and price levels. Topics include consumption, investment, inflation, and governmental fiscal and monetary policy. Students may receive credit for only one of the following courses: ECON 305, ECON 403, or ECON 405.

ECON 306 Intermediate Microeconomic Theory (3)

Prerequisite: ECON 203. Analysis of the principles underlying the behavior of individual consumers and business firms. Theories of marketing systems, distribution, and the roles of externalities are covered. Students may receive credit for only one of the following courses: ECON 306 or ECON 403.

ECON 315 Economic Development of Underdeveloped Areas (3)

Prerequisites: ECON 201 and 203. Analysis of the economic and social characteristics of underdeveloped areas. Recent theories about economic development, obstacles to development, and policies and planning for development are discussed. Students may receive credit for only one of the following courses: ECON 315 or ECON 416.

ECON 380 Comparative Economic Systems (3)

Prerequisites: ECON 201 and 203. A comparative analysis of the theory and practice of various types of economic systems, especially the economic systems of the United States, the former Soviet Union, the People’s Republic of China, Western and Eastern Europe, and less-developed countries.

ECON 381 Environmental Economics (3)

Prerequisite: ECON 201. Application of economic theory to problems of environmental quality and management. The theory behind common-property resources, economic externalities, alternative pollution-control measures, and limits to economic growth is discussed.

ECON 422 Quantitative Methods in Economics I (3)

Prerequisites: ECON 201 and 203 and STAT 230. A study of the interaction between problems of economics and the assumptions of statistical theory. Formulation, estimation, and testing of economic models (including theory of identification, techniques of single-variable and multiple-variable regression, and issues of inference) are explained. Assignments include independent work relating the material in the course to an economic problem chosen by the student.

ECON 425 Mathematical Economics (3)

Prerequisites: ECON 201 and 203 and MATH 220. An explanation of the simpler aspects of mathematical economics. The types of calculus and algebra that are required for economic analysis are presented.

ECON 430 Money and Banking (3)

Prerequisites: ECON 201 and 203. An examination of the structure of financial institutions and their role in providing money and near-money. Institutions, processes, and correlations analyzed include the functions of the Federal Reserve System, the techniques of central banks, the control of the supply of financial assets as a mechanism of stabilization policy, and the relationship of money and credit to economic activity and prices. Students may receive credit for only one of the following courses: ECON 430 or ECON 431.

ECON 440 International Economics (3)

Prerequisites: ECON 201 and 203. A description of international trade and an analysis of international transactions, exchange rates, and balance of payments. Policies of protection, devaluation, and exchange-rate stabilization and their consequences are also analyzed. Students may receive credit for only one of the following courses: BEHS 440, ECON 440, or ECON 441.

ECON 450 Introduction to Public-Sector Economics (3)

Prerequisites: ECON 201 and 203. A study of public finance that examines the roles of federal, state, and local governments in meeting the demands of the public. Analysis covers theories of taxation, public expenditures, governmental budgeting, benefit/cost analysis, and redistribution of income, as well as their applications in public policy. Students may receive credit for only one of the following courses: ECON 450 or ECON 454.

ECON 490 Survey of Urban Economic Problems and Policies (3)

Prerequisites: ECON 201 and 203. An introduction to the study of urban economics by means of examining issues in current policy. Topics may include urban renewal, economic development in ghettos, problems concerning transportation, the development of new towns, and problems concerning provision of services (such as education and police protection).