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Academics - Courses in Economics Department

100 level

151 Principles of Economics (3). F and S.
The institutions of the North American market economy are studied, examining the determinants of resource allocation, income distribution, prices, production, income and employment levels, and economic growth. Topics include international economic relations and the role of government in the economy. Christian ideas about justice, freedom, and stewardship are applied to economic
questions. Students intending to major or minor in economics or business should not take this course, but should take Economics 221 to satisfy this core requirement.

200 level

200 Calculus Applications for Business(1) F
An introduction to differential calculus and optimization techniques used in business applications. The concept of changes at the margin and derivatives will be applied to problems in operations management, management decision theory and economic analysis. Students will also study constrained and unconstrained optimization and use it to solve problems in areas such as product pricing, production, capital budgeting, and assessing risk in markets. This course is for business students, to normally be taken concurrently with Mathematics 201 and Economics 221 (by students not completing another calculus course). This course does not satisfy the calculus requirement for economics majors.
221 Principles of Microeconomics (3). F and S.
This course involves a study of the institutions of mixed-market economies such as those of North America, their role in resource allocation, and the determination of prices, outputs, and income distribution.
Topics include the role of the government in the economy and environmental impact of economic activity. Christian views concerning justice, freedom, stewardship, and the
nature of human beings and society are applied to economic analysis and issues.
221H Principles of Microeconomics (3).
The honors section of “Principles of Microeconomics”
is similar to other sections regarding content and general course requirements. However, the honors section will be conducted with greater opportunities for group discussion
and classroom reporting of student research results. This course meets a core requirement in the societal structures category. Enrollment in honors Economics 221 is limited to 20 and is normally not open to first-year
students. Not offered 2009-2010.
222 Principles of Macroeconomics (3). F
and S.
A continuation of Economics 221. A study and evaluation of the determination
of national income, including analysis
of consumer spending and saving patterns,
business investment, government spending,
taxation, monetary policy, unemployment,
and inflation. The course includes an introduction
to international trade and finance.
Prerequisite: Economics 221.
232 Environmental and Natural Resource
Economics (3). F.
A study of environmental problems in relationship to Christian stewardship, sustainability, economic efficiency,
and justice. Topics include economic activity as a source of environmental problems, measurement of the costs and benefits of environmental policies, and design and evaluation of public and business policies to address
these problems. No prerequisite.
237 Regional Economies of the World (3). F
and S.
This course focuses on the economies of a particular region of the world. African, Asian and Latin American economies are studied on a rotating basis. The course begins with a study of basic differences in economic
systems and institutions of modern economies. These concepts are then applied to more detailed historical study of a number of key regional economies. The possibility of a distinct regional development model
is considered. This course satisfies the global and historical studies core requirement if a student has previously taken a world history class. Prerequisite: Economics 221 and 222 or Economics 151.
241 Health Economics and Health Policy
(3). S.
An introduction to economics in the context of a study of health economics and health policy, with detailed focus on the U.S. health care system. The intent of the course
is to develop an understanding of economic principles that can be used with other criteria to evaluate the historical and future direction of the U.S. health care system. Topics include efficiency and the equity of resource allocation, ethical perspectives of health care
access, history and reform of health care policy, and the development and evolution of insurance, hospital and health care provider markets. Students will be challenged to further develop and apply a reformed Christian
world-view to these issues. This course is recommended for students seeking a professional career in health care management, human resources, medicine, mental health professions, nursing or public policy. Not open to first-year students.

300 level

325 Managerial Economics/Intermediate
Microeconomics (4). F and S. An intermediate-
level study of microeconomic theory emphasizing
applications to managerial decision-
making in such areas as market and risk
analysis, demand forecasting, production and
cost analysis, product pricing, profit planning,
and capital budgeting. Goals of firms
and the use of economic theory in achieving
them are examined and evaluated. Prerequisites:
Economics 221; Information Systems
171; Mathematics 143, 243, or 343; and Economics
200 (business majors) or Mathematics
132 or 161 (economics majors).
326 Business Cycles and Forecasting/Intermediate
Macroeconomics (4). F and S. An
intermediate-level study of macroeconomic
theory emphasizing analysis of general business
activity and the implications of changing
business conditions for business and
public policy. Basic forecasting techniques
are explained and the use of forecast information
in firm and individual decision-making
are evaluated. Computer lab work is used
to demonstrate the application of economic
theory to business planning and forecasting.
Prerequisites: Economics 221 and 222, Information
Systems 171, and Mathematics 143,
243, or 343.
330 Urban Regional Economics (3). F. This
course initially introduces students to regional
economic and location theory and then explores
regional issues of metropolitan development
as they relate to national economic
growth. Basic concepts of the study that will
be examined include location determinants,
land use, inter-regional economic flows of
people and resources, exports, infrastructure,
and transport systems. Tools of national and
regional forecasting and the concept of social
accounting systems will be taught to help analyze
and develop appropriate policy by business
firms and governments at different levels.
The course will illustrate applications of
theory and policy by considering, typically,
the West Michigan economy. Questions concerning
economic health of downtown districts,
transportation problems, urban sprawl,
the role of lending agencies and realtors, and
local governmental cooperation with business
will be considered in the course. Prerequisites:
Economics 221 and 222.
331 Money and Banking (3). S. A study of the
principles of money, banking, and credit with
emphasis on monetary theory and policy and
their role in domestic and international economics.
Prerequisite: Economics 221 and 222.
334 Industrial Markets and Public Control
(3). F. A study and evaluation of business
strategies in imperfectly competitive markets,
including entry barriers, pricing, product differentiation,
vertical integration, and mergers.
Examination of relevant public policies, such
as antitrust law and utility regulation. Prerequisite:
Economics 221 and 222.
335 Labor Economics (3). S. A study of labor
markets and their relationship to the economy
as a whole, including labor-force participation,
human-capital formation, wage
theory, discrimination, unemployment, income
distribution, labor unions, and related
public policies. Prerequisite: Economics 221
and 222.
337 World Poverty and Economic Development
(3). F and S. A study of the characteristics
of poor nations in many regions of the
world, and of factors that cause and influence
economic development within countries. After
examining conditions within poor nations,
students analyze theories of economic
growth and economic development. Subsequently,
the course investigates differences
and similarities in human and capital resource
endowments, production, and trade
relations. Problems, possibilities, and policies
are analyzed in each of these topic areas.
Prerequisites: Economics 221 and 222.
338 International Economics (3). F. A study of
international economic relations, stressing the
fundamentals of trade theory, the balance of
payments, problems of international disequilibrium,
trade barriers, and efforts to promote
international economic stability and growth.
Prerequisite: Economics 221 and 222.
339 Public Finance (3). S. A study of the
economic effects of government spending
and taxation on resource allocation and on
the distribution of income. Students analyze
the economic role of government, and current
policy issues and the political process
regarding taxation and government spending.
Prerequisite: Economics 221 and 222.
Not Offered 2009-2010.
343 Quantitative Economics and Econometrics
(3). F. An introduction to econometric
methods that are frequently used in applied
economic research and business practice. Emphasis
on creating, interpreting, and critically
evaluating empirical results. Topics include
the classical linear regression model, functional
form, dummy explanatory variables, binary
choice models, heteroskedastic and autocorrelated
disturbance terms, and an introduction
to simultaneous-equation and time-series
models. Students learn to write their own
programs in a major statistical programming
language. Prerequisites: Mathematics 132 and
143 or their equivalents.
345 Advanced Topics in Microeconomics (3).
F. This course provides students with a deeper
understanding of microeconomic theory
than at the intermediate level. Students will
be exposed to recent topics in microeconomics
, including game theory, the economics of
information, and behavioral economics. They
will also learn to build economic models to
analyze economic phenomena. Prerequisites:
Economics 325 (including the statistics and
calculus cognates). Not offered 2009/2010.
346 Advanced Topics in Macroeconomics
(3). S. This course provides students with a
deeper understanding of macroeconomic theory,
beyond the intermediate level. Economic
modeling will be used to gain insight into
important macroeconomic issues, including
economic growth of nations, consumption,
investment, inflation, unemployment, and
government macroeconomic policy. International
interrelationships, decisions made under
uncertainty, and decisions made across
time periods will also be included in the analysis.
Prerequisites: Economics 326 (including
the statistics and calculus cognates).
390 Independent Study. F, I, and S. Prerequisite:
Permission of the department chair.
395 Economics Seminar (3). F. This seminar
course considers the history of economic
thought during the last two millennia. This
involves a careful consideration of major historical
schools of thought about economic
culture, beginning with the classical civilizations
and ending with contemporary methodological
approaches to economics. Prerequisites:
Senior economics major status; biblical
foundations I or theological foundations I, developing
a Christian mind, and philosophical