Economics and Business

Professors: Apps, Geremew, Hultberg, Hussen (Chair), MacMillan, Moffit, Stull

Mission Statement

Integrating Economics and Business, theory and practice, we develop creative, broad-minded problem-solvers and leaders.

The department's primary objective is to ensure that our students can apply economic and business principles to the world around them. To achieve this objective, the department introduces the students to economic and business problems, theories, and policies within the context of a liberal arts education. The department's courses fall into four broad categories: (1) economic theory at the introductory and intermediate levels, (2) quantitative tools and methods, (3) fundamental business principles, and (4) economic and business field courses. In addition to the department's course work, students also benefit from practical experience through internships, a senior individualized project, and a senior seminar. The math cognate courses are required to provide students with a strong foundation in contemporary business and economic decision-making processes that are increasingly based on marginal analysis, optimization, and descriptive and inferential statistical analysis. The department encourages additional mathematics and statistics courses for all our majors, especially for majors who wish to pursue graduate degrees.

The department offers two distinct majors: a major in economics and a major in business, both of which require a total of ten units for completion. The department also offers three different minors: a minor in economics, a minor in business, and a minor in international economics and business. A student cannot major in both economics and business; neither can a student both major and minor within the department.

Advanced Placement

Students with AP scores of 4 or 5 in Economics may, in consultation with the Department Chair, replace the ECON-101 Principles of Economics requirement with an elective course from within the major.

Course Classification

The course offerings in the Department of Economics and Business are classified into three groups:

  1. Course numbering that starts with "ECON" can be used to satisfy a requirement for only a major in economics.
  1. Course numbering that starts with "ECOB" can be used to satisfy a requirement for a major in economics or business.
  1. Course numbering that starts with "BUSN" can be used to satisfy a requirement for only a major in business.

Requirements for the Major in Economics

Number of Units
Eight units plus two math cognate courses are required, exclusive of the SIP.

Required Courses
ECOB 101 Principles of Economics
ECOB 305 Intermediate Microeconomics
ECOB 306 Intermediate Macroeconomics

Economics Elective Courses
Take five out of the following set of courses: ECON 225, 235, 245, 262, 265, 280, 290, 360, 405, 410, 415, or 490 or ECOB 210, 245, 275, or 365

Two of these courses must be taken from 300-level courses or above, at least one of them must be a 400-level course.

Required MATH Cognate Courses
Take two courses; one from each of the following two categories of courses:

  1. Differential Calculus: ECOB 155 Mathematical Methods for Economics or MATH 112 Calculus I or MATH 110 & 111 Calculus I with Review or AP Credit.
  2. Statistical Analysis: ECOB 160 Business Statistics, MATH 260 Applied Statistics, or AP credit.

Requirements for the Major in Business

Number of Units
Eight units plus two math cognate courses are required, exclusive of the SIP.

Required Courses
ECOB 101 Principles of Economics
BUSN 150 Principles of Accounting
ECOB 305 Intermediate Microeconomics
ECOB 306 Intermediate Macroeconomics

Electives
Take four out of the following: BUSN 205, 215, 220, 250, 290, 340, 350, 355, 370, 480, or 485; ECOB 210, 245, 275, 365; ECON 405 or 490.

Two of these courses must be taken from 300-level courses or above, at least one of them must be a 400-level course

Required MATH Cognate Courses
Take two courses, one from each of the following two categories:

  1. Differential Calculus: ECOB 155 Mathematical Methods for Economics or MATH 112 Calculus I or MATH 110 & 111 Calculus I with Review or AP credit.
  2. Statistical Analysis: ECOB 160 Business Statistics, MATH 260 Applied Statistics, or AP credit.

Economics and Business courses

ECON225Economics Development and GrowthThe course explores the topic of economic development; what is the meaning of economic development and why are some countries "developed," while others are not. It explores what tools and policies can be used to improve the level of income and development in nations. It studies theories of economic development and models of economic growth and sheds light on topics such as population growth, human capital, income inequality, environmental impacts, and institutional frameworks.Prerequisite: ECOB-101
ECON235Environmental and Resource EconomicsStudy of the economic perspective of environmental and resource problems and issues; the management and allocation of renewable and nonrenewable resources; the trade-off between economic growth and environmental amenities; and the impacts of natural resource availability on economic growth. Emphasis on the development and application of economic theory to contemporary natural resource issues.Prerequisite: ECOB-101
ECON/SEMN240Economics for Global TravelersThis Sophomore Seminar examines how economics can contribute to a better understanding of the world and our place in it. We will look at differences, similarities, and linkages among the economics of various nations. We will study flows of money, products, people, technologies, and ideas across national borders. The approach will be non-technical with an emphasis on understanding economic ideas. We will spend more time writing and discussing than on models or equations. Does not count toward economics or business major. Prerequisite: Sophomores Only
ECON262Fiscal & Monetary Policy in Times of CrisisSince the financial crisis of 2009, countries has used unusual and novel fiscal and monetary policies in their attempts to stabilize and grow their economies. New policies include austerity bail-outs, zero interest rates, and quantitative easing. We will examine the theoretical underpinnings of these policies as well as their real world impacts.Prerequisite: ECOB-101
ECON265Issues in Urban EconomicsThis course is both an introduction to urban economics and an in-depth study of one current urban issue. We will examine why cities exist, where they develop, and how they grow and decline. We will also study the economic aspects of contemporary urban planning and development policy issues such as land use zoning, housing, traffic congestion, publicly vs. privately provided goods.Prerequisite: ECOB-101
ECON270Labor EconomicsThe aim of this course is to provide an understanding of how labor market function. The topics include labor supply and labor demand, wage determination, human capital and education, unemployment, discrimination, and labor mobility. By the end of the course, students should be able to understand the theoretical concepts and empirical tools used to analyze labor markets and related public policy issues. Prerequisite: ECOB-101
ECON280Law and EconomicsLaw and Economics studies the interaction between the legal system and the market system. It examines why law is necessary for markets to function and it uses economic principles to analyze laws. This course uses basic tools of economics to understand a variety of legal issues. Topics covered include property and contracts, civil vs. criminal law, antitrust, environmental regulation, and international trade policy.Prerequisite: ECOB-101
ECON290Selected Topics in Economics Or Business Special Topics offerings focus upon topics not addressed in the department's regular offerings. The course can be repeated with a different topic. Check the course schedule to see when Special Topics courses are being offered. Prerequisite: ECOB-101
ECON360EconometricsA course that focuses on econometric theory and practice. Topics covered include the classical regression model, serial correlation, and time series estimation. In this computer lab based course, students will apply econometric techniques to economic questions and issues. Prerequisite: ECOB-160 or MATH-260 or 261 and ECOB-305 or ECOB-306 Open to Junior and Sophomore ECON & BUSN majors only or Instructor Permission
ECON410Open Economy MacroeconomicsThis course introduces basic concepts and analytical framework of open economy macroeconomics. It explores balance of payments, fixed and floating exchange rate, international financial markets, as well as equilibrium income in the open economy. It also provides students basic knowledge about how government policies affect private-sector performance in a global setting.Prerequisite: ECOB-306
ECON415Public Sector EconomicsExamination of federal, state, and local budget priorities and programs from both theoretical and case study approaches. Implications of different taxing and spending decisions will be analyzed.Prerequisite: ECOB-305
ECON490Advanced Topics in Economics Or BusinessThe content for this course varies each quarter. Prerequisite: ECOB-305 and ECOB-306 and Seniors Standing and ECON/BUSN Majors Only
ECON490Corporate Environmental SustainabilityEconomics Senior Seminar with a focus on Corporate Environmental Sustainability.Prerequisite: ECON-235 or permission of the instructor.
ECON593Senior Individualized ProjectEach program or department sets its own requirements for Senior Individualized Projects done in that department, including the range of acceptable projects, the required background of students doing projects, the format of the SIP, and the expected scope and depth of projects. See the Kalamazoo Curriculum -> Curriculum Details and Policies section of the Academic Catalog for more details.Prerequisite: Permission of department and SIP supervisor required.