Economics

UW-PARKSIDE 2019-21 CATALOG
Molinaro 248 • 262-595-2314

College:
Business, Economics, and Computing

Degree and Programs Offered:
Bachelor of Arts
Major - Economics
Minor - Economics
Major Concentrations – Monetary and Financial Economics, Quantitative Economics
Associate of Science – Financial Economics (see associate degree section of catalog)

Student Organizations/Clubs:
Economics Club; Economics Honor Society Omicron Delta Epsilon.

Career Possibilities:
Graduates with a bachelor’s degree in economics are employed in a wide variety of jobs in both the private and public sectors of the economy. Recent economics graduates have obtained positions at Amazon, Snap-on Inc., Modine Manufacturing, Humana Healthcare, US Bank, Northwestern Mutual, Blue Cross and Blue Shield, Educators Credit Union, CNH Industrial, Hewitt Associates, the U.S. Veteran’s Administration, Prudential Financial, Fannie Mae, Cardinal Health, the U.S. Internal Revenue Service, S.C. Johnson, the Shedd Aquarium, Mercer, Joy Global, AXA Advisors, Johnson Controls, Merz North America, BMO Global Asset Management, and Johnson Bank. In addition, economics graduates have become teachers in area high schools or have begun their professional careers by working for local government agencies or nonprofit organizations. Other economics graduates have harnessed their entrepreneurial abilities and have started up their own firms, such as PricingCloud LLC, IVT Investment Group, LH Consulting, and Edgerton Travel Plaza.

Department Overview

Economics is the study of rational choice and the allocation of scarce resources in light of social values and competing needs and wants. Economics examines the fundamental choices that individuals, businesses, and governments face: what goods and services should be produced; how should they be produced; and how should they be distributed in today’s interconnected world. Studying economics develops methods of thinking that can be directly applied to a wide variety of problems in many different areas. The Economics Department teaches core principles and theory courses in microeconomics and macroeconomics and a wide range of advanced elective courses in various subfields of economics, including economic development, environmental economics, financial economics, industrial organization, international economics, labor economics, money and banking, public economics, and sports economics. Economics graduates possess analytical and problem-solving skills that enable them to understand economic phenomena and make optimal economic decisions.

The Economics Department offers a bachelor of arts degree with a major in economics and a minor in economics. Within the economics major, three courses of study are possible: the general major; the monetary and financial economics concentration in the major; and the quantitative concentration in the major.

The Economics Department also offers an associate of science degree in financial economics. The AS-Financial Economics focuses on the functions and operation of the financial and banking sectors of the economy. After completing this degree, a student will have a significant amount of coursework that can be directly applied toward a bachelor’s degree in either economics, business management, accounting, marketing, or a number of other majors.

Preparation for Graduate School

The economics program provides an excellent foundation for advanced graduate work in economics, business, law, or the social sciences. The quantitative concentration in the economics major is designed particularly for students who expect to study economics or related fields in graduate school. Recent economics graduates have been accepted into graduate programs at the University of Georgia, George Washington University, the University of Oregon, the University of Wisconsin-Milwaukee, Boston University, and the University of Wisconsin-Madison.

Internships

The internship in economics is a 1-3 credit learning experience in either the private or public sector for students with a minimum 2.50 cumulative GPA and with department approval.

Program Level Outcomes

Economics graduates will be able to evaluate the implications of economic scarcity in the context of resource allocation, production, and consumption and various economic institutions (aligns with Reasoned Judgment).
Outcomes/Objectives:
- Students can compare and evaluate the consequences of and the tradeoffs resulting from economic scarcity in the context of different market structures.
- Students can compare and evaluate the consequences of and the tradeoffs resulting from economic scarcity in the context of macroeconomic variables.
Economics graduates will be able to apply tools of economic decision-making to make optimal (efficient) economic decisions (aligns with Reasoned Judgment).
Outcomes/Objectives:
- Students can construct and apply economic models and analytical tools to explain economic relationships and evaluate solutions to economic problems.
- Students can create economic databases, work effectively with data, and perform quantitative analysis.
Economics graduates will be able to evaluate the desirability of economic decisions and policies in terms of their effects on individual and social welfare (aligns with Social and Personal Responsibility).
Outcomes/Objectives:
- Students can compare and evaluate changes in the economic welfare of individuals, households, firms, government, and society resulting from domestic economic policies and global external economic shocks.
- Students can compare and evaluate changes in the economic welfare of individuals and households in the context of diversity, equity, and other social goals.
Economics graduates will be able to communicate economic concepts, data, models, theories, and analysis effectively using various forms of media and communication technologies (aligns with Communication).
Outcomes/Objectives:
- Students can communicate in writing and by using tables, graphs, or mathematical representations (models) effectively to demonstrate comprehension of the underlying economic concepts and relationships.
- Students can communicate verbally by using the spoken word or multimedia technologies effectively.

Requirements for the Economics Major (33-38 credits)

The Economics Department offers three courses of study in the economics major: the general major; the monetary and financial economics concentration in the major; and the quantitative concentration in the major. Economics majors must attain a minimum cumulative GPA of 2.25 in courses for the major. Transfer students must attain a minimum cumulative GPA of 2.25 in transfer courses applied to the major in addition to UW-Parkside courses for the major. Courses in introductory accounting and computer skills are recommended.

Required Core Courses (15 credits)
The economics core courses provide students with a solid foundation in both macroeconomics and microeconomics and an introduction to basic quantitative techniques and analytical tools. The following courses, or their equivalents, are required of all students.

ECON 120	Principles of Microeconomics	3 cr
ECON 121	Principles of Macroeconomics	3 cr
ECON 320	Intermediate Micro Theory	3 cr
ECON 321	Intermediate Macro Theory	3 cr
QM 210	Business Statistics I	3 cr

Completing both ECON 320 and 321 before taking most 300 and 400 level courses is strongly recommended. Students who (i) receive a B or better in ECON 101, (ii) declare an economics major, and (iii) complete ECON 321 may petition to substitute ECON 101 for ECON 121. Transfer students who major in economics must earn at least 3 credits in intermediate theory (ECON 320, 321, or 412) at UW-Parkside.

Completion Options (18-23 credits)
Choose one option:

General Economics Major (18 credits)
The general major is intended for students who seek a broad experience in economics and do not expect to study economics in graduate school.

Elective Economics Courses (18 credits)

300- or 400-level economics courses 12 cr

200-level or above economics courses 6 cr

Monetary and Financial Economics Concentration (21 credits)
The monetary and financial economics concentration is designed for students who are interested in professional positions in the financial and banking sectors.

Additional Required Courses (18 credits)

ACCT 201	Financial Accounting	3 cr
ECON 366	Money and Banking	3 cr
ECON 367	Financial Institutions and Markets	3 cr
ECON 402	International Economics	3 cr
ECON 409	Econometrics	3 cr
FIN 330	Managerial Finance	3 cr

Elective Course (3 credits)
Choose one course:

ECON 360 Industrial Organization and Public Policy 3 cr

FIN 335 Investments 3 cr

FIN 431 Advanced Managerial Finance 3 cr

Quantitative Concentration (23 credits)
The quantitative concentration is strongly recommended for students who expect to study economics in graduate school or seek a career using quantitative methods.
1. Additional Required Courses (11 credits)
  
  ECON 409 Econometrics 3 cr
  
  ECON 412 Managerial Economics 3 cr
  
  MATH 221 Calculus and Analytic Geometry I 5 cr
2. Elective Economics Courses (12 credits)
  
  300- or 400-level economics courses 9 cr
  
  200-level or above economics course 3 cr
  
  Additional courses in mathematics are strongly recommended. Consult your economics advisor regarding recommended courses.

Requirements for the Economics Minor (18 credits)

The economics minor is intended for students who wish to acquire an understanding of economics that will complement their primary field of study. Whatever the major, a minor in economics signals to prospective employers that a UW-Parkside graduate possesses the analytical tools needed to understand economic phenomena and changing economic conditions.

Economics minors must attain a minimum cumulative GPA of 2.25 in courses for the minor. Transfer students must attain a minimum cumulative GPA of 2.25 in transfer courses applied to the minor in addition to UW-Parkside courses for the minor.

Required Courses (9 credits)

ECON 120	Principles of Microeconomics	3 cr
ECON 121	Principles of Macroeconomics	3 cr

Choose one theory course:
ECON 320	Intermediate Micro Theory	3 cr
ECON 321	Intermediate Macro Theory	3 cr

Elective Economics Courses (9 credits):

300- or 400-level economics courses 6 cr

200-level or above economics course 3 cr

Recommended Courses Outside of Economics

Economics majors who are either seeking a career in business or planning on pursuing an M.B.A. at UW-Parkside are strongly encouraged to complete a minor in business management. Please consult the Business Department for details.

Courses in Economics (ECON)

101	The American Economy Prereq: None. Freq: Fall, Spring, Summer. Provides an overview of the basic economic forces, institutions, and policy governing the U.S. economy. A one-semester survey course for students not intending to major in economics or business management. Not open to students with credit in ECON 120 or 121.	3 cr
120	Principles of Microeconomics Prereq: MATH 111 with a grade of C- or better. Freq: Fall, Spring, Summer. Develops and applies principles and models of demand and supply, consumer behavior, producer behavior, competitive and imperfectly competitive markets, and related contemporary economic policy issues.	3 cr
121	Principles of Macroeconomics Prereq: MATH 111 with a grade of C- or better. Freq: Fall, Spring, Summer. Develops and applies principles and models of economic aggregates such as national income, unemployment, inflation, economic growth, and the monetary system and analyzes monetary and fiscal policy.	3 cr
260	Industrial Organization and Public Policy Prereq: ECON 120. Freq: Fall. Investigates patterns of market structure and business strategies, analyzes policies regarding collusive behavior and monopolization, and discusses current regulatory issues. Offered simultaneously with ECON360. Cannot receive credit for both ECON 260 and ECON 360.	3 cr
280	Comparative Economic Systems Prereq: ECON 101, 120, or 121. Freq: Occasionally. Compares and explores different present day economic systems in terms of their principles of operations, economic functions, and relevant social conditions and objectives.	3 cr
290	Special Topics in Economics Prereq: ECON 101, 120, or 121; or consent of instructor. Freq: Occasionally. Examines economic issues, problems, and events of current interest. Subject matter varies. May be repeated with different topic.	1-3 cr
300	Environmental Economics Prereq: ECON 120. Freq: Spring (odd years). Examines the relationships between economic behavior and environmental quality and analyzes environmental policies in terms of social benefits and costs, incentives, and economic efficiency.	3 cr
303	The Economics of Discrimination in Banking Prereq: ECON 101, 120, or 121; or instructor consent. Freq: Winterim. Examines mortgage lending discrimination by banks/lenders, contributing to ethnic and gender disparities in home ownership. Explores reforms to make the current fair-lending system more effective.	3 cr
304	Economics of Urban Problems Prereq: ECON 101 or 120. Freq: Occasionally. Applies tools of economic analysis to selected urban problems including housing, urban renewal and development, transportation, pollution, poverty, crime, and the financing of urban services	3 cr
305	Economics of Sports Prereq: ECON 120; or consent of instructor. Freq: Spring (odd years). Examines economic issues in professional sports such as labor relations, player salaries, ticket prices, franchise values, competitive balance, stadium financing, and market structure.	3 cr
308	Economic Development Prereq: ECON 120, 121. Freq: Occasionally. Studies economic problems and prospects of developing nations, including theories, methods, and practices of economic development and sustainable development.	3 cr
320	Intermediate Micro Theory Prereq: ECON 120, 121. Freq: Fall. Develops and applies theories of consumption, production, market structures, general equilibrium, and welfare economics.	3 cr
321	Intermediate Macro Theory Prereq: ECON 120, 121. Freq: Spring. Develops and applies theories of aggregate demand and supply, national income and GDP, savings and consumption, investment, net exports, balance of payment, and schools of economic thought. Examines monetary and fiscal policies.	3 cr
325	American Economic History Prereq: ECON 101 or 120; or consent of instructor. Freq: Occasionally. Discusses the growth of the American economy from colonial times to the present.	3 cr
330	The Economics of Gender Prereq: ECON 101 or 120. Freq: Occasionally. Investigates feminist approaches to economic theory, gender differentials in the labor market, and women in the global economy.	3 cr
340	Health Economics Prereq: ECON 120. Freq: Occasionally. Applies theories from microeconomics to analyze the functions of the U.S. health care system. Examines the institutional characteristics of the health care market and utilizes data and empirical methods to evaluate the impacts of health care policies.	3 cr
360	Industrial Organization and Public Policy Prereq: ECON 120. Freq: Fall. Investigates patterns of market structure and business strategies, analyzes policies regarding collusive behavior and monopolization, and discusses current regulatory issues. A research paper is required. Offered simultaneously with ECON 260. Cannot receive credit for both ECON 260 and ECON 360.	3 cr
366	Money and Banking Prereq: ECON 120, 121. Freq: Fall. Analyzes the role of money, money creation, the operation of central and commercial banks, monetary policy, and international monetary systems. Cross-listed with ECON 566.	3 cr
367	Financial Institutions and Markets Prereq: ECON 120, 121. Freq: Spring. Examines financial institutions, money and capital markets, sources and uses of funds, the determination of market yields, asymmetric information, and risk. Cross-listed with ECON 567.	3 cr
380	The Labor Market Prereq: ECON 120. Freq: Spring (even years). Analyzes the economic and social forces determining labor supply and demand, unemployment, labor mobility, human capital, discrimination by race and gender, and earnings inequality.	3 cr
402	International Economics Prereq: ECON 120, 121; ECON 321 recommended. Freq: Fall. Examines theories of international trade, government policy toward international trade, international trading arrangements and institutions, foreign exchange markets, international monetary arrangements and investments, theories of balance of payments, and open economy macroeconomics.	3 cr
405	Public Economics Prereq: ECON 320 or consent of instructor. Freq: Occasionally. Examines theories of public goods and externalities, public choice, benefit-cost analysis, and taxation. Analyzes tax and expenditure policies, government social insurance and redistribution programs, and mechanisms to remedy market failures.	3 cr
409	Econometrics Prereq: ECON 120, 121, and QM 210 or consent of instructor; ECON 320 or 321 recommended. Freq: Fall. Develops standard econometric techniques and applies them to economic issues and problems. Covers topics including multiple regression, dummy variables, forecasting, and problems of autocorrelation, multicollinearity, and heteroskedasticity. Cross-listed with ECON 609.	3 cr
412	Managerial Economics Prereq: ECON 320, QM 210, MATH 221; or consent of instructor. Freq: Spring (even years). Develops and applies microeconomic models and quantitative and optimizing techniques to business decisions involving demand, production, cost, market structures, and pricing strategies. Cross-listed with ECON 612.	3 cr
490	Special Topics in Economics Prereq: ECON 101, 120, or 121; or consent of instructor. Freq: Occasionally. Examines selected topics in economics. Subject matter varies. May be repeated with different topic.	1-3 cr
492	Research Experience in Economics Prereq: Senior standing, 3.00 GPA, economics major with 21 ECON credits, and consent of instructor. Freq: Spring, Summer, Fall. Provides a supervised learning experience assisting in faculty research. No more than 3 credits may be applied toward economics major.	1-3 cr
494	Economics Internship Prereq: 2.5 GPA, consent of instructor, and department chair. Freq: Fall, Spring, Summer. A supervised learning experience in either the public or private sector. Enrollment dependent on availability of suitable placement opportunities. Credit may not be applied toward economics major or minor.	1-3 cr
499	Independent Study Prereq: Consent of instructor and department chair. Freq: Fall, Spring, Summer. Available to qualified students under supervision of individual instructor. Topics must be mutually agreed upon by student and professor.	1-3 cr

Graduate Courses

The 500 and 600-level courses listed below are intended only for students enrolled in the UW-Parkside Master of Business Administration program.

566	Money and Banking Prereq: ECON 120, 121. Freq: Occasionally. Analyzes the role of money, money creation, the operation of central and commercial banks, monetary policy, and international monetary systems. Requires a research project. Not open to students with credit in ECON 366.	3 cr
567	Financial Institutions and Markets Prereq: ECON 120, 121. Freq: Spring. Examines financial institutions, money and capital markets, sources and uses of funds, the determination of market yields, asymmetric information, and risk. Requires a research project. Not open to students with credit in ECON 367.	3 cr
602	International Economics Prereq: ECON 120, 121; ECON 321 recommended. Freq: Fall. Examines theories of international trade, government policy toward international trade, international trading arrangements and institutions, foreign exchange markets, international monetary arrangements and investments, theories of balance of payments, and open economy macroeconomics. Requires a research project. Not open to students with credit in ECON 402.	3 cr
609	Econometrics Prereq: ECON 120, 121, and QM 210 or MBA 511 or consent of instructor; ECON 320 or 321 recommended. Freq: Fall. Develops standard econometric techniques and applies them to economic issues and problems. Covers topics including multiple regression, dummy variables, forecasting, and problems of autocorrelation, multicollinearity, and heteroskedasticity. Requires a research project. Not open to students with credit in ECON 409.	3 cr
612	Managerial Economics Prereq: ECON 121, 320, QM 210 or MBA 511; and MATH 221; or consent of instructor. Freq: Spring (even years). Develops and applies microeconomic models and quantitative and optimizing techniques to business decisions involving demand, production, cost, market structures, and pricing strategies. Requires a research project that involves the collection and analysis of economic data. Not open to students with credit in ECON 412.	3 cr
690	Special Topics in Economics Prereq: ECON 120 and 121; or consent of instructor. Freq: Occasionally. Examines selected topics in economics. Subject matter varies. May be repeated with different topics.	1-3 cr

Who Are You?

300- or 400-level economics courses		12 cr
200-level or above economics courses		6 cr

ECON 360	Industrial Organization and Public Policy	3 cr
FIN 335	Investments	3 cr
FIN 431	Advanced Managerial Finance	3 cr

300- or 400-level economics courses	9 cr
200-level or above economics course	3 cr