2013-2014 Undergraduate Catalog

Economics

California Lutheran University’s bachelor of arts degree program in economics prepares students for a variety of careers by offering a strong background in liberal arts and social science studies as well as in all aspects of business.

Economics majors will take a sampling of business courses including principles of marketing, finance, organizational behavior, career development, accounting and statistics. Advanced courses within the economics curriculum include the history of economic thought, macro-economics, price theory, international economics and research methods. Students are encouraged to work in internships and on independent projects in order to combine course work with hands-on experience in the world of economics.

Along with many other opportunities, economics majors have access to the University’s Economic Research Center which gathers economic data for Ventura County and parts of Los Angeles County. CLU students participate in and contribute to the formulation and gathering of the data.

Economics graduates may take many career paths, including careers in banking and finance, economic and demographic research and forecasting, and urban planning.

The CLU School of Management also offers graduate courses leading to the master of business administration and master of science in economics.

See Business Administration for faculty listing.

 

Bachelor of Arts in Economics

41 credits minimum, 20 credits upper division.

Select one of the following:5-6
General Economics
   and General Economics Lab
Introduction to Micro-Economics
   and Introduction to MacRo Economics
MATH 245Applied Calculus4
ECON 311Statistical Methods4
ECON 406Intermediate Macro-Economics4
ECON 411Intermediate Micro-Economics4
ECON 445Research Methods - Capstone4
ECON 450Econometrics4
Select three of the following:12
Economic Systems and Society
Labor Economics
Quantitative Analysis in Business
Comparative Ecomic Systems
Money and Banking and Capital Markets
History of Economic Thought
Economics of the Environment
International Economics
Economic Entepreneurship
Advanced Statistics
Economic Development
Principles of Finance
Mathematical Modeling
Total Hours41-42

 


Honors in Economics

Students must have a GPA of 3.7 or higher by the end of their junior year after completing at least 75 credits in their study toward a BA in Economics, all lower division courses in the major, and a total of 20 upper division credits toward their major. Those who are qualified to pursue an Honors Degree in Economics will take 8 credits: ECON 445 and ECON 497 , Honors Thesis.

  

 

Minor in Economics

20 credits minimum in Business Administration and Economics, 16 credits upper division.

BUS 251Principles of Accounting4
ECON 311Statistical Methods4
Additional Upper Division ECON credits12
Total Hours20

 

Required Supporting Course

ECON 203/203LGeneral Economics
   and General Economics Lab
5
Total Hours5

 


Courses

Lower Division

ECON 200. Introduction to Micro-Economics. (3).

The study of principles of economics on the firm level, including resource pricing and allocation, market structures, supply and demand. (offered one semester each year).

ECON 201. Introduction to MacRo Economics. (3).

The study of principles of economics on the national level, including the role of government and business, national income, employment, and monetary and fiscal policy.

ECON 203. General Economics. (5).

Provides a basic understanding of how economic decisions are made by individual economic agents ("micro") and within the context of large ("macro") economic systems. The course is comprised of three major sections: basic economic concepts, micro-economics and macro-economics.

ECON 203L. General Economics Lab. (0).

ECON 206. Economic Systems and Society. (4).

Examines the approaches of capitalist, socialist and communist societies in the development of economic systems and the formulation of governmental economic policies. Emphasis is placed on the ways in which nations attempt to use economic forces to achieve such social objectives as health care, education and social stability.

ECON 282. Selected Topics. (1-4).

Upper Division

ECON 301. Labor Economics. (3).

The study of the theories of wages and employment, the history and economics of the labor movement and the economics of the labor market, collective bargaining and trade unionism. Prerequisite: ECON 203.

ECON 311. Statistical Methods. (4).

The basic methods in analysis of central tendency, dispersion and probability distributions. Prerequisite: MATH 115 or equivalent.

ECON 312. Quantitative Analysis in Business. (4).

An introduction to quantitative decision making from a managerial standpoint, plus the formulation and solution of decision models under certainty and uncertainty. Topics include model building, linear programming, probability, Bayesean decision theory and simulation. Prerequisite: ECON 311.

ECON 313. Comparative Ecomic Systems. (4).

A comparative study of the economic goals, theories of economic organization, institutions and development processes in individual nations and the reorganized multinational economic entities. Prerequisite: ECON 203.

ECON 321. Money and Banking and Capital Markets. (4).

The study of modern monetary theories and the principles of banking, with special emphasis on the Federal Reserve System. Prerequisite: ECON 203.

ECON 341. History of Economic Thought. (4).

A study of economic theories from Aristotle to modern times. Special attention is given to the period from Adam Smith's Wealth of Nations to Keynes' General Theory and to emerging theories of the management of the economics of non-democratic societies. Prerequisite: ECON 203.

ECON 406. Intermediate Macro-Economics. (4).

The study of Keynesian economics, concepts and theories of national income, stability and full employment, rate of interest and investment, including macro-economic models. Prerequisite: ECON 203.

ECON 411. Intermediate Micro-Economics. (4).

A study of the modern theory of price and the laws of supply and demand. Includes price and output determination and optimal resource allocation in different market situations and in centrally managed versus free-market economies. Prerequisite: ECON 203.

ECON 414. Economics of the Environment. (4).

Students investigate, in economic terms, various environmental problems in today's world to determine the costs and benefits of alternative approaches to environmental remediation. Also examines major policy alternatives for environmental protection. Prerequisite: ECON 203.

ECON 416. International Economics. (4).

Includes theories of international trade and finance, comparative advantage, foreign exchange, capital movements and the impact of international currency speculation on economic performance. Prerequisite: ECON 203.

ECON 420. Economic Entepreneurship. (4).

A study of the entrepreneurial approach to business development that covers venture initiation and management. Consideration is given to concept development and marketing for business plan formulation. Recommended prerequisites: BUS 252, junior standing.

ECON 421. Advanced Statistics. (4).

Decision making using estimation techniques and tests of hypotheses and the use of advanced statistical techniques in solving problems of prediction. Prerequisite: ECON 312.

ECON 445. Research Methods - Capstone. (4).

Focuses on the application of scientific research methods to problems in marketing, management and business economics. Topics include research design and methods, sample size and sampling techniques, questionnaire design and data analysis and interpretation.

ECON 450. Econometrics. (4).

Econometrics is concerned with how to learn from economic data. Econometric techniques are increasingly used in business, government and academic setting to analyze markets, create forecasts based on past data, study the impact of economic policies, and test economic theories. The objective of this course is to provide the necessary tools to critically evaluate econometric models and to prepare students for empirical work in economics. The course will focus in some details on the linear regression model and the statistical theory behind it. Students will be provided with the opportunity to use actual economic data. Prerequisite: ECON 311.

ECON 460. Economic Development. (4).

A study of the theory and application of economic development to Third World countries. Consideration is given to the effect of the policies of major multinational economic institutions on developing economies. Prerequisite: ECON 203.

ECON 482. Selected Topics. (1-4).

ECON 490. Independent Study. (1-4).

ECON 492. Internship. (1-4).

ECON 497. Honors Thesis. (4).