2022 - 2023 Undergraduate Bulletin

Courses

Search for courses listed in this bulletin. To find a semester course schedule (including instructors, meeting times and locations), go to mynmu.nmu.edu.

EC 101 Introduction to Economics 4 cr.
  • Offered: Fall Winter Summer

A survey of the basic principles of economics with an emphasis on their applications to current issues and/or historical events. Major economic structures like the banking system, government and global exchange are discussed. Supply and demand forces and their impact on these structures are addressed.

Notes:

Students who have credit in, or are currently enrolled in a 200+ level economics course will not be able to use EC 101 towards their degree.

EC 140 Consumer Economics 4 cr.  (4-0-0)
  • Offered: Fall Winter

This course is in applied economics that covers some of the major decisions, as well as the routine ones, that we make throughout life. The emphasis is on “real life” decision-making and not economic theory. Economic concepts will emerge naturally while discussing everyday decisions. Topics include large ticket purchasing decisions, personal budgeting, career-planning and community involvement.

Notes: Students majoring in Economics who have credit in, or are currently enrolled in a 200+ level economics course will not be able to use EC 140 as an economics elective towards their degree.
EC 201 Microeconomic Principles 4 cr.
  • Offered: Fall Winter Summer
Analysis of price determination and resource allocation in a market economy. Particular attention is paid to individual consumer and producer choice under a variety of market structures.
EC 202 Macroeconomic Principles 4 cr.
  • Offered: Fall Winter Summer
Introduction to theories of national income, employment, prices, money, banking, taxation, government spending, public finance and international transactions.
EC 311 Economics of Sports 4 cr.
  • Offered: Contact Department
  • Prerequisites: EC 101 or EC 201.

An application of basic microeconomic principles to the areas of professional and amateur sports organizations. Topics include, but are not limited to, supply and demand, elasticity, public finance of sports enterprises and labor economics.

EC 320 Money and Banking 4 cr.
  • Offered: Winter
  • Prerequisites: EC 101 or EC 202.

Institutional description of money, commercial banking, central banking, deposit intermediaries, government finance and foreign exchange. Theoretical analysis of the effect of financial services institutions on economic behavior is also covered.

EC 330 Law and Economics 4 cr.
  • Offered: Fall semester of even-numbered years
  • Prerequisites: EC 101 or EC 201, junior standing or instructor's permission.

An exploration of the interface between law and economics with emphasis on the economic analysis of law. The course is about both the economics behind laws and the economic effects of laws. Major topics include property, contracts, torts, product liability, common law and crime.

Notes: Formerly listed as EC 435.
EC 335 Health Care Economics 4 cr.
  • Offered: Contact Department
  • Prerequisites: EC 101 or EC 201, junior standing or instructor's permission.

An application of basic microeconomic principles to the health care sector. Topics include health care production, the demand for health care, third-party payers, health insurance, managed-care programs, hospital structure, physicians’ behavior, malpractice, regulation and international health care systems.

Notes: Formerly listed as EC 444.
EC 337 American Economic History 4 cr.
  • Offered: Contact Department
  • Prerequisites: EC 101 or EC 201, or instructor permission.

Examination of the transformation of the American economy from its beginnings through the mid 20th century, including the advent of the constitution, slavery, the banking system, industrialization, women in the work place, regulation, and the Great Depression. In addition, it explores both critics and defenders of the American productivity story. 

Notes: Cross listed as HS 337.
EC 340 Capitalism, Socialism and Democracy 4 cr.
  • Offered: Summer semester of even-numbered years.
  • Prerequisites: EC 101 or EC 201, or instructor permission.

The course covers the grand historical debates over economic systems. Classical liberalism, anarchism, Utopian socialism, centrally-planned socialism, and state capitalism will all be explored. Students will be introduced to Marxian, Austrian School, and Public Choice Theory perspectives.

Notes: Formerly listed as EC 420.
EC 345 Environmental and Natural Resource Economics 4 cr.
  • Offered: Summer semester, odd numbered years.
  • Prerequisites: EC 101 or EC 201, or instructor's permission.

This course allows students to apply tools of economic analysis to the study of current environmental and natural resource issues. Property rights, social welfare maximization and cost-benefit analysis are some of the key concepts used during the course. Government, market, nonprofit, and collective action responses to environmental problems will be covered.

EC 350 Methods and Materials in Teaching Social Studies Education 4 cr.
  • Offered: Fall
  • Prerequisites: Admission to methods phase of teacher education.

Survey of the concepts, materials and strategies used in economics at the secondary level. The course includes practice in the construction of units, identification of objectives, selection of materials and development of activities and procedures. Some discussion of evaluation and classroom management is included.

Notes: Does not count toward the non-teaching economics major or minor. Can count toward the secondary education economics minor if required.
EC 363 Economics of Regulation and Antitrust 4 cr.
  • Offered: Fall semester of even-numbered years
  • Prerequisites: EC 201 or instructor permission.

An examination of market structure, from perfect competition to monopoly, and the economic rationale for regulation of markets and antitrust laws . Topics include, but are not limited to, game theory, collusion, cartels and public choice explanations for regulation of markets.

Notes: Formerly listed as EC 455.
EC 401 Intermediate Microeconomics 4 cr.
  • Offered: Fall
  • Prerequisites: EC 201 and EC 202, junior standing.
Theoretical analysis of the behavior of the consumer, the firm and other economic units and of the determination of product and factor prices under various market structures. Application of theory to contemporary economic problems.
EC 402 Intermediate Macroeconomics 4 cr.
  • Offered: Winter
  • Prerequisites: EC 201 and EC 202, junior standing.
Analysis of savings, consumption, investment and other aggregates in the national economy as related to determination of national income, employment and prices. This is a course in macrostatics.
EC 405 Economics of Public Choice 4 cr.
  • Offered: Contact department
  • Prerequisites: EC 201 junior standing or instructor's permission.

EC 405 is an exploration of human behavior and decision-making. Decision making as consumers, workers, citizens, private business, and public organizations, politicians, from the markets to the political arena. It also studies government revenues and expenses.

EC 410 Managerial Economics 4 cr.
  • Offered: Contact department
  • Prerequisites: EC 201 and EC 202, junior standing or instructor's permission.

The application of economic analysis to business problems. Topics include forecasting, estimation and analysis of demand, cost and production functions, market structure, pricing techniques, elementary game theory and elasticity measurement.

EC 415 Labor Economics 4 cr.
  • Offered: Fall semester of odd-numbered years
  • Prerequisites: EC 201 and junior standing or instructor permission.

Analysis and description of the U.S. labor force and labor markets. Wage determination for the firm, industry and economy is examined. The impact of unions, licensing and other institutional forces on wages and employment is evaluated.

EC 425 International Economics 4 cr.
  • Offered: Fall semester of even-numbered years.
  • Prerequisites: EC 101 or EC 201, junior standing or instructor's permission.

Introduction to the theory of international trade and finance with emphasis on the study of the gains from international specialization and exchange, the effects and purposes of restrictions on trade, trade organizations, exchange rates and currency systems, as well as balance of payments issues.

EC 460 Economic Development 4 cr.
  • Offered: Contact Department
  • Prerequisites: EC 101 or EC 201, junior standing or instructor's permission.

Theories of economic growth and structural change; effects of population growth and the role of labor; sustainable development; the role of trade in economic development; health and nutrition; importance of education; and agricultural and industrial development.

EC 480 Introduction to Econometrics 4 cr.  (4-0-0)
  • Offered: Winter
  • Prerequisites: EC 201 and DATA 109.

This course is designed to help students get a good understanding of econometric models and a working knowledge of techniques used in data analysis. Students will learn how to conduct qualitative and quantitative analyses of real-world data with statistical software packages. Hands-on experiences with data analysis will enrich students’ skills of policy evaluation too.

EC 490 Seminar in Economics 1-4 cr.
  • Offered: On demand
  • Prerequisites: EC 201 and EC 202, junior standing and instructor's permission.
Topic determined by the specialties of the instructor.
EC 495 Special Topics in Economics 1-4 cr.
  • Offered: On demand
  • Prerequisites: Instructor's permission and junior standing.
Variable content, depending upon the specialization of the instructor and special needs of the student. Notes: May be repeated if topic differs.
EC 498 Directed Studies in Economics 1-4 cr.
  • Offered: On demand
  • Prerequisites: EC 201 and EC 202, junior standing and instructor's permission.
Readings and research under faculty supervision. Designed for advanced economics majors.