2020-2021 Undergraduate Academic Catalog

BUS-4420 2 hours Business Ethics and Social Responsibility –Fa, Sp Ethics asks questions about what goals one should pursue and what actions are appropriate in attempts to achieve these goals. The course examines alternative frameworks for analyzing difficult situations. Social responsibility refers to business decision making linked to ethical values, compliance with legal requirements, and respect for people, communities, and the environment. Ultimately, the course will deal with how our biblical worldview defines and drives the choices we face in the business world. Open only to seniors in business administration. Must be taken at Cedarville University; transfer or transient credit for this course will generally not be accepted. Economics (ECON) ECON-2110 Essentials of Economics –Fa, Sp 3 hours The course provides an introduction to the essential principles of economics. These principles would include such areas as supply and demand, elasticity, productivity and cost analysis, economic efficiency, national income, the consumer price index, monetary and fiscal policy, business cycles, and economic performance. Course not applicable to any major from the School of Business Administration and also not open to students with credit for ECON-2330 Microeconomics and/or ECON-2340 Macroeconomics. ECON-2330 Microeconomics –Fa, Sp 3 hours The area of economic inquiry that is concerned with the effect of human behavior on the conduct of affairs within rather narrowly defined units. It is the study of decision making regarding consumption, production, and exchange that is carried on by individual households and by business firms. ECON-2340 Macroeconomics –Fa, Sp 3 hours The area of economic study that focuses on how human behavior affects outcomes in highly aggregated markets, such as the market for labor or for consumer products. It is a study of the behavior of the economy as a whole, including the study of economic phenomena such as interest rates, the price level and national income, and output and employment. Prerequisite or corequisite: ECON-2330 Microeconomics or permission of instructor. ECON-3310 Money and Financial Markets –Sp 3 hours This course will introduce the student to monetary economics and how the monetary system impacts the whole complex of financial markets. Building on the foundation of macroeconomics, the course will include detailed analysis of financial markets and institutions as well as monetary theory. The institution of central banking and its influence on money and financial markets will be specifically evaluated. Prerequisite: ECON-2340 Macroeconomics or permission of instructor. Crosslisted with FIN-3310. ECON-3335 Intermediate Microeconomics –Fa 3 hours Microeconomics is a study of economic principles that explain how our market-directed economy organizes and coordinates production and exchange. The principles explain a wide variety of economic and social phenomena. The course studies basic economic units, households and firms, and the equilibrium through exchange among competing and cooperating people. Prerequisites: ECON-2330 Microeconomics; GMTH-1020 College Algebra; or permission of instructor. ECON-3340 History of Economic Thought 3 hours Principal figures in the development of economic ideas and the contribution of each period of economic thought from the mercantilist to the present. Prerequisite: ECON-2330 Microeconomics; or permission of instructor. ECON-3345 Intermediate Macroeconomics –Sp 3 hours This course will expand on macroeconomic principles to provide an analytical framework for understanding business cycles and associated short run economic fluctuations, long- run correspondence with classical exonomic theory, as well as growth theory. Macroeconomic policy debates will be reviewed with the analytical tools developed. Prerequisites: ECON-2340 Macroeconomics; GMTH-1020 College Algebra; or permission of instructor.. ECON-3350 Comparative Economic Systems –Fa 3 hours Analysis of different types of economic systems. Special emphasis is placed on centralized planning from both a theoretical and empirical perspective. Centralized economic planning is compared and contrasted with a free-market distribution of resources. Individual country case studies are included. Prerequisite: ECON-2330 Microeconomics or permission of instructor. ECON-3360 International Trade and Economics –Fa 3 hours A study of international economic theory and international trade policy. The economic basis of trade and factor mobility, the benefits of international trade, and the barriers to international trade flows will be examined. Prerequisite: ECON-2330 Microeconomics or permission of instructor. ECON-3375 Mathematical Economics –Sp 3 hours Mathematical Economics presents the mathematics required for studying economics at the graduate level. Mathematical concepts are developed in the context of economics and applications are drawn from a wide range of fields in economics including microeconomics, macroeconomics, and economic growth. The main focus of this course is on optimization; therefore the course will focus on single and multi-variable calculus techniques to provide tools to analyze economic problems. Prerequisites: ECON- 2330 Microeconomics; ECON-2340 Macroeconomics; ECON 3335 Intermediate Microeconomics; MATH-1710 Calculus I. (odd years) ECON-3380 3 hours Economic Development and Political Economy –Sp A study of the interaction of political and economic systems to produce economic development and growth of nation states. A framework for analysis of development is explored and applied to specific case studies of both industrial and developing economics that have recently undergone significant change. Prerequisite: ECON-2330 Microeconomics; or permission of instructor. ECON-3390 Public Finance –Fa 3 hours This course will review the role of government in the economy, to include measures of economic efficiency and how inefficiencies within the market system may allow for government action to be potentially welfare enhancing. Theories of collective choice will be analyzed, and an analysis of supply and demand in political markets will be used to assess government policies such as regulation and taxation. Crosslisted as PUAD. Prerequisite: ECON- 2330 Microeconomics; or permission of instructor. (even years) ECON-3410 Topics in Economics –Fa, Sp, Su 1–3 hours A variety of courses are covered under this heading on an experimental basis. This allows the department to meet the changing needs of the students without formally adding or dropping courses. Page 242 2020–21 Undergraduate Academic Catalog Course Descriptions BUS-4420 – ECON-3410 BUSINESS ADMINISTRATION