May 08, 2024  
Loyola Marymount University Bulletin 2017-2018 
    
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Loyola Marymount University Bulletin 2017-2018 [ARCHIVED CATALOG]

Course Descriptions

 

Economics (ECON)
  

  • ECON 1050 Introductory Economics

    4 semester hours

    Accelerated introduction to both microeconomics and macroeconomics. Supply and demand, elasticity, and theories of production, cost, competition, monopoly, and other market structures. Aggregate supply, aggregate demand and Keynesian Cross analysis, and discussion of GDP, national income, inflation, and unemployment. This course substitutes for ECON 1100  and ECON 1200  wherever one or both are stated as prerequisites.

    University Core fulfilled: Explorations: Understanding Human Behavior.
  

  • ECON 1100 Introductory Microeconomics

    4 semester hours

    Analysis of behavior of individual economic agents including consumers and firms. Supply and demand, elasticity, theory of production, and cost. Pricing and output decisions under competition, monopoly, and other market forms.

    University Core fulfilled: Explorations: Understanding Human Behavior.
  

  • ECON 1200 Introductory Macroeconomics

    4 semester hours

    Analysis of inflation, unemployment, and gross national product. Money and banking, Keynesian and Monetarist economics, government policy toward money supply, spending, the national debt, and exchange rates.

    University Core fulfilled: Explorations: Understanding Human Behavior.
  

  • ECON 1998 Special Studies

    1 TO 4 semester hours

  

  • ECON 1999 Independent Studies

    1 TO 4 semester hours

  

  • ECON 2300 Introductory Statistics

    4 semester hours

    An introduction to the modern methods of analyzing sample data. Topics include descriptive statistics, probability theory, binomial and normal distributions, estimation, hypothesis testing, and simple regression analysis.

    Recommended: MATH 112  or MATH 131  or concurrent enrollment.

    University Core fulfilled: Foundations: Quantitative Reasoning.
  

  • ECON 2350 Accelerated Introductory Statistics

    4 semester hours

    Accelerated introduction to statistics with applications to economics. Topics include descriptive statistics, probability theory, binomial and normal distributions, estimation, hypothesis testing, and regression analysis. This course also involves exercises in applying theoretical concepts to real world empirical problems, e.g., for policy analysis. This course can be taken in lieu of ECON 2300  and substitutes for ECON 2300  wherever it is stated as a prerequisite.

    Recommended: MATH 112  or MATH 131  or concurrent enrollment.
  

  • ECON 2998 Special Studies

    1 TO 4 semester hours

  

  • ECON 2999 Independent Studies

    1 TO 4 semester hours

  

  • ECON 3100 Intermediate Microeconomics

    4 semester hours

    Microeconomic theory applied to the private sector. Indifference curves, utility theory, Slutsky equation, individual and market demand, technology, cost minimization, cost curves, consumer and producer surplus, efficiency, perfect competition, monopoly, price discrimination, classical oligopoly theory, game theory including Nash equilibrium, resource markets.

    Prerequisites: A grade of at least B- in ECON 1050  and a grade of at least B- in MATH 112  or of at least C in MATH 131 .

    University Core fulfilled: Flag: Quantitative Reasoning.
  

  • ECON 3200 Intermediate Macroeconomics

    4 semester hours

    Macroeconomic analysis: The determination of national income and output and their components, employment, the price level (and inflation), interest rates, and long-term economic growth. An introduction to business cycle theory, monetary theory, balance of payments, and exchange rates. A study of economic policies to achieve goals and the limits of such policies.

    Prerequisites: A grade of at least B- in ECON 1050  and a grade of at least B- in MATH 112  or of at least C in MATH 131 .

    University Core fulfilled: Flag: Writing.
  

  • ECON 3220 Money and Banking

    4 semester hours

    The role of monetary matters in the economy. The organization, operation, and impact of money, banks and nonbank financial intermediaries, and financial markets in the economy. The impact of these on the determination of interest rates, the price level, and economic activity. The role of central bank and regulatory agency policies in financial markets and the economy.

    Prerequisite: ECON 1050 .
  

  • ECON 3300 Econometrics

    4 semester hours

    Analysis of the linear regression model and its practical applications in economics, finance, marketing, and other areas of business. Material covered will be the two variable model, hypothesis testing, forecasting, functional forms of regression models, regression using dummy explanatory variables, multiple regression, autocorrelation, heteroscedasticity and multicollinearity. Emphasis is placed on the application of the techniques covered in the course to the solution of real world problems.

    Prerequisites: ECON 1050  and ECON 2300 .

    University Core fulfilled: Flags: Information Literacy, Quantitative Reasoning.
  

  • ECON 3340 Forecasting Methods

    4 semester hours

    Analysis of a wide range of forecasting methods, including regression, smoothing, and arima models.

    Prerequisites: A grade of at least B- in ECON 1050  and a grade of at least B- in ECON 2300 .
  

  • ECON 3380 Economic Geography

    4 semester hours

    Using geographical information systems to test spatial economics and classical locational theories, we explore economic activity and worldwide patterns of trade.

    Prerequisite: ECON 1050 .
  

  • ECON 3400 U.S. Economic History

    4 semester hours

    Historical study of the economic growth and institutional development of the U.S. economy from the colonial era to the twentieth century. Topics may include: the economic ramifications of the American Revolution and the Constitution, the economics of slavery, industrialization, and the origins of the Great Depression.

    Prerequisite: ECON 1050 .
  

  • ECON 3410 World Economic History

    4 semester hours

    A study of the comparative historical development of the world’s regions that examines why some countries have developed while others have not. Considers cultural and geographical factors as well as the central role of institutions; different forms of institutions, such as social norms, laws, and regulations; and their effect on economic behavior and performance. Uses models, data and primary sources to understand history.

    Prerequisite: ECON 1050 .
  

  • ECON 3420 History of Economic Thought

    4 semester hours

    An analysis of the evolution of moral, political, and economic ideas and theories and their influence on the development of economic society.

    Prerequisite: ECON 1050 .
  

  • ECON 3480 Economics of Film and Fiction

    4 semester hours

    Economics is everywhere. It’s in business. It’s in government. It’s in our personal lives. This course utilizes contemporary and classic film and literature to illustrate fundamental concepts in economics through real-life illustration of economics. Classroom discussions and assignments are facilitated through a series of questions that explore economic theories in practice and their applications all around us. The course explores whether concepts are or are not presented correctly and the potential negative consequences of an erroneous presentation of economic concepts in film and fiction.

    Prerequisite: ECON 1050 .
  

  • ECON 3520 The Economics of Giving

    4 semester hours

    The economics of giving is the analysis of non-market voluntary transfers of scarce resources, the reasons for their existence, their relations with market transactions, the public provision and funding of goods and services, and the resulting allocations. Considers the motives for giving and the magnitude of voluntary transfers and their evolution over time. Applies the theories of giving to gift-giving, family transfers, volunteering for charities, and public redistribution. Using the tools of economics, sociology, and psychology, among others, this course presents a wide view of the field of giving, reciprocity, and, more generally, altruism.

    Prerequisite: ECON 1050 .
  

  • ECON 3540 Economics of Green Decision Making

    4 semester hours

    Develops frameworks for assessing the environmental impact of policies taken by individuals, firms, and governments. Pays particular attention to the assumptions typically made about environmental valuations and assesses these assumptions in different scenarios.

    Prerequisite: ECON 1050 .
  

  • ECON 3560 Urban Economics

    4 semester hours

    A survey of the policy and theoretical issues that are raised when economic analysis is applied in an urban setting. Topics include urbanization and urban growth housing markets, location decisions of households and firms, transportation, urban labor markets, the local public sector, and discrimination.

    Prerequisite: ECON 1050 .
  

  • ECON 3580 Sports Economics

    4 semester hours

    Introduction to the economics of professional sports. Strategic behavior, demand and sports revenue, market for sports broadcasting, team cost, profit and winning, sports market outcomes, market for talent and labor relations, stadium building, antitrust and competition policy. Review of current issues in the research on sports economics.

    Prerequisite: ECON 1050 .
  

  • ECON 3600 Financial Economics

    4 semester hours

    Practical application of financial theory in both a certain and uncertain environment. Focus on capital budgeting, financial structure, cost of capital, and dividend policy.

    Prerequisite: ECON 1050 .
  

  • ECON 3620 Managerial Economics

    4 semester hours

    Provides a solid foundation of economic understanding for use in managerial decision making. It focuses on optimization techniques in the solution of managerial problems.

    Prerequisite: ECON 1050 .
  

  • ECON 3640 Multinational Corporation

    4 semester hours

    The economic power and impact; the expansion of multinational business, international movement of management techniques, labor, resources, and technology.

    Prerequisite: ECON 1050 .
  

  • ECON 3660 Personal Finance

    4 semester hours

    This course is a comprehensive coverage of consumer finance. Topics are consumer credit, consumer spending, and investing for the short run and the long run. Housing and real estate investing, personal financial planning, and various investment vehicles such as equity, fixed rate of return instruments, annuities, and insurance, as well as the fundamentals of tax planning are addressed. The emphasis is on evaluating choices and understanding the consequences of decisions in terms of opportunity costs.

    Prerequisite: ECON 1050 .
  

  • ECON 3690 Chinese Economic and Business System

    4 semester hours

    This course aims to provide an introduction to Chinese economic and business system as well as the major strategic and operational issues facing multinational corporations in doing business in China.

    Taught only in Beijing, China.

    Prerequisite: ECON 1050 .
  

  • ECON 3700 International Trade

    4 semester hours

    Analysis of classical and modern theories of international trade and their relation to internal and external equilibria. Income and monetary factors, commercial policies affecting international trade. Resource movements, regional economic integration.

    Prerequisite: ECON 1050 .
  

  • ECON 3720 International Finance Theory

    4 semester hours

    Introduction to foreign exchange markets and the determination of exchange rates. Understanding balance of payments accounts, enacting policies to affect the current account, and examining balance of payments crises. Overview of international policy coordination and the international monetary system. Application of theory to current international issues.

    Prerequisite: ECON 1050 .
  

  • ECON 3740 Economic Development of Minority Communities

    4 semester hours

    Historical study of minority groups in the American economy. Emphasis upon institutions, ideas, and individuals.

    Prerequisite: ECON 1050 .

    University Core fulfilled: Flag: Engaged Learning.
  

  • ECON 3998 Special Studies

    1 TO 4 semester hours

  

  • ECON 3999 Independent Studies

    0 TO 4 semester hours

  

  • ECON 4100 Intermediate Microeconomics II

    4 semester hours

    Microeconomic theory applied to the public sector. General equilibrium theory for exchange and production economies, First Theorem of Welfare Economics, public goods, Samuelson condition, externalities and policy remedies, information theory and social insurance, intertemporal choice, uncertainty, cost-benefit analysis, welfare economics and income redistribution.

    Prerequisite: ECON 3100  with a grade of at least C-.
  

  • ECON 4120 Economics and Ethics

    4 semester hours

    Economics and Ethics examines the roles and effects of ethics on economic analysis, behavior, and institutions. These issues arise, for example, in matters of charity, labor markets, and taxation. This course treats both descriptive and prescriptive theories as well as evidence on ethics from behavioral and experimental economics. It covers standard philosophical theories and connects them to empirical evidence and real world decision-making.

    Prerequisite: ECON 3100  with a grade of at least C-.

    University Core fulfilled: Integrations: Ethics and Justice.
  

  • ECON 4140 Game Theory

    4 semester hours

    Game Theory is the study of strategic interaction. This course will focus on analyzing these interactions and predicting equilibrium outcomes. Topics to be covered include utility theory, rationality, simultaneous and sequential move games, Nash equilibrium, backward induction, repeated games, and games of incomplete information.

    Prerequisite: ECON 3100  with a grade of at least C-.
  

  • ECON 4160 Environmental Economics

    4 semester hours

    Environmental Economics deals with the use of society’s scarce environmental resources. Economic theory and analysis are applied to various environmental issues, including pollution, sustainable development, clean air, and quality of life.

    Prerequisite: ECON 3100  with a grade of at least C-.

    University Core fulfilled: Integrations: Interdisciplinary Connections.
  

  • ECON 4340 Experimental and Behavioral Economics

    4 semester hours

    Experimental methods of research in economics. Basic experimental concepts, induced value theory, individual decisions, game theory, market experiments, auctions, bargaining, public choice.

    Prerequisite: ECON 3100  and ECON 3300 , both with a grade of at least C-.

    University Core fulfilled: Flag: Oral Skills.
  

  • ECON 4500 Industrial Organization

    4 semester hours

    Analysis of firm behavior. Classical models of perfect competition, monopoly and oligopoly. Game theory including dominant strategy, Nash and subgame perfect equilibrium. Price discrimination, antitrust policy and regulation.

    Prerequisite: ECON 3100  with a grade of at least C-.
  

  • ECON 4520 Political Economy

    4 semester hours

    The elections, institutions, and actors that determine important policy outcomes. The inefficient outcomes arise and the lessons that can be learned from those failures of voters and institutions. Half the class will focus on the United States, and the other half will consider these issues in a comparative perspective.

    Prerequisite: ECON 3100  with a grade of at least C-.
  

  • ECON 4540 Labor Economics

    4 semester hours

    Modern theories of market and non-market behavior relating to issues of labor and the determination of wages, salaries, and perquisites. Empirical evidence and public policy considerations are always relevant. Topics may include: education, poverty, discrimination, internal job ladders and management systems, collective bargaining, and unemployment.

    Prerequisites: ECON 3100  and ECON 3300 , both with a grade of at least C-.
  

  • ECON 4560 Law and Economics

    4 semester hours

    This course will explore the field of law and economics. We will use standard microeconomic tools to examine torts, contracts, and property law, as well as the theory and empirical evidence on criminal behavior.

    Prerequisites: ECON 3100  and ECON 3300 , both with a grade of at least C-.

    University Core fulfilled: Integrations: Interdisciplinary Connections; Flag: Quantitative Reasoning.
  

  • ECON 4580 Health Economics

    4 semester hours

    Access to quality health care remains an important public health problem for a significant part of the population. This course examines the theoretical and empirical analyses of major topics in health care economics, such as the production of health, demand for medical care and health insurance, the physician-firm, the hospital market, and government provided health care.

    Prerequisite: ECON 3100  with a grade of at least C-.
  

  • ECON 4740 Economic Development

    4 semester hours

    This course is about global poverty, with a focus on the market failures that often characterize countries in the developing world and the solutions that countries have adopted to deal with these failures. We will explore how missing or incomplete markets for land, insurance, and credit give rise to the institutions that we see in developing countries, particularly in rural areas. Evidence about important policy debates, such as the role of industrialized countries in the development process, will be discussed in detail.

    Prerequisite: ECON 3100  with a grade of at least C-.

    University Core fulfilled: Flag: Oral Skills.
  

  • ECON 4900 Senior Assessment

    0 semester hours

    Assessment of student learning outcomes in the field of economics. Includes a written comprehensive examination, a senior exit interview, and possible additional Department evaluation. ECON 4900 is required of all economics majors who will have completed 100 hours or more by the end of the Spring semester.

    Credit/No Credit grading only.

    Economics majors only.

    Prerequisite: Registered to complete 100 hours or more by the end of the semester in which it is taken.
  

  • ECON 4998 Special Studies

    1 TO 4 semester hours

  

  • ECON 4999 Independent Studies

    1 TO 4 semester hours

  

  • ECON 5300 Mathematics for Economics

    4 semester hours

    Absolutely necessary for those continuing to graduate school and required for those pursuing the B.S. degree in economics. Review of fundamental mathematical concepts and logic. Treatment of linear algebra, univariate and multivariate calculus, real analysis, and unconstrained and constrained optimization. Applications of mathematical techniques to typical problems in microeconomics and macroeconomics.

    Offered only in the Fall semester.

    Prerequisites: ECON 3100  with a grade of at least C- and MATH 131  (or equivalent) with a grade of at least C. Recommended: MATH 132  (or equivalent).
  

  • ECON 5320 Advanced Econometrics

    4 semester hours

    This branch of economics uses mathematical and statistical tools to analyze economic phenomena. Mathematical formulation, establishment of hypotheses, model construction, data collection, and statistical estimation and inference.

    Required for the B.S. degree in Economics.

    Offered only in the Spring semester.

    Prerequisite: ECON 5300  (or MATH 250 ).

    University Core fulfilled: Flag: Quantitative Reasoning.
  

  • ECON 5900 Senior Seminar

    4 semester hours

    Course introduces fundamentals of research, discusses original literature, and assists in research and writing of a substantive independent research project. Strongly recommended for those considering graduate school.

    Senior Economics majors only.

    Prerequisites: ECON 3100 , ECON 3200 , and ECON 3300 , all with a grade of at least B-. ECON 5300  and ECON 5320  strongly recommended.

    Consent of instructor required.

    Writing approval of research proposal by Department faculty member (with prior permission, by faculty member outside Department)–formal research proposal requirements can be obtained from the Department.

    University Core fulfilled: Flag: Writing.
  

  • ECON 5998 Special Studies

    1 TO 4 semester hours

  

  • ECON 5999 Independent Studies

    1 TO 4 semester hours