Course Descriptions

EC 100. INTRODUCTION TO ECONOMICS (3) (GEN. ED. #10; LER SSC)
A general introduction to the subject matter and analytical tools of economics. Intended for non-majors who would like to learn about the ways economics can be used to explain behavior and form policy. This course does not count toward the major or minor in economics. Students who have taken EC 101 and/or 102 may not take this course for credit.

EC 101. PRINCIPLES OF ECONOMICS: MICRO (3) (GEN. ED. #10; LER SSC)
An introduction to methods of analysis used by modern economists to study social phenomena and to develop policy proposals. Emphasis on the motivations of individuals and groups in social and economic interaction, with particular attention to the study of product, labor, and international markets. Prerequisite or corequisite: MA 160 (114) or math placement test results above MA 160 (114). Offered every semester.

EC 102. PRINCIPLES OF ECONOMICS: MACRO (3) (GEN. ED. #10; LER SSC)
An introduction to the basic concepts and measurements of national economic well-being, emphasizing the models used by modern economists to analyze and predict changes in incomes, prices, and employment in any national economy. Exploration of the growing importance of international economic changes on domestic standards of living. Prerequisite/corequisite: MA 160 (114) or math placement test results above MA 160 (114). Offered every semester.

EC 206. ECONOMIC AND BUSINESS STATISTICS (4) (GEN. ED. #5)
An introduction to the use and interpretations of statistics in economics and business. Topics include descriptive statistics, probability, discrete and continuous probability distributions, sampling, interval estimation, hypothesis testing, and regression analysis. Prerequisite: EC 101 or 102 as well as MA 160 or Mathematics placement above 160.  Fall Semester. Carter.

EC 216. INTERMEDIATE MICRO THEORY (3)
Contemporary theory of resource allocation and its applications. Theories of consumer decisionmaking. Analysis of the behavior and decisions of the business firm. Determination of price; output; and wage, rent, interest, and profit incomes under various market structures. Prerequisite: EC 101. Fall Semester. Harris.

EC 217. INTERMEDIATE MACRO THEORY (3)
Modern theory of the national income determination; analysis of monetary and fiscal policies; and their relation to problems of inflation, unemployment, and economic growth. Prerequisite: EC 102. Spring Semester. Carter.

EC 223. LAW AND ECONOMICS (3)
Introduces the use of economic analysis to evaluate the impact of alternative legal rules. Particular emphasis is given to the public policy implications of using economic efficiency as the criterion by which one chooses between potential rules in the traditional common-law areas of property law, contract law, and tort law. Prerequisite: EC 101.

EC 225. ENVIRONMENTAL ECONOMICS (3) (GEN. ED. #11)
A survey of techniques and topics in environmental economics, beginning with the theory of market failure and externalities. Examples will be drawn from the U.S. and global experience dealing with problems such as air pollution, water pollution, and solid wastes, etc. Particular emphasis will be placed on cost-benefit analysis, contingent valuation studies, statistical valuation of life, and the implementation of policies that achieve environmental goals and economic efficiency. Prerequisite EC 101. Fall 2012. Shamshak.

EC 227. BUSINESS AND GOVERNMENT (3)
Analysis of the role of government in regulating business, especially oligopoly and monopoly social costs and benefits of various types of market structure. Examination of antitrust policy and environmental and safety regulations. Prerequisite: EC 101.

EC 240. FIELD WORK IN ECONOMICS (3-4)
Work in selected business firms, banks, and government agencies, usually in the Baltimore- Washington area. Projects planned jointly by student, director, and participating field supervisors. Prerequisites: junior or senior major in economics and permission of the director. Graded pass/no pass only. May not be repeated for credit.

EC 241. MONEY, BANKING, AND MONETARY POLICY (3) (GEN. ED. #10)
Commercial banking, the Federal Reserve System, and other financial institutions are analyzed as a framework for understanding monetary theory and policy. Effectiveness of monetary policy, its relation to other stabilization tools, and proposals for its reform. Prerequisites: EC 101 and 102.

EC 242. PUBLIC FINANCE AND FISCAL POLICY (3) (GEN. ED. #10)
Theory and practice of public expenditure and taxation. Allocation of resources between the public and private sectors to promote balanced economic growth and the general welfare. Effects of taxation and spending on economic efficiency and the distribution of income and wealth. Prerequisite: EC 101 and 102.

EC 250. INDUSTRIAL ORGANIZATION (3) (GEN. ED. #10)
Theory of the firm and industrial organization under perfect and imperfect competition. Analysis of restrictive and discriminatory practices by competitive type; relative levels of advertising, research, and development. Prerequisite: EC 101.

EC 265. SELECTED TOPICS IN ECONOMICS (3) (GEN. ED. #10)
Selected topics of current interest. Topics are announced prior to registration. May be repeated for credit if topic is different. Prerequisite: specific economics courses at the 100 level depending upon the topic.

EC 271. INTERNATIONAL TRADE (3) (GEN. ED. #10)
The balance of payments and monetary problems of the international economy. The role of exchange rates, capital movements, the international adjustment mechanism, gold, and paper currency. International monetary reform. Import quotas, tariffs, common markets and their restraints on trade in the domestic and world economy. Prerequisites: EC 101 and 102. 

EC 318. MATHEMATICAL ECONOMICS (3)
An introduction to set theory, mathematical functions, and matrix manipulation. Constrained optimization techniques with special emphasis on utility maximization and firm profit maximization. Solving simple Keynesian simultaneous equation models and reduced-form equations. Prerequisites: EC 216 and 217 (may be taken concurrently with 217) and MA 170.

The development of statistical techniques and application to empirical economic analysis.Topics include specification and estimation of regression models, inference in regression models, autocorrelation, and heteroscedasticity. Time-series analysis and simultaneous equation models. A substantial amount of empirical work is included. Prerequisites: EC 206, 216, and 217. Fall Semester. Carter.

EC 360. ECONOMICS OF FOOD (3) 
This course will explore the interdependence of agriculture, aquaculture and fisheries with regard to the global production of food. Topics to be discussed include: Global agriculture production; global hunger and malnutrition; sustainable food production; global fisheries production; global aquaculture production; the role of technology in food production; genetically modified foods; eco-labeling; and the local food movement. Prerequisite: EC 225.  Spring 2013. Shamshak.

EC 396. SEMINAR IN MICROECONOMICS (3) (GEN. ED. #7 AND #10)
Integrative seminar for majors involving the advanced study of theory and applications of microeconomic analysis. Research into current public policy problems. Prerequisite: EC 216. Open to economics majors or to others with consent of the instructor.  Spring Semester. Harris.

EC 397. SEMINAR IN MACROECONOMICS (3) (GEN. ED. #7 AND #10)
Integrative seminar for majors involving advanced study of theory and applications of macroeconomic analysis, including theories of money, general price level, interest rates, income, employment, and supply side economics. Prerequisite: EC 217; prerequisite or corequisite: EC 320. Open to economics majors or to others with consent of the instructor.  Fall Semester. Carter

EC 400. INDEPENDENT WORK IN ECONOMICS (1.5-4)
Fall and spring semesters; summer. Department.