Economics (ECO)

ECO 512  Principles of Economics  (4 Credits)  

Economics is the study of how we coordinate our wants and needs as a society. The economic perspective includes three main concepts: scarcity and choice, rational behavior, and marginal analysis. Pertinent and relevant examples of current events are utilized to illustrate economic principles. This survey course addresses both macroeconomic and microeconomic principles.

View Course Outcomes:

  1. Demonstrate graphically and in words the concepts of supply, demand, and elasticities.
  2. Formulate economic decisions using the basic tenets of scarcity and choice, rational behavior, and marginal analysis.
  3. Analyze current economic data, such as GDP, inflation, and unemployment.
  4. Compare and contrast market and command economies to answer the fundamental questions of what, how, and for whom to produce for each type of economy.
  5. Distinguish between allocative and productive efficiency, and calculate the cost of economic resources under various production methods.
  6. Compare and contrast different market models, including monopolies and oligopolies.
  7. Integrate recent economic events with concepts covered in the course.
  8. Relate international trade and trade policies to the concept of comparative advantage and the impact on production of goods and services in various countries.

ECO 600  International Economics  (4 Credits)  

This course is an in-depth look at how the international market for goods and services works. Starting from the concept of comparative advantage, students investigate the workings of tariffs and non-tariff restrictions on trade, trade regulations, and industrial policies, first in the developed economies and then in the developing countries. Regional and multilateral trade agreements are examined. The course concludes with an investigation of international monetary relationships, including balance of payments, foreign exchange and exchange rate of determinants, and how balance of payments adjustments are made.

Prerequisite(s): ECO 512 Principles of Economics.

View Course Outcomes:

  1. Demonstrate competence in words the theory and evolution of international trade with emphasis on comparative advantage.
  2. Formulate a deeper understanding of comparative advantage including the impact of government intervention of comparative advantage.
  3. Analyze current economic situations with particular emphasis on tariffs and how these affect the market in both the exporting and importing countries.
  4. Compare and contrast non-tariff impediments to international trade and analyze their impact on the economy.
  5. Analyze US trade regulation legislation from pre-1930 up to the current Doha Round of negotiations.
  6. Compare and contrast different trade regulations in developing nations and the impacts on these societies.
  7. Integrate recent economic developments in regional trade arrangements.
  8. Relate international factor movements and the impact of multinational corporations on the economies of nations.
  9. Integrate all of this learning into a cohesive understanding of international trade.

ECO 605  Economics of Artificial Intelligence  (4 Credits)  

This course examines Artificial Intelligence (AI) as an enhancement to human intelligence in business practice in terms of various senses and processes such as language, vision, analysis and decision-making. This course has a focus on developing strategies for maximizing the revolutionary power of AI as it impacts functions within businesses and economies. Selected topics include productivity, prediction, innovation, labor, leadership and privacy. The primary course objective is to design an AI based plan for successfully leading your life, your career and your organization. Learners will demonstrate the application of a self-selected aspect of AI in the context of a presentation to potential investors, internal and external clients, organizational executives or other interested parties.

View Course Outcomes:

  1. Examine the existing AI programs and current research.
  2. Categorize which decisions are best made by humans, best made by AI, and best made by AI-human collaboration.
  3. Formulate strategies for achieving positive consumer responses to AI implementations in prediction, creation, learning, and relating.
  4. Appraise the ethical aspects of AI including applications for propaganda, weaponization, and surveillance.
  5. Evaluate the uses toward which AI is being placed in the private and public sectors such as in healthcare, engineering, culture, entertainment, hospitality, agriculture, law, journalism, politics, and in government.
  6. Analyze an array of the major dilemmas and debates of AI including the tradeoffs inherent in surveillance capitalism, the possibility of an exponential increase in human intelligence, and the potential for outbreaks in global conflict.

ECO 607  Resource Economics  (4 Credits)  

This course examines sustainable resource use and acquisition. In an ever-changing, increasingly volatile global environment, consistent access to quality labor, materials, and political capital is paramount. Real-world data analysis and the use of evidence-based models enables forward-thinking organizations to identify the essential resources required for their progress. The interdependence among material resources, human talent, and political capital is also addressed.

Prerequisite(s): ECO 512 Principles of Economics.
ECO 610  Behavioral Economics  (4 Credits)  

Behavioral economics integrates the business of life, which is economics, with the science of human behavior, which is psychology. The economics model holds that people are rational and act in their own best interests. Psychology focuses on the cognitive, cultural, and biological influences in decision-making. This course applies the insights of behavioral economics toward developing solutions to the real-world challenges experienced in management, marketing, IT, entrepreneurship, strategy, communications, finance, and other domains.

Prerequisite(s): ECO 512 Principles of Economics or ECO 605 Economics of Artificial Intelligence or PSY 501 Introduction to Psychology or SOC 501 Introduction to Sociology.

View Course Outcomes:

  1. Debate that fairness and altruism can be mutually profitable counterpoints to the bottom-line nature of the market.
  2. Assemble connections between AI (Artificial Intelligence) and behavioral economics such as with self-driving cars, pricing, and competitive games.
  3. Propose a unifying theory of behavioral economics.
  4. Assess how individuals and firms may use nudging principles in order to direct behavior toward doing the right thing materially and ethically.
  5. Analyze the psychological factors in finance including economic bubbles, following the herd trends, and loss aversion.