1604
Economics and Legal Studies in Business
Economics and Legal Studies in Business Economics is a social science concerned with behavior of individuals, governments, firms and nations when confronted with scarcity imposed on mankind by the physical world. The discipline is based on a simple set of principles that are used to model decision-making in a wide variety of other fields of study. Economic principles are used to analyze and predict the both intended and unintended consequences of human action. Economics provides a comprehensive view of how a society is organized to transform the limited resources available into want-satisfying goods and services. It investigates the principles underlying the operation of the economic system and seeks to determine its weaknesses and to prescribe policy measures that will improve its operation. In the process, it ranges over a host of the most important problems confronting contemporary society—the causes of and remedies for economic depression and inflation, the determinants of and methods for improving income distribution, poverty problems and welfare measures, the role of the government in economic activity, the requisites for economic growth and development, pollution and congestion and their control. The primary objectives sought in the undergraduate curriculum are to develop a broad understanding and perspective of the economic aspects of people's activities coupled with thorough training in the fundamental tools of economic analyses. Toward these ends, the development of elementary mathematical and statistical skills is highly desirable, as is complementary study in the social and behavioral sciences, accounting and business administration. A major in economics prepares students for positions with business firms, non-profit private organizations and national or international government agencies. A degree option in business economics and quantitative studies is offered to provide additional training in analytical methods and communication skills for both public- and private-sector occupations. The undergraduate degree in economics also provides an excellent background for studying law or international relations and, to this end, there is a pre-law option and an international economic relations option. A student interested in pursuing graduate studies in economics should include a wide range of math courses in their undergraduate curriculum. General Business The general business program gives students a broad, comprehensive type of business education preparing them to enter employment in a wide range of administrative positions in private business, government or non- profit organizations. The scope of their educational experience enables these graduates to assume management positions in organizations of varying sizes and ranges of operations. Students majoring in general business will take general education or foundation course work in behavioral and social sciences, communications, humanities and fine arts, natural science, mathematics and statistics, as well as business foundation courses in accounting, business communications, business law, economics, finance, management information systems, management and marketing. This major, which provides for a high degree of individual student choice, includes required upper-division coursework beyond the business core in each of the business disciplines as well as substantial work in business
or business-related courses, selected by the student in consultation with his or her major adviser. A pre-law option is offered. Undergraduate Programs • Economics, BSBA (p. 1607) • Economics: Business Economics and Quantitative Studies, BSBA (p. 1609)
• Economics: Pre-Law, BSBA (p. 1611) • General Business, BSBA (p. 1614) • General Business: Pre-Law, BSBA (p. 1616)
• Economics (ECBU), Minor (p. 1606) • General Business Administration (GNBU), Minor (p. 1613) Graduate Programs The department offers work leading to the Master of Science degree and the Doctor of Philosophy degree. The graduate program in economics prepares economists for academic careers as well as research and administrative positions in business and government agencies. Graduate fields of specialization include regional and urban economics, international economics and economic development. In addition, graduate courses are offered in energy economics and econometrics. The initial admission to a graduate program is determined by the graduate studies committee on the basis of the applicant's previous academic record; verbal, quantitative and analytical scores of the Graduate Record Examination and three letters of recommendation. The Master of Science Degree 1 Admission to the master's program in economics is granted to college graduates with superior academic records. Students must have an undergraduate economics degree, be well grounded in economic theory, and have an excellent mathematical background. A total of 30-33 graduate credit hours are required to earn an MS in economics. Each graduate student is guided in the preparation of a plan of study by the graduate adviser. At the master's level, there are two options. One provides the student with a well-rounded program that does not specialize in a particular area of economics. The second option is applied economics, which stresses communication skills, quantitative analysis and coursework from other disciplines related to a career objective. The candidate for the master's degree is required to show competence in basic economic theory and statistical methods, together with an understanding of the fundamental institutional operations of the United States economy. A research report or thesis is required of all students who take only the MS degree. A foreign language is not required. 1 Our MS in Economics is not subject to AACSB accreditation because Economics programs are often taught in either business colleges or arts and sciences colleges. The Doctor of Philosophy Degree 1 Admission to the doctoral program in economics is granted to college graduates who have superior academic records. A total of 64 graduate credit hours are required to earn a PhD in economics.
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