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Undergraduate Academic Policies and Information
Graduate Academic Policies and Information
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Departmental Mission Statement Requirements for Economics Major Requirements for Economics Minor Requirements for Business/Economics Major Requirements for Business Minor
Chair, Associate Professor Kent Seibert Carl R. Hendrickson Professor of Business and Economics, James Halteman George F. Bennett Professor of Economics, Peter J. Hill Norris A. Aldeen Professor of Business, Seth Norton William Volkman Associate Professor of Business and Law, Stephen N. Bretsen Professor Howard Associate Professors N. Ewert, Tomal Assistant Professor Rivera
The Department of Business and Economics offers majors in Economics and in Business/Economics and minors in Business and Economics. The programs build on the best from the liberal arts foundation and are intentional about integrating the Christian faith and perspective with the study of economic life. The Economics major is designed to help students develop skills in analysis and decision making by becoming thoroughly grounded in the principles of economic reasoning. At the same time, students also gain an understanding of the economic relationships, forces, and patterns that influence the economic order on a global, as well as national basis. An effort is made to apply economic analysis to a wide range of social and economic issues. The Economics major provides a broad and versatile base of preparation that is ideal for a lifelong career in business, government, law, public policy, or other professional tracks. It also provides excellent background for further graduate study in economics, business administration, or law. The Business/Economics major focuses on economic life at the level of the firm. Any organization, whether it be a for-profit or not-for-profit endeavor, must deal with the issues of purpose, product/service creation, distribution channels, human and financial resources, technology, and information. All of this must be considered in the context of a dynamic global economy. The Business and Economics major offers a range of courses which enable students to develop their understanding of these foundational issues as they relate to principles of marketing, finance, management, financial information, and operations. In addition to course work within the major, students are encouraged to use general electives outside the department to develop a concentrated focus of study supporting themes such as advertising, human resource management, actuarial science, financial information, marketing, management, finance, international business, and law. The department periodically offers an international studies program that focuses on visiting a specific region of the world. Credit hours and courses may vary, depending on the nature of the program. Requirements for the Economics major are 36 hours in the department, including the following: 24 hours of core courses including B EC 211, 212, 321, 325, 326, 375, and 494*. In addition, a student must take a selection of 12 elective hours from those courses listed as Economics major electives. A combination of up to eight hours from MATH 245, 331, 333, and 385 may be used as part of the 12-hour requirement. Requirements for the Economics minor are B EC 211, 212, either 325 or 326, and any ten hours of upper division economics electives. Requirements for the Business/Economics major are 36 hours, including B EC 211, 212, 226, 227, 321, 493 and 494*; and 14 hours from those courses designated as Business/Economics major electives. Business/Economics majors must also take eight hours of supporting course work in upper division economics: either (1) B EC 325 and 326 or (2) B EC 325 or 326 plus four hours from those courses designated as upper division economics major electives including B EC 375. *Students in both majors must complete cognate work in calculus. The calculus requirement can be met by MATH 221 or 231. Additional courses beyond MATH 231 are recommended for both majors. A maximum of six hours of combined internship and independent study can be applied to either major. Seniors in both majors are required to take a comprehensive examination. The department offers a minor in Business. The minor draws on course work offered both at the Wheaton (6-12 hours) and HoneyRock (8-14 hours) campuses. The minor is designed to complement the studies of students majoring in other disciplines by offering a concentrated course of study in the foundational concepts of business. Requirements for the Business minor are 20 hours including: B EC 211, 212 (offered only at the Wheaton campus) and B EC 224, 241, 242, 267 (offered each summer at HoneyRock). and 6 hours of electives in business, economics, or leadership other than BEC 226, 341, 342 or 367 taken at either the Wheaton or HoneyRock campuses. A department honors program for qualified majors requires four hours of honors course work and four hours of research credit (495) including a thesis.
B EC 211. Principles of Microeconomics. An introduction to economic ways of thinking. Resource allocation, production, and distribution mechanisms are explored. Counts as one of the Studies in Society general education options. B EC 212. Principles of Macroeconomics. An examination of national income and product determination. Monetary and fiscal policy are analyzed as tools for dealing with inflation, unemployment, and economic growth. Prerequisite: B EC 211. (2) B EC 224. Introduction to Accounting Systems and Information. This course is an introduction to basic accounting as an information system and covers the topics of double entry accounting, the accounting cycle, accrual accounting, financial statement preparation and analysis, and cost volume profit analysis. Students learn to operate an automated accounting package with a personal computer. Counts toward Business minor only. (2) Summers at HoneyRock B EC 225. Consumer Finance. Management and stewardship of consumer income and expenditures in the areas of budgeting, credit, housing and mortgages, insurance, savings and investment, and consumerism. Does not count toward a department major. (2) B EC 226. Principles of Accounting I. An introduction to basic accounting theory, principles, and financial information systems. This first of a two-course sequence covers the double entry accrual system of accounting and addresses financial reporting issues related to accounting for current assets, liabilities, and long-lived assets. Students work with a general ledger software package. B EC 227. Principles of Accounting II. This second of a two-course sequence covers financial accounting issues related to business organization, accounting for long-term debt and owner's equity, and financial analysis. Students are also introduced to an array of managerial accounting topics including cost-volume-profit analysis, job order, and process costing, budgeting, relevant costs and decision making. Students work with general ledger software that integrates spreadsheet and word processing applications. Prerequisite: B EC 226. B EC *229. Management Information Systems. A study of management information systems from the perspective of office automation. Class work involves presentation graphics, spreadsheets, and databases. (2) B EC 241. Introduction to Marketing. This course provides an introduction to the nature of the marketing process in organizations. The focus is on the role of product, pricing, promotion, advertising, distribution, and market segmentation decisions. Counts toward Business minor only. (2) Summers at HoneyRock B EC 242. Introduction to Management. This course is an introduction to the effective management of organizations through the application of planning, organizing, controlling, and leading. Specific attention will be given to designing organizations that will endure and make a meaningful contribution to society. Counts toward Business minor only. (2) Summers at HoneyRock B EC 267. Introduction to Finance. This is an introductory course in finance in which the student should attain a basic understanding of the essentials of financial decision making. Topics covered include discounted cash flow analysis, financing the firm, financial markets and institutions, and managing personal finances. Counts toward Business minor only. (2) Summers at HoneyRock B EC 315. Callings and Careers. An examination of the purpose of work and careers for the Christian. The course is designed for all majors and will explore careers in all fields, not just those in business or economics. Includes consideration of Christian callings, discerning God’s will, and making career choices. Does not count toward the business/economics or economics major. Graded pass/fail (2). Offered occasionally. B EC 321. Statistics. Foundational statistical principles including descriptive and inferential statistics, probability, hypothesis testing, regression and correlation analyses, and time series and index numbers. Statistical application with Excel is an integral part of the course. B EC 325. Intermediate Macroeconomics. A theoretical, institutional, and empirical study of national income distribution, inflation, unemployment, economic stability, and the rate of growth. Explores domestic and international macroeconomic policy issues. Examines the development of macroeconomic theories. Prerequisites: B EC 211, 212. B EC 326. Intermediate Microeconomics. The study of price allocation of resources. Consumer theory, production and cost analysis, the theory of the firm, and factor theory are treated under alternative market structures and entrepreneurial goals. General equilibrium analysis and welfare economics are also included. Prerequisites: B EC 211, 212, MATH 231 or 221. B EC *328x. Business Ethics. An interdisciplinary examination of ethical issues in business and economics, taught jointly by the Philosophy and Economics Departments. Prerequisites: B EC 211 and PHIL 101 or 215. (2) B EC *331. International Business. Examines international trade issues, investment flows, and foreign exchange concerns as they relate to the firm. The impact of legal, political, and cultural forces on the multination enterprise are examined in the context of the strategic management process. Case studies are heavily used. Alternate years. Offered S 2010. B EC +332. European Political Economy. This course focuses on the structure and processes of the European Union. The interconnections between politics and economics in that union are examined with special emphasis given to policy formation and the expansion of the Union. A review of the European Union’s role in world trade patterns is included. Offered as part of periodic departmental international programs. B EC *+333. European Field Experience and Research. Students participate in site visits, tours, and seminars at many policy and business locations throughout Europe. A research paper is a requirement of the course. Offered as part of periodic departmental international programs. B EC *341. Principles of Marketing. Role of marketing within an enterprise. Includes a survey of the impact of product, price, promotion, advertising, distribution channels, consumer behavior, and market segmentation on marketing decisions. Taught primarily through the discussion of business cases. B EC *342. Principles of Management. Introduction to the effective management of organizations, including principles of strategizing, organizing, controlling, and leading. Special emphasis on the human side of management and the social responsibility of enterprise. B EC *+345. Money and Banking. The course examines the nature of banks as financial intermediaries within the context of the financial services industry and the Federal Reserve System. The significance of money as an economic variable, and the relationship between money and banking are explored. The nature of a bank's portfolio of financial assets is studied from both a theoretical and applied perspective. Prerequisite: B EC 212. Majors only. B EC +346. Public Finance. This course examines the public sector and its policy process including voting models, expenditure, priorities, insurance programs, and taxation principles. Special attention is given to Social Security, health care, and welfare issues. Prerequisite: B EC 211. Alternate years. Offered 2008-09. B EC +347. Urban Economics. Examines issues relating to urban growth and public policy. Topics include urban housing, poverty, local government, labor market, transportation, education, crime, land-use controls and zoning, and economic development. Recommended: B EC 211. Alternate years. Offered 2008-09. (2) B EC *355. Managerial Accounting. A study of accounting information for managerial reporting and decision making, including cost analysis, performance measurement, variance analysis, activity based/job order/process costing, allocation issues, information for decision making, and capital budgeting. Prerequisites: B EC 226, 227. Alternate years. Offered 2008-09 B EC *356. Production Management. Covers manufacturing function of a business in the broadest sense. Topics covered include inventory management, group technology, and total quality management. Offered occasionally. (2) B EC +365. Economic Development and Growth. A theoretical, institutional, and empirical study of human need and economic development in the two-thirds world. Addresses numerous issues including employment, health, education, agriculture, sustainability, population, civil society, international trade, and globalization. Prerequisite: B EC 211. B EC +366. International Economics. Studies the theory of international trade and finance. Examines policy exchange rates issues including the balance of trade, economic integration, and international debt. Prerequisite B EC 212. Alternate years. Offered S 2010. B EC *367. Principles of Finance. A study of basic financial concepts underlying managerial decisions on capital budgeting and capital structure. The form of ownership including a review of sources of financing, some of the tools of financial analysis, and basic principal agent incentives are examined. Prerequisites: B EC 226, 227. B EC +371. Small-Scale Enterprise and Economic Development. Examines the role of microfinance and small-scale enterprises in promoting development in developing countries. Examines issues including development strategies, financial intermediation, and institutional development. Includes case studies. Prerequisite: B EC 211. (2) B EC +372. Environmental Economics. An application of economic theory to natural resource and environmental issues. Prerequisite: B EC 211. Offered occasionally. B EC *375. Econometrics for Business and Economics. This is a course in applied econometrics. The course explores regression analysis as a research tool and as a basis for business decisions. Topics generally examined include: simple and multiple regression theory and applications, probability distributions, hypothesis testing and significance tests, dummy variables, specification tests, time series and simultaneous equation analysis. Students will be expected to do work on the computer and complete a substantial research project on a subject of their own interest. Prerequisite: B EC 321. B EC 411. Leadership and Experiential Based Development. This course introduces students to concepts, theories, and models of leadership and how experiential learning can be used to develop both a deeper understanding of leadership and a student’s personal leadership qualities. The context of the course is the ongoing programs of HoneyRock. Counts toward Business Leadership minor only. Summers at HoneyRock B EC 412. Leadership Practicum. This is an experiential based course designed to provide students an opportunity to implement leadership concepts and theories and develop their own leadership qualities through direct experience and group process. The context of activities is the ongoing programs of HoneyRock. Counts toward Business Leadership minor only. (2) Summers at HoneyRock B EC *421. Organizational Psychology. Examination of human behavior in work organizations. Focuses on enhancing individual and organizational performance by understanding motivation, job attitudes, leadership, group dynamics, organizational culture, and organizational development. This highly interactive class is run as a self-managed work team. Prerequisite: approval of instructor. (2) B EC *422. Personnel Psychology. An introduction to approaches for managing an organization's most important asset—its people. Primary topics include job analysis, personnel selection, performance appraisal, training and development, rewards, legal issues, diversity, and strategic human resources management. Prerequisite: junior standing. (2) B EC *431. Investment Analysis and Capital Markets. This course analyzes the markets for investment of funds with special emphasis on debt and equity instruments, and the determination of asset prices. The theory and practices underlying investment portfolio management also are studied as they relate to these markets. Prerequisites: B EC 211, 321, 367. B EC +435. Public Choice and Constitutional Economics. This course involves the application of analytical tools of economics to non-market decision making. Attention to constitutions, theories of government, and bureaucracies. Prerequisite: B EC 211. Offered Occasionally. B EC +447. History of Economic Thought. An examination of the intellectual, philosophical, and institutional background of modern capitalism beginning in the ancient world and continuing into the present. Special attention is given to Adam Smith, the classical school, and the subsequent mainstream of economic thinking. Dissenting voices to the mainstream are examined as they impact the prevailing ideas. Prerequisite: B EC 211. Alternate years. Offered 2009-2010. B EC +448. American Economic History. Economic and social development of the United States, with an emphasis on the institutional framework. Slavery, the Civil War, industrialization, and the growth of government are also covered. Prerequisite: B EC 211. B EC *452. Business Law. An introduction to basic legal concepts and principles that apply to business transactions. The course will focus on the laws related to contracts, commercial transactions, agency relationships, and negotiable instruments. Ethical and other issues in business law are examined from a Christian perspective. (2) B EC +456. Comparative Economic Systems. A comparison of the leading types of economic systems and the different economies of the world. Prerequisite: B EC 211. (2) B EC +457. Public Policy. This course takes contemporary issues in economics and public policy and discusses them in a seminar format. Several current books dealing with controversial policy questions usually serve as the basis for the discussion. (2) B EC 493. Business Analysis and Strategy. A capstone course for seniors that serves to highlight key principles and ideas from the business disciplines of management, marketing, finance, and information. These will be considered in the context of the economic environment. Case analysis will be used to develop the conceptual material. A major goal of the course is to develop insights into the interrelatedness of business principles as they apply to business strategy and solving business problems. Prerequisite: senior standing. (2, lin) B EC 494. Seminar. An integrative course examining the liberal arts, normative aspects of business and economics, the role of Christians at work and in the marketplace. Prerequisite: senior standing. (2, lin) B EC 495. Independent Study. Individual study on major issues for the advanced student with approval of the department chair. See Department guidelines. (1-4) B EC 496. Internship. Credit given for pre-approved faculty-supervised involvement in the private or public sector of the economy. Open only to juniors and seniors who have completed 211, 212, 226, 321, and any other courses deemed appropriate for the particular internship. Graded pass/fail. (1-4) *=Business/Economics major elective +=Economics major elective Revision Date: May 1, 2008
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