Economics & Business Curriculum
The Department of Economics and Business provides a liberal arts education in the fields of economics and business. The Department offers the B.A. in Economics and the B.A. in Business, as well as minors in both disciplines.
Courses of study emphasize critical thinking, quantitative skills, and the ability to write and speak with clarity.
Degree Requirements
Course Catalog
Economics
The economics curriculum treats economics as a social science; it develops analytic thinking.
The economics program prepares students for professional careers in for-profit, government, and nonprofit organizations.
At the same time, it prepares students for graduate studies in economics, business, law, and other fields.
Coursework is offered in the core areas of macroeconomics, microeconomics, and international economics.
Coursework is also offered in several topics of immediate social relevance (behavioral economics, environment, money and banking, e.g.).
Several courses involve service learning and community based research.
All economics majors complete a two-session senior program culminating in the writing and presentation of an independently authored research paper.
Business
The business curriculum treats business and management as applied disciplines; it develops skills in solving practical problems.
The business program prepares students for professional careers in for-profit, government, and nonprofit organizations. At the same time, it provides a solid background for advanced training in business or management.
Coursework is offered in the core areas of accounting, finance, management, and marketing.
Coursework is also offered in business analytics and other advanced topics.
All business majors complete a one-session senior capstone project.
Bachelor of Arts in Business
The business program equips students with both theoretical knowledge and practical learning.
Whether planning to enter the job market immediately after graduation or pursuing an advanced degree, such as an M.B.A. or an M.P.A., students will be prepared for the challenge.
The business program offers courses that provide excellent pre-professional training.
The courses allow students to acquire technical and analytical skills by using statistics, spreadsheets, and computers; to learn to collect and analyze data from the Internet’s domestic and global sources; to gain valuable insight into the theory, philosophy, and history of business and economics; to learn to conduct independent research; and to acquire presentation skills.
Business Minor
The business minor provides students with exposure to a number of key areas including: accounting, business policy, finance, international business, the legal environment, management, and marketing.
Many students choose to combine the business minor with other fields of study, such as economics, international studies, or philosophy, giving them a unique combination of knowledge and experience.
Course Offerings
Below is a list of available courses offered by the Economics and Business Department. Consult the Registrar’s Office and the College Catalog for registration information.
ECON 1101 - Principles Of Macroeconomics
An introduction to the concepts and analytical tools of the economist. The frame of reference is the macroeconomy. Working with a variety of economic models, attention is focused on issues like the business cycle, interest rates, inflation, deflation, the stock market, Federal Reserve policy-making, government policy, and international trade. Hands-on research projects help students to make connections between economic theory and the real world. Credit hours: 4.
ECON 1102 - Principles Of Microeconomics
An introduction to the concepts and analytical tools of the economist as related to the microeconomy, which focuses on decision-making at the individual level. This course examines the behavior of consumers, firms, and industries, and their effects on resource allocation. Students study various market structures and gain an understanding of market failure and issues pertaining to the role of government at the microeconomic level. Credit hours: 4.
ECON 1186 - Econ One Time Only
Credit hours: 1. One time only.
ECON 1186S - Econ One Time Only
Credit hours: 2. One time only.
ECON 2206 - Microeconomics Theory & Its Application
This course examines in detail, producer and consumer theory, market structure, game theory, market failures, and the role of government in the marketplace. Special attention is given to using microeconomic theory to analyze modern social and political problems. Credit hours: 4. Prerequisite: ECON 1101 and 1102.
ECON 2207 - Macroeconomic Theory
An analysis of the aggregate U.S. economy. There is an emphasis on the construction of macroeconomic models to describe and analyze the economy. Such models help to establish the linkages between financial markets, labor markets, markets for goods and services, and markets in the rest of the world. Students gain an understanding of economic policy making through study of theories, institutions and economic data. Hands-on statistical research will help analyze the relationship between economic theory and the real world. Credit hours: 4. Prerequisites: ECON 1101 and 1102.
ECON 2217 - Economics Of The Public Sector
This course studies the nature and consequences of the spending and taxing behavior of governments. Microeconomics tools will be applied to the study of such issues as public goods and externalities, income redistribution, poverty, social security, health care, education, transportation, housing, and government revenue generation. Throughout the semester, students will participate in a class-wide Lynchburg community service project related to one of the above issues, thereby providing hands-on exposure to some of the objectives and constraints faced by economists, government officials, and urban planners. Credit hours: 4. Prerequisites: ECON 1101 and 1102.
ECON 2219 - International Economics
On the microeconomic level, this course examines international trade theories and policies. International finance issues comprise the macroeconomic portion of the course. Special attention is given to using the tools of the economist to analyze contemporary problems in both international trade and finance. Credit hours: 4. Prerequisite: ECON 1101 and 1102.
ECON 2220 - Environmental Economics
The application of economic principles in the analysis of contemporary environmental issues. Neoclassical as well as ecological perspectives will be considered. Credit hours: 4. Prerequisite: ECON 1101 and 1102. Alternate years.
ECON 2227 - Elementary Applied Statistics Econ/bus
An introduction to descriptive and inferential statistics with applications for economics and business. Content includes probability theory, random variables, sampling distributions, hypothesis testing and the basics of linear regression and forecasting. Credit hours: 4. Prerequisite: BUS 1151 or ECON 1101 or 1102. A student may receive credit for two of these courses: ECON 2227, MATH 2227, POL 2231, PSYC 2227, or SOC 3395.
ECON 2238 - Money & Banking
This course examines in detail the financial sector of the U.S. economy and the manner in which it is linked to global markets. Particular emphasis is focused on the study of central bank decision-making regarding interest rates and economic stabilization. In a number of simulation exercises using the data analysis tools of the spreadsheet package Excel, students will analyze real economic data with an eye toward determining the appropriate direction of monetary policy. Credit hours: 4. Prerequisite: ECON 1101 and 1102.
ECON 2250 - Topics In Economics
In-depth exploration of a topic in economics. Topic will be determined by the instructor, and topics will vary. Credit hours: 4. Prerequisite: ECON 1101 or 1102. May be repeated for credit when topic differs.
ECON 2273 - Econ One Time Only
Credit hours: 4. Prerequisite: ECON 1101 and 1102. One time only.
ECON 2286 - Econ One Time Only
Credit hours: 4. Prerequisites: ECON 1101 or 1102. One time only.
ECON 2288 - Econ One Time Only
Credit hours: 4. Prerequisites: ECON 1101 or 1102. One time only.
ECON 3303 - Econometrics
A formal introduction to the use of economic theory and statistical inference as guides in the study of economic phenomena using observed data. This course focuses on the research process and the role of empirical modeling and regression in economics. Credit hours: 4. Prerequisite: ECON 1101; 1102; 2227; and MATH 1149; or permission of the instructor.
ECON 3385 - Econ One Time Only
Credit hours: 4. One time only.
ECON 4495 - Senior Seminar
In ECON 4495, students make connections across their previous economics courses through readings and discussions of topical issues in economics, (e.g., poverty, inequality, globalization, the environment) as well as history of economic thought. Students gain a better understanding of how economic theories and policies shape the world in which we all live and which future generations will inhabit. A principal course objective is to prepare each student for the preparation and presentation of the senior thesis. To this end, students read and evaluate professional journal articles, review and enhance their understanding of the research methods used by economists, and identify ways to use these methods in their own research. The final assignment for the class is a senior thesis proposal. In ECON 4496, there is preparation and presentation of a senior thesis. Credit hours: 4. Prerequisite: major core courses.
ECON 4496 - Senior Paper
In ECON 4495, students make connections across their previous economics courses through readings and discussions of topical issues in economics, (e.g., poverty, inequality, globalization, the environment) as well as history of economic thought. Students gain a better understanding of how economic theories and policies shape the world in which we all live and which future generations will inhabit. A principal course objective is to prepare each student for the preparation and presentation of the senior thesis. To this end, students read and evaluate professional journal articles, review and enhance their understanding of the research methods used by economists, and identify ways to use these methods in their own research. The final assignment for the class is a senior thesis proposal. In ECON 4496, there is preparation and presentation of a senior thesis. Credit hours: 4. Prerequisite: major core courses.
ECON 4497H - Honors In The Major
ECON 4498H - Honors In The Major
BUS 1151 - Introduction To Business
An introductory course covering current events in American business. Topics include basic theories and practice in the functional areas of accounting, finance, marketing, and management. Additional subject areas include ethics, social responsibility, economic systems, and organizational structure. Credit hours: 4. Not open to students who have completed a 2200-level, or higher, business or management course.
BUS 1185 - Bus One Time Only
Credit hours: 4. Prerequisites: BUS 1151 or ECON 1101 or ECON 1102. A student may not receive credit for both PSYC 2227 or MATH 2227 and BUS 1185. One time only.
BUS 2255 - Financial Accounting
This course is directed toward an understanding of the utilization of accounting methods in the recording, classifying, and reporting of basic economic transactions. Special emphasis is placed on accounting as the language of business and its use in communication. Credit hours: 4. Prerequisite: BUS 1151.
BUS 2256 - Managerial Accounting
This course deals with the uses of financial information for internal management purposes. Stress is placed on accounting as an aid to management in the planning, direction, and control of business activities and in the evaluation of results. Credit hours: 4. Prerequisites: BUS 2255.
BUS 2261 - Management
A survey of the practice of management. Topics include the roles of the manager; planning, organizing, leading, and controlling the organization (both for-profit and nonprofit organizations); organizational behavior, motivation, and leadership. The course takes it as a given that we live in a diverse world and that management decisions are enhanced when a diversity of opinions are represented. Emphasis is on social justice and ethical decision making. Case studies are used. Students apply theory to realistic managerial situations, analyze courses of action, and make recommendations. Credit hours: 4. Prerequisite or corequisite: BUS 1151 or permission of the department.
BUS 2264 - Marketing
A study of the marketing function of a business. Topics include brand management, consumer behavior, market analysis, and the "four Ps" of the marketing mix. Case studies are used. Students apply theory to realistic marketing situations, analyze courses of action, and make recommendations. Students also research a marketing venture, analyze the market, and create a marketing plan. Credit hours: 4. Prerequisite or corequisite: BUS 1151; 2261; or permission of the instructor.
BUS 2270 - Topics In Management
In-depth exploration of a selected topic in management. Topics may include leadership, negotiation, organizational behavior, or other topics of interest. Case studies are used. Students apply theory to realistic managerial situations, analyze courses of action, and make recommendations. Students research a managerial problem in the area, perform a situation analysis, and recommend a course of action. Credit hours: 4. Prerequisite: BUS 2261 or permission of the instructor. May be repeated for credit when topic differs.
BUS 2285 - Bus One Time Only
Credit hours: 4. Prerequisite: Economics 1101; 1102. One time only.
BUS 2286 - Bus One Time Only
Credit hours: 4. Prerequisites: ECON 1101 and 1102. One time only.
BUS 2287S - Bus One Time Only
Credit hours: 4. Prerequisite: sophomore standing. One time only.
BUS 2288 - Bus One Time Only
Credit hours: 4. Prerequisite: sophomore standing or permission of the instructor. One time only.
BUS 3334 - Corporate Finance
The financial organization and management of a business corporation. Time value of money and risk/return concepts serve as the foundation for valuing (analyzing) the firm's sources of capital (debt and equity) and effectively allocating these funds through the capital budgeting process. Credit hours: 4. Prerequisite: BUS 2255, ECON 1101 or 1102. (QR)
BUS 3368 - Business Analytics
The course introduces business analytics to students from diverse academic backgrounds. Students are introduced to R programming for statistical analysis. Topics include regression analysis, hypothesis testing, market segmentation analysis, perceptual mapping, consumer choice models, conjoint analysis, and sales and promotion analytics. Emphasis is given on the applications of relevant concepts and interpretation of results rather than theoretical aspects. Credit hours: 4. Prerequisites: ECON 2227 or MATH 2227 (or an equivalent statistics course); or permission of instructor.
BUS 3369 - Financial Markets & Institutions
An examination of financial markets (stock, bond, money, etc.) and the operations of various financial institutions (banks, thrifts, mutual funds, insurance companies, etc.) within the legal and competitive environment. Credit hours: 4. Prerequisite: BUS 3334 or permission of the instructor.
BUS 3370 - Advanced Topics In Finance
In-depth exploration of a selected topic in finance. Topics may include investments, financial theory, or other topics of interest. Credit hours: 4. Prerequisite: BUS 3334 or permission of the instructor. May be repeated for credit when topic differs.
BUS 3371 - Advanced Topics In Business
In-depth exploration of a selected topic in business. Topics may include sustainable business, entrepreneurship, or other topics of interest. Case studies are used. Students will apply theory to realistic business situations, analyze courses of action, and make recommendations. Students research a business problem in the area, perform a situation analysis, and recommend a course of action. Credit hours: 4. Prerequisite: BUS 2261; 2264; and 3334; or permission of the instructor. May be repeated for credit when topic differs.
BUS 3386 - Bus One Time Only
Credit hours: 4. Prerequisites: ECON 1101,1102, BUS 1151, and junior standing or permission of the instructor. One time only.
BUS 4495 - Senior Capstone In Business
Students integrate concepts from accounting, finance, marketing, and management and use them in concert to manage the business as a whole. Strategic theories such as Porter's "Five Forces" model of industry analysis and the resource-based view of the firm are applied to realistic situations. Students analyze situations at the level of the firm, evaluate courses of action, and make recommendations. Students complete a term project. Credit hours: 4. Prerequisite: major core or permission of the instructor.
