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Curriculum

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.

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.

BUS 151 - 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. Hours credit: 3.

BUS 255 - PRINCIPLES OF ACCOUNTING I

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. Hours credit: 3. Prerequisite: BUS 151.

BUS 256 - PRINCIPLES OF ACCOUNTING II

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. Hours credit: 3. Prerequisites: BUS 255.

BUS 261 - 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. Case studies are used. Students apply theory to realistic managerial situations, analyze courses of action, and make recommendations. Hours credit: 3. Prerequisite or corequisite: BUS 151 or permisson of the instructor. Offered second semester

BUS 264 - 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. Hours credit: 3. Prerequisite or corequisite: BUS 151; 261; or permission of the instructor.

BUS 268 - ADVERTISING & PROMOTION

This course provides balanced coverage of marketing communication tools, including advertising, sales promotion, public relations, direct marketing, personal selling, POP, packaging, sponsorships, licensing, and customer service. The course gives special emphasis to the integration of these tools to send target audiences a consistent, persuasive message that supports the organization's goals. Hours credit: 3. Corerequisite: BUS 264 or permission of the instructor.

BUS 270 - 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. Hours credit: 3. Prerequisite: BUS 261 or permission of the instructor. May be repeated for credit when topic differs.

BUS 271 - ORGANIZATIONAL BEHAVIOR & LEADERSHIP

This course surveys theories of organizational behavior and leadership. Topics may include organizational change, organizational dynamics, intercultural competence, transformational leadership, servant leadership, power and influence, ethics, character formation, or others. Students will analyze realistic situations, apply theory to those situations, and recommend concrete courses of action. Hours credit: 3. Prerequisite: BUS 261 or permission of the instructor.

BUS 334 - 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. Hours credit: 3. Prerequisite: BUS 255, ECON 101R or 102R.

BUS 350 - STRATEGIC MANAGEMENT

An investigation of general management?s task of formulating and implementing strategies, objectives, plans, and goals. Students integrate concepts from accounting, finance, marketing, and management, then use them in concert to manage the business as a whole. Strategic theories such as Porter?s ?Five Forces? model of industry analysis, the resource-based view of the firm, and Christensen?s model of disruptive innovation are developed. Case studies are used. Students apply theory to realistic situations in strategic management, analyze courses of action, and make recommendations. Hours credit: 3. Prerequisite: BUS 261; 264; and 334; or permission of the instructor.

BUS 367 - INTERNATIONAL BUSINESS

A survey of the challenges of doing business internationally. Topics include intercultural management, international marketing, and strategies for international business ventures. Case studies are used. Students apply theory to realistic situations in international business, analyze courses of action, and make recommendations. Students also research a venture in international business, analyze the host country, formulate a strategy for the venture, and recommend a course of action. Hours credit: 3. Prerequisite: BUS 261; 264; and 334; or permission of the instructor.

BUS 369 - 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. Hours credit: 3. Prerequisite: BUS 334 or permission of the instructor.

BUS 370 - ADVANCED TOPICS IN FINANCE

In-depth exploration of a selected topic in finance. Topics may include investments, financial theory, or other topics of interest. Hours credit: 3. Prerequisite: BUS 334 or permission of the instructor. May be repeated for credit when topic differs.

BUS 371 - 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. Hours credit: 3. Prerequisite: BUS 261; 264; and 334; or permission of the instructor. May be repeated for credit when topic differs.

BUS 495 - SENIOR SEMINAR

Students will research a business venture, perform a situation analysis, recommend a business strategy, and plan the implementation of that strategy. Students produce a comprehensive analysis, write a business plan or strategic plan, and present their work. Hours credit: 3. Prerequisite: major core or permission of the instructor. Offered second semester.

ECON 101 - 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 Hours credit: 3.

ECON 102 - 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. Hours credit: 3.

ECON 186 - ECONOMIC WELL-BEING IN CUBA

This course explores the universal quest for economic well-being through the socialist approach of Cuba. The contrasted market-based approach in the United States will be used to deepen students understanding of how macroeconomic systems affect individual outcomes. A travel component allows students to experience life under a different economic order and to directly observe indicators of economic well-being in a developing country. Hours credit: 1. One time only.

ECON 186S - ECONOMIC WELL-BEING IN CUBA

This course explores the universal quest for economic well-being through the socialist approach of Cuba. The contrasted market-based approach in the United States will be used to deepen students understanding of how macroeconomic systems affect individual outcomes. A travel component allows students to experience life under a different economic order and to directly observe indicators of economic well-being in a developing country. Hours credit: 1. One time only. Offered Summer 2017.

ECON 206 - 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 marketplace. Special attention is given to using microeconomic theory to analyze modern social and political problems. Hours credit: 3. Prerequisite: Economics 101R, 102R.

ECON 207 - 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. Hours credit: 3. Prerequisites: ECON 101R and 102R.

ECON 217 - 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. Hours credit: 3. Prerequisites: ECON 101R and 102R.

ECON 219 - 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. Hours credit: 3. Prerequisite: Economics 101R and 102R.

ECON 220 - ENVIRONMENTAL ECONOMICS

The application of economic principles in the analysis of contemporary environmental issues. Neoclassical as well as ecological perspectives will be considered. Hours credit: 3. Prerequisite: ECON 101R and 102R. Alternate years.

ECON 227 - 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. Hours credit: 3. Prerequisite: BUS 151R or ECON 101R or 102R. A student may receive credit for two of these courses: ECON 227, MATH 227, POL 231, PSYC 227R, or SOC 395.

ECON 238 - 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. Hours credit: 3. Prerequisite: Economics 101R and 102R.

ECON 242 - LABOR ECONOMICS

A study of the participation of women and men in the U.S. labor force. Labor markets, labor law, and labor organizations will be examined. Topics include labor mobility, wage differentials, inequalities in income distribution, discrimination, and public policy considerations. Hours credit: 3. Prerequisites: Economics 101R and 102R. Offered alternate years.

ECON 250 - TOPICS IN ECONOMICS

In-depth exploration of a topic in economics. Topic will be determined by the instructor, and topics will vary. Hours credit: 3. Prerequisite: ECON 101R and 102R. May be repeated for credit when topic differs.

ECON 303 - 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. Hours credit: 3. Prerequisite: ECON 101R; 102R; 227; and MATH 149R; or permission of the instructor. Offered spring semester.

ECON 311 - HISTORY OF ECONOMIC THOUGHT

A study of the development of economic thought and theory from the feudalistic period to the 20th century. Emphasis will be on the original writings of economists including Adam Smith, Thomas Robert Malthus, David Ricardo, Jeremy Bentham, John S. Mill, Karl Marx, W.Stanley Jevons, John B. Clark, Alfred Marshall, John M. Keynes, Milton Friedman, and others. Extensive economics background is suggested. Hours credit: 3. Prerequisites: 12 hours in economics, or a combination of 6 hours in economics with 6 additional hours in European or US history, or permission of instructor. Offered alternate years.

ECON 320 - ADV INTERNATIONAL ECONOMICS

Advanced discussion, analysis, and empirical verification of international economic theory and policy. Topics include: 1) exchange rate impacts on international trade and 2) distributional impacts of international trade. Hours credit: 3. Prerequisite: ECON 207 or 219. Offered alternate years. Offered first semester.

ECON 495 - SENIOR SEMINAR

In the first semester of the senior seminar, students make connections across their previous economics courses through readings and discussions on globalization and 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 the second semester, there is preparation and presentation of a senior thesis. Hours credit: 3. Prerequisite: major core.

ECON 496 - SENIOR PAPER

In the first semester of the senior seminar, students make connections across their previous economics courses through readings and discussions on globalization and 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 the second semester, there is preparation and presentation of a senior thesis. Hours credit: 3. Prerequisite: major core.

ECON 497H - HONORS IN THE MAJOR

ECON 498H - HONORS IN THE MAJOR

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