Academics
Economics and Business > Course Descriptions
ECON 110 Principles of Economics
An introduction to both microeconomics, the theory of consumer and producer behavior, and macroeconomics, the determination of aggregate levels of production, employment, inflation, and growth. Application of economic principles to the analysis of current problems of the U.S. economy.
ECON 180 Quantitative Methods for Economics and Business
Distribution analysis, sampling theory, statistical inference, and regression analysis, with emphasis on the application of statistical techniques using spreadsheet software to analyze economic and business issues. Students who have taken this course will not receive credit for any other basic statistics course, including Mathematics 150. (Cross-listed as Business 180.)
ECON 210 Microeconomic Theory
Application of both theoretical and empirical analysis to consumer demand; to the firm both as producer of goods and as buyer of inputs, in both monopoly and competitive markets; and to public policy issues such as public goods, law and economics, and the environment. Prerequisites: Economics 110 and Mathematics 110, 160, or 161 with grades of C- or better.
ECON 220 Macroeconomic Theory
Analysis of the determinants of aggregate production, prices, interest rates, and employment in macroeconomic models that combine the business, household, government, and financial sectors. Prerequisites: Economics 110 and Mathematics 110, 160, or 161 with grades of C- or better.
ECON 237 Introduction to Finance
(Cross-listed as Business 237.)
ECON 240 Urban Economics
Application of economic analysis to current problems in urban and suburban America such as poverty, housing, transportation, growth, and finance. Prerequisite: Economics 110 with a grade of C- or better.
ECON 245 Child Labor in Latin America
Explores the role of child labor in the economies of developing Latin American countries, focusing on the question “Do countries need to use child labor to industrialize?” Historically, industrialized countries have relied heavily on children to work in factories and mines. Today it appears history is repeating itself as developing countries utilize children in the informal sectors. The employment of children in Brazil, Colombia, Peru, Chile, and Argentina will be examined in detail. The economic, political, social/cultural, and technological explanations for child labor will be explored for each country. Prerequisite: Economics 110. (Cross-listed as Latin American Studies 245. Meets GEC Cultural Diversity Requirement.)
ECON 260 Law and Economics
Application of general economics principles to both civil and criminal law. Analysis of how individuals and firms respond to laws, the level of enforcement, and penalty structures. Specific areas covered include tax, product liability, environmental, international, contract, and antitrust laws. Prerequisite: Economics 110.
ECON 270 Latin American Development
Analysis of the political economy and economic development of Latin American countries including Brazil, Mexico, Argentina, and Chile. Examination of current economic problems from historical and political perspectives. Particular attention will be given to the economic strategies of growth and development. Prerequisite: Economics 110 with a grade of C- or better. (Cross-listed as Latin American Studies 270. Meets GEC Cultural Diversity Requirement.)
ECON 310 Industrial Organization
Analysis of the behavior of firms under different industrial structures—competitive, monopolistic, oligopolistic. An evaluation of antitrust policies and other government regulations of industry. Specific topics covered include advertising, auctions, networks, product differentiation, market standards, and vertical and horizontal integrations. Prerequisite: Economics 210 with a grade of C- or better.
ECON 313 Money and Banking
Analysis of bank and nonbank financial institutions. Topics include the S&L crisis, the impact of the 1980 and 1982 deregulation acts, the changing role of the Federal Reserve and the ability to conduct effective monetary policy, and bank asset and liability management. Prerequisite: Economics 220 with a grade of C- or better.
ECON 320 Labor in the American Economy
Standard theories of labor economics are developed. Topics include labor supply, labor demand, education, discrimination, contracting, and unions. Particular emphasis is given to the labor force participation of married women and single mothers, earnings, wage distributions and inequality, job training, and employment benefits. Empirical analysis complements theoretical modeling, especially in the area of women's work and international comparisons regarding labor laws and labor market outcomes. Prerequisite: Economics 210. (Cross-listed as Women's and Gender Studies 320.)
ECON 322 Emerging Markets Analysis
Analysis of emerging markets of East Asia and Latin America, paying particular attention to growth strategies and the impact of market reforms, financial markets development, and foreign capital flows on economic performance of these countries. The course relies on case studies from Asian countries of China, South Korea, Thailand, Singapore, and Hong Kong and Latin American economies of Brazil, Argentina, Mexico, and Chile. Prerequisite: Economics 220 with a grade of C- or better or consent of the instructor. (Cross-listed as Business 322, Asian Studies 322, Latin American Studies 322. Meets GEC Cultural Diversity Requirement.)
ECON 330 Econometrics
Use of statistical methods, especially multiple regression, to test hypotheses based on economic theory. Some use of computer programs. Prerequisites: Economics 180 with a grade of C- or better; Economics 210 or 220.
ECON 340 Environmental and Natural Resource Economics
Examines different economic theories regarding optimal use of renewable and nonrenewable resources, why market responses to pollution are typically unsatisfactory, and optimal pollution control. These theories are then applied to the real world, taking into consideration political and technological constraints. The impact of past and current policy on the environment will be studied, as will the potential impact of proposed legislation. Prerequisite: Economics 210 or permission of the instructor. (Cross-listed as Environmental Studies 340.)
ECON 350 Public Finance
Theory and policy analysis of the effects of government spending and taxation on the allocation and distribution of income. Special attention is given to tax reform proposals and other current policy issues. Prerequisite: Economics 210 with a grade of C- or better.
ECON 360 Health Economics
Examines how economic analysis can be applied to various components of the health care system. Microeconomic theory is used to understand the operation of health care markets and the behavior of participants (consumers, insurers, physicians, and hospitals) in the health care industry. International comparisons and the role of the public sector will be included. Prerequisites: Economics 180 and 210.
ECON 365 Multinational Finance and Emerging Market Economies
Analyzes the interaction between global capital and emerging market economies. It covers basic international financial management and considers topics such as the fundamentals of exchange rate and external accounts, international parity principles, exchange rate and banking crises in emerging markets, exchange rate risk management in emerging markets, country risk, international financing and investment in emerging markets, and global debt financing. Explores case studies related to multinational corporations doing business in emerging markets and analyzes financial crises in East Asia and Latin America. Prerequisites: Junior standing and Economics 237. (Cross-listed as Business 365.)
ECON 370 Managerial Economics
Analyzes the various ways in which microeconomic principles and quantitative tools can be used to aid managers in making sound decisions. Topics include forecasting consumer demand, production and cost analysis, optimal pricing and production decisions, sensitivity analysis, and capital budgeting. Prerequisites: Economics 130 and 210.
ECON 380 Game Theory
Game theory is the study of purposeful behavior in strategic situations. Game theory incorporates mathematical models of conflict and cooperation in situations of uncertainty (about nature and about decision makers). Various solution concepts such as Nash equilibrium, subgame perfect equilibrium, Bayesian and perfect Bayesian equilibrium will be analyzed. These concepts will be illustrated using a variety of economic models, from industrial organization, bargaining, the role of repeated interaction, and models of asymmetric information. Prerequisites: Economics 210 and Mathematics 110 with grades of C- or better.
ECON 381 The Economics of Development
Studies the problem of sustaining accelerated economic growth in less-developed countries. This course emphasizes the issues of growth; poverty and inequality; how land labor and credit affect economic development; problems of capital formation, economic planning and international specialization and trade; and the interaction of industrialization, agricultural development, and population change. Prerequisites: Economics 180 and Economics 210. (Meets GEC Cultural Diversity Requirement.)
ECON 382 Economic Policymaking in Latin America
This course utilizes basic economic theory to enable students to both understand and analyze the role of economic policy in the international business environment in Latin America. The course begins with an introduction to the global economic environment, the historical background of Latin American and the economic emergence of the region. The course focuses on several aspects of trade policy, monetary policy, fiscal policy, and their impact on the international business environment, framing the analysis of these microeconomic and macroeconomic issues in the context of Latin America. The course will also address current events, both domestic and international, which are particularly relevant for the economic viability of the region. The purpose of the course is to understand the economic context and environment of policymaking in Latin America, as well as the impact on the different actors: workers, firms, the environment, political institutions. Prerequisite: Economics 220. (Cross-listed as Latin American Studies 382. Meets GEC Cultural Diversity Requirement.)
ECON 385 Mathematical Economics
Calculus and linear algebra are applied to the analysis of microeconomic and macroeconomic theory. The tools of mathematical optimization are developed with a particular focus on comparative statics. Issues of discrete and continuous time and uncertainty in economics are explored. Prerequisites: Mathematics 111 and Econonomics 210 or 220; or permission of instructor.
ECON 415 Corporate Finance
(Cross-listed as Business 415.)
ECON 425 Business and Economic Forecasting
Employs regression techniques, time-series analysis, and business and economic indicators for forecasting economic and business variables. Prerequisites: Economics 110 and 180. (Cross-listed as Business 425. May be taken by economics and business majors to meet GEC Senior Studies Requirement.)
ECON 430 International Trade Theory and Policy
Analysis of elements of economic structure that determine trade flows, theory relating to how trade flows alter economic structure, the free trade versus protectionism argument, and selected topics in international economic integration and development. Prerequisites: Economics 210 and 220; junior or senior standing. (May be taken by economics and business majors to meet GEC Senior Studies Requirement; meets GEC Cultural Diversity Requirement.)
ECON 431 International Finance
Identifies and analyzes fundamentals of international financial theory. Topics include exchange rate determination, balance of payments accounting, and international monetary systems and their evolution. Prerequisites: Economics 210 and 220; junior or senior standing. (Cross-listed as Business 431. May be taken by economics majors to meet GEC Senior Studies Requirement.)
ECON 440 Advanced Macroeconomics
Analysis and comparison of Keynesian, neoKeynesian, neoclassical, monetarist, and rational expectationist perspectives on macroeconomic theory and stabilization policy. Prerequisites: Mathematics 110 and Economics 220; junior or senior standing. (May be taken by economics majors to meet GEC Senior Studies Requirement.)
ECON 470 Economic Development in the Third World
Inquiry into the nature and causes of the economic underdevelopment of Third World countries. (Meets GEC Cultural Diversity Requirement.)
ECON 480 Social Security, Pension, and Retirement
Analyzes social security, pensions, and retirement from three perspectives: the individual, the business firm, and public policy. The course will address a range of issues drawing upon microeconomic theory, macroeconomic theory, and finance. The impact that the baby boomers’ retirement has had on the economy has received much attention in public policy debates. Those debates include widely differing characterizations of the problems and solutions. Students will be expected to develop their own critical sense of these issues. Open to senior business or economics majors or juniors as space allows. Prerequisite: Economics 210. (Cross-listed as Business 480. May be taken by economics and business majors to meet GEC Senior Studies Requirement.)
ECON 481 Economics of Sport
Identifies and analyzes the commercial dimension of sport. Topics will include the market structure of professional and collegiate sport; the competitive balance in sports; pay and performance in sports; the history of facilities construction in sports; the economic impact of mega-sport events; and the economic impact of teams and sports stadiums. Prerequisites: Mathematics 110, Economics 310, and Economics 330. (May be taken by economics and business majors to meet GEC Senior Studies Requirement.)
ECON 482 Economic Issues of the Global Pharmaceutical Industry
Is healthcare an economic commodity or a basic human right? The global pharmaceutical industry is an increasingly vital player in the market for healthcare and the public health arena. In addition, the public policy debate surrounding the industry and many of its practices has grown more and more acrimonious. This course draws on economic theory to enable students to both understand and analyze the role of economic strategy and theory in many of the essential issues that confront the industry. The course begins with an introduction to the global pharmaceutical industry and the economic environment in which it operates. Given sufficient time and student interest, the topics addressed will include: access to essential medicines, research and development decisions and strategies, drug development and international patent regimes (including the WTO’s TRIPS Agreement), pharmaceutical counterfeiting, vaccine development, parallel importation, drug prices and price controls, international pharmaceutical policies pursued by a variety of nations, direct-to-consumer advertising, generic competition, me-too drugs, and healthcare spending. As they arise, the course will also address current events, both domestic and international, which are particularly relevant for the economic viability of the industry. The purpose of the course is to understand the economic context and environment of international pharmaceutical policymaking, internal business strategies, and global public health decisions, as well as the impact on the different actors both within and external to the industry. Prerequisite: Economics 210. (Cross-listed as Business 482.)
ECON 483 Behavioral Economics
This course is designed to introduce students to behavioral economics, an emerging subfield of economics that incorporates insights from psychology and other social sciences into standard economics. It will examine experimental evidence of how human behavior systematically departs from the standard assumptions of economics, and will investigate attempts by behavioral economists to improve economic analyses. Prerequisites: Economics 180 and Economics 210. (Cross-listed as Business 483.)
ECON 487 Risk Management
(Cross-listed as Business 487.)
ECON 489 Globalization and Its Impact on Rich and Poor Countries
Examines the impact of globalization on rich countries (the United States) and poor countries (Mexico, India, and China). An examination of free trade agreements will cast light on the political motives behind these agreements as well as the economic projections made. The economic impact of the creation of free trade zones is explored using both microeconomics and macroeconomics. Statistical evidence will document whether globalization has caused growth in GDP, employment, and income in poor countries. The responsibility of multinational companies in creating sweatshops, worker exploitation, and cultural disintegration are discussed in light of U.S. businesses located in Mexico, India, and China. Prerequisites: Economics 110, 180, 210, and 220. (Cross-listed as Asian Studies 489, Business 489, and Latin American Studies 489. Meets GEC Cultural Diversity Requirement. May be taken by economics and business majors to meet GEC Senior Studies Requirement.)
ECON 490 Internships
(Cross-listed as Business 490.)
ECON 499 Independent Study
Tutorials, research projects, and senior theses are available forms of independent study, with consent of the instructor.
BUSN 180 Quantitative Methods for Economics and Business
(Cross-listed as Economics 180.)
BUSN 230 Financial Accounting
Methods, practices, and concepts underlying the communication of relevant financial information to external parties. Development of the accounting model, measurement processes, data terminology and classification, internal control, interpretation and uses of financial statements. Prerequisites: Economics 110 and Mathematics 110, 160, or 161 with grades of C- or better.
BUSN 237 Introduction to Finance
An overview of financial markets and corporate procedures and the ways they influence the allocation of scarce resources over time and under uncertainty. An introduction to investment theory and corporate finance is provided and specific financial securities and corporate practices are discussed. Prerequisites: Economics 110 and Mathematics 110, 160, or 161 with grades of C- or better. (Cross-listed as Economics 237.)
BUSN 315 Topics: Operations Management
The course covers subjects related to the management process in a production system. The following topics are covered: design of products and services, quality control systems, capacity planning, process design, work analysis and measurement, facility location, and production scheduling. The inventory control system unit will discuss the relationship between inventory systems and other functions in an organization. Prerequisite: Business 230.
BUSN 322 Emerging Markets Analysis
(Cross-listed as Economics 322, Asian Studies 322, Latin American Studies 322.)
BUSN 330 Intermediate Accounting
Accounting concepts, principles, and theory with an emphasis on the special problems that arise in applying these concepts to external reporting. Prerequisites: Business 230 with a grade of C- or better; junior standing.
BUSN 331 Managerial Accounting
Use of accounting information for evaluation of planning and control decisions. Topics include budgeting, cost-volume analysis, product costing, and standards for planning, control, and performance measurement. Prerequisite: Business 230 with a grade of C- or better and Business 330.
BUSN 336 Marketing Theory for Multinational Enterprises
A study of the conceptual framework of marketing and its relationship to society and the global economy. Topics include economic foundations of international marketing, introductory marketing research concepts, consumer behavior models, financial analysis for marketing decision making, and international marketing concepts. Emphasis will be on the discussion and critical analysis of readings and field research assignments. Prerequisite: junior standing.
BUSN 337 Real Estate Finance and Investments
An examination of the fundamental concepts, principles, and analytical methods involved in debt financing of residential and commercial real estate. Through lectures, readings, problem sets, casework, presentations and exams, students will develop and demonstrate their understanding of the process of underwriting and financing residential and commercial properties. Mortgage financing for the purpose of homeownership will lead to a focus on income-producing properties for the purpose of investment. Both the perspectives of the borrower as well as of the lender will be considered. Present value calculations and capitalization rates will be emphasized. The role of real estate capital markets will be introduced.
BUSN 341 Global Cultures and International Business Activities of Chicago
As influences of global activities increase locally, Chicago provides vast resources for the study of cultures, economic policies, political relations, and global business strategies. More than 130 consulates and foreign trade offices, and headquarters of many global companies, are in Chicago. This course will address the development and implications of various cultures in relation to local and global business activities. An emphasis will be field research, visits, and other activities involving Chicago-area resources. Instructional activities will include team projects, interviews, and observations to address issues related to Chicago’s role in international trade and economic development for emerging markets. Prerequisite: junior standing. (Cross-listed as American Studies 341. Meets GEC Cultural Diversity Requirement.)
BUSN 342 African Culture and Business Development
While globalization can potentially enhance economic development and improve the quality of life, many nations, especially those in Africa, do not receive these benefits. Course emphasis will be on an analysis of efforts by businesses, community organizations, and government agencies to serve African societies plagued by poverty and other social concerns. Instructional resources will include: readings from sources with varied points of view; speakers representing countries and cultural groups; and field research visits to cultural exhibits and retail enterprises. Instructional experiences will include: (1) interviews with people familiar with various African cultures and business activities; (2) student team projects to analyze global cases for improvement of food production, water purification health care delivery, telecommunications, and educational programs; (3) promotional activities to expand awareness of efforts to enhance economic development and quality of life in Africa. Prerequisite: junior standing. (Meets GEC Cultural Diversity Requirement.)
BUSN 350 Capital Budgeting
Study of advanced financial management and the evaluation of domestic and global business investment opportunities. Topics include the discounting of cash flows, foreign market risk analysis, capital asset pricing, and financial leverage decisions. Prerequisites: Economics 180 and Business 237.
BUSN 355 Mass Media/Marketing Research
A study of methods related to media communication, including theoretical foundations and applications of research designs, data collection techniques, and data analysis for quantitative and qualitative investigations. Assignments include presentations of case studies, creation of a research study, and field research exercises and small group activities related to issues faced by communications and marketing researchers. Prerequisites: junior standing and Business 180, or permission of the instructor. (Cross-listed as Communications 300.)
BUSN 365 Multinational Finance and Emerging Market Economies
(Cross-listed as Economics 365.)
BUSN 380 Investment Analysis
The process of selecting among alternative financial assets from the viewpoint of the individual. Emphasizes such topics as the evaluation of risk and return, security markets and industry developments, regulatory practices, and portfolio theory. Prerequisites: Economics 180 and Business 237.
BUSN 385 Options and Futures
This course introduces the economic functions of options and futures markets, discusses the basic underlying pricing mechanism of options and futures contracts, and provides a working knowledge of these contracts as risk management tools. Prerequisites: Economics 180 and Business 237.
BUSN 415 Corporate Finance
Theoretical and empirical issues in corporate finance are examined from the perspectives of the firm, the shareholders, and public policymakers. Topics covered include leveraged buyouts and mergers, dividend policy, techniques used to raise capital, and the impact of the tax system on corporate activity. Prerequisites: Mathematics 110 and Business 237; junior or senior standing. (Cross-listed as Economics 415. May be taken by business majors to meet GEC Senior Studies Requirement.)
BUSN 425 Business and Economic Forecasting
(Cross-listed as Economics 425.)
BUSN 431 International Finance
(Cross-listed as Economics 431.)
BUSN 470 Latin American Global Business
Emphasizes analytic activities and case problems for corporate and entrepreneurial organizations operating or considering operations in Latin America. Economic theories, statistical tests, accounting records, financial analysis, and marketing concepts will be used to investigate business situations. Prerequisites: Economics 210 and 220, Business 230 and 237. (May be taken by business and international relations majors to meet GEC Senior Studies Requirement. Meets GEC Cultural Diversity Requirement if not used for GEC Senior Studies Requirement. Cross-listed as Latin American Studies 470.)
BUSN 471 Senior Seminar: Asian Business Culture and Trade Relations
As China, Singapore, South Korea, and Taiwan expand trade activities and increase their global influence, other Asian nations (Cambodia, Laos, Malaysia, Vietnam) continue to face economic hardships. This course will address geographic, historic, cultural, economic, and political factors that influence business opportunities, economic development, and quality of life in Asia. An emphasis will be on regional and global trade relations related to health care, infrastructure, food distribution, telecommunications, and education/job training. Instructional experiences will include field research involving Chicago-area resources along with analytic activities and case problems for business organizations operating or considering operations in Asia. Prerequisite: senior standing, or permission of instructor. (May be taken by business and Asian studies majors to meet GEC Senior Studies Requirement. Meets GEC Cultural Diversity Requirement if not used for GEC Senior Studies Requirement. Cross-listed as Asian Studies 471).
BUSN 480 Social Security, Pension, and Retirement
(Cross-listed as Economics 480.)
BUSN 482 Economic Issues of the Global Pharmaceutical Industry
(Cross-listed as Economics 482.)
BUSN 483 Behavioral Economics
(Cross-listed as Economics 483.)
BUSN 487 Risk Management
Provides a broad-based survey of the fundamental risks faced by financial institutions and other firms. These include interest rate risk, market risk, credit risk, off-balance sheet risk, technology and operational risk, foreign exchange risk, energy risk, country or sovereign risk, liquidity risk, insolvency risk, model risk, and a myriad of others. Effective management of these risks is central to the performance of any firm. Explores the various techniques used to identify risk, measure risk, and manage risk. The knowledge gained in basic finance, portfolio management, derivatives, business management, economics, and statistics will be put to practical use. (May be taken by business majors to meet GEC Senior Studies Requirement.)
BUSN 489 Globalization and Its Impact on Rich and Poor Countries
(Cross-listed as Asian Studies 489, Economics 489, and Latin American Studies 489. Meets GEC Cultural Diversity Requirement. May be taken by economics and business majors to meet GEC Senior Studies Requirement.)
BUSN 490 Internships
Provides an opportunity to supplement academic training with work experience in the field of business and economics. Interested students must work with Career Services to develop a resume and register with the instructor by the following deadlines: by April 1 for a Fall internship; by November 1 for a Spring internship; and by the week following spring break for a Summer internship. Business and Economics internships may be done for either one or two credits. Prerequisites: junior or senior standing, Economics 110 with a grade of C- or better as well as other designated courses relevant to the internship and earning a C or better in combination of these courses and Economics 110. Internships need to be for different experiences therefore continuation of previous internships, part-time or summer jobs is not allowed. The department will not give credit for internships that do not build directly on prior course work. Students on academic probation are ineligible for this program. Contact the Internship Supervisor for Economics and Business regarding additional information and guidelines. (Cross-listed as Economics 490.)