Economics Minor

An introductory course covering issues relating to the economy as a whole. Topics covered include, but are not limited to, the study of national income and the Gross Domestic Product (GDP), national income determination, investment, consumption and consumption theories; classical economic theories, Keynesianism, monetarism, rational expectations, supply-side economics; the business cycle, inflation, unemployment; money and the money supply, the banking system, the federal reserve system, monetary and fiscal policy, budget deficits and the national debt.

An introductory course covering issues relating to individual economic units: namely, the individual consumer, the individual firm, the individual factors of production—land, labor, and capital. Topics covered include, but are not limited to, price theory, price determination through equilibrium, supply and demand, analysis of consumer demand, utility theory and marginal utility, consumer equilibrium, indifference curve analysis, analysis of supply, theory of production, pricing in perfectly and imperfectly competitive markets, types of imperfect competition, anti-trust laws in the U.S., and distribution of income.

Money and its equivalents, interest rates, the role of the Federal Reserve and the banking system. In particular, the workings of the money market and its instruments, including treasury bills and commercial paper, financial institutions, and monetary policy and its effects on the national and global economies. Prerequisites: EBEN 101 and 102.

Analysis of the macroeconomy – GDP, national income, inflation, unemployment, growth. Topics include measurement of product and income, savings, price indices and inflation, interest rates, production functions, supply and demand of labor, full employment output, unemployment, Okun’s law, consumption and savings decision, Ricardian equivalence, desired capital stock, investment, open economy vs. closed economy, growth, supply and demand for money, the business cycle, IS-LM/ Ad-AS analysis, the classical position, Keynesianism, macroeconomic policy, inflationunemployment trade off, Federal Reserve, monetary policy, fiscal policy, spending and deficits. Prerequisites: EBEN 101 and 102.

Optimal decision-making on the level of individual economic units; consumer and producer. Topics include rational consumer choice, in-depth indifference curve analysis, price consumption curve, Engel curve, Giffen good, price and income elasticity of demand, consumer surplus, inter-temporal choice model, information and consumer decision making, altruism, cognitive limitations and consumer behavior. Producer decisionmaking, costs, perfect competition, imperfect competition, game theory and oligopoly. Prerequisites: EBEN 101 and EBEN 102.

Money and its equivalents, interest rates, the role of the Federal Reserve and the banking system. In particular, the workings of the money market and its instruments, including treasury bills and commercial paper, financial institutions, and monetary policy and its effects on the national and global economies. Prerequisites: EBEN 101 and 102.

Analysis of the macroeconomy – GDP, national income, inflation, unemployment, growth. Topics include measurement of product and income, savings, price indices and inflation, interest rates, production functions, supply and demand of labor, full employment output, unemployment, Okun’s law, consumption and savings decision, Ricardian equivalence, desired capital stock, investment, open economy vs. closed economy, growth, supply and demand for money, the business cycle, IS-LM/ Ad-AS analysis, the classical position, Keynesianism, macroeconomic policy, inflationunemployment trade off, Federal Reserve, monetary policy, fiscal policy, spending and deficits. Prerequisites: EBEN 101 and 102.

Optimal decision-making on the level of individual economic units; consumer and producer. Topics include rational consumer choice, in-depth indifference curve analysis, price consumption curve, Engel curve, Giffen good, price and income elasticity of demand, consumer surplus, inter-temporal choice model, information and consumer decision making, altruism, cognitive limitations and consumer behavior. Producer decisionmaking, costs, perfect competition, imperfect competition, game theory and oligopoly. Prerequisites: EBEN 101 and EBEN 102.

Economic factors in the emergence of urban centers and historical changes in their economic functions. Determinants of the size and location of cities and the occupational characteristics of the urban labor force. Analysis of the proper economic scope of local government and the financing of its expenditures. Allocation and pricing of public services. Aspects of urban renewal and study of the urban ghetto. Prerequisites: EBEN 101 and EBEN 102.

The unique aspects of the economy of Israel as affected by international, national, and regional political developments with reference to overall economic development, agriculture, industry, the Kibbutz, Moshav, and the private sector. Prerequisite: EBEN 101 and EBEN 102.

The influence of the quantity of money on prices, growth and employment and its relation to the central banking system’s control of the money supply. Prerequisites: EBEN 101 and 102.

An analysis of economic systems through formulation of economic models, and an analysis of actual economic societies including comparison of capitalism and socialism. Prerequisite: EBEN 101 and 102.

The development of economic thought from antiquity to modern times. Emphasis on the contrast and similarities between such divergent schools of thought as mercantilism, the physiocratic school, the classical school, the socialist school, the historical school, and the neoclassical school. Prominent theorists such as Aristotle, Quesnay, Smith, Ricardo, Malthus, Von Thunen, Marx, Menger, Jevons, Walras, Marshall, Hayek, Keynes, Schumpeter, Samuelson, Friedman, Becker will be discussed, as will the periodic resurgence of various themes and the links between economic thought and economic history. Prerequisites: EBEN 101 and 102.

Analysis of the causes and effects of government expenditures and taxation in the United States economy. Determination of optimal types and accounts of government expenditure on goods and services, various types of taxation examined for equity efficiency, role in fiscal policy and effective on productive standards of income distribution and to inter-governmental fiscal relationships in the United States. Prerequisite: EBEN 101 and 102.

An application of economic analysis to current topics of interest. Issues such as international trade and finance, government regulations, inflation, and unemployment may be considered. May be repeated for credit.

An in-depth study of modern trade theory and monetary relations. Topics include but are not limited to globalization, absolute and comparative advantage, theory of reciprocal demand, offer curves, factor endowment theory and other theories of trade, Leontief paradox, tariffs and their effects, balance of payments issues, foreign exchange rate determinants, spot and futures markets, arbitrage, purchasing power parity, balance of payments adjustments, exchange rate adjustments, and its effect on the balance of payments. Prerequisites: EBEN 101, EBEN 102 and EBFN 101.

An introductory study of the basic principles, instruments, and institutions in the financial marketplace. Topics include the concept of money; the Federal Reserve and the banking system; the provision and management of funds for both the short and long terms; the basic financial instruments; financial characteristics of the firm, including basic balance sheet analysis; the role of the stock and bond markets; interest rates and present value analysis; personal finance issues. Corequisite: EBEN 101 or EBEN 102.

Methods of capital budgeting and corporate financial decision-making; valuation techniques, market efficiency, capital structure, dividend policy, Betas, cost of capital, portfolio analysis and the Miller Modigliani principle are incorporated into the analysis; financial analysis under conditions of certainty and uncertainty. Prerequisite: EBFN 101.