Economics Faculty: A. Cristina Cunha Parsons, Assistant Professor of Economics (Program Chair) Description The Economics Program at Trinity combines the traditional cornerstones of economics with the distinct concerns of Trinity College. The curriculum is designed to prepare students in microeconomics, macroeconomics, mathematics, and statistics, as well as applied policy areas. The program provides breadth and depth in the study of public policy and international economic relations. Student interests in related fields can be satisfied through choosing Foundations for Leadership Curriculum offerings and complementary elective courses in related disciplines. Students are strongly encouraged to take courses in political science, sociology, psychology, history, philosophy, and theology. The program trains students in economic analysis, logic, integration, and research, preparing majors to pursue graduate studies in economics, public policy, law, business administration, or management, or to pursue careers in business, government, international organizations, or the nonprofit sector of the economy. The Economics Program supports a major and a minor in both the Weekday and Weekend College Programs. Major Requirements Required Courses (28 credits) ECO 121, 122 Introduction to Economics I & II (Macroeconomics and Microeconomics) ECO 365 Microeconomic Theory ECO 366 Macroeconomic Theory ECO 367 Econometrics ECO 480, 482 Senior Seminar I & II (Macroeconomics and Microeconomics) MAT 110 Introduction to Statistics MAT 125* Calculus and Analytical Geometry I *Weekend majors may substitute an elective course for Mathematics 125. Elective Courses (18 credits) SIX additional upperlevel (200300 level) courses in economics Minor Requirements Required Courses (15 credits) ECO 121, 122 Introduction to Economics I & II (Macroeconomics and Microeconomics) ECO 365 Microeconomic Theory ECO 366 Macroeconomic Theory MAT 110 Introduction to Statistics   Elective Courses (6 credits) TWO additional upperlevel (200 or 300-level) courses in economics Program Policies Advanced Placement: Advanced Placement scores of 4 or 5 will be accepted for credit by the Economics Program to satisfy Economics 121 and 122 (Introduction to Economics). CLEP Policy: Standard scores and above are accepted in the CLEP examination only in consultation with program faculty. Grades in Major Courses: Majors must maintain a minimum cumulative GPA of 2.0 in their major. Majors must receive a grade of "C" or better in required courses. Pass/No Pass: With the exception of internships, courses fulfilling a major or minor requirement may not be taken pass/no pass. Senior Assessment: The senior assessment includes a comprehensive project to be completed under the direction of program faculty. Students must earn a grade of "C" or better on this project. TELL Policy: Students applying for credit in experiential learning should consult with the program faculty. Transfer Credits: Transferring students who wish to minor in economics must take at least three economics courses at Trinity. Transferring students who wish to major in economics must take at least six economics courses at Trinity, two of which must be Economics 480 and 482. Acceptance of transfer courses is dependent upon program review and approval. Course Descriptions ECO 102 Understanding Economic Math Tools 2 cr Reviews the math concepts used in introductory economics, such as drawing and interpreting graphs, solving systems of equations, and calculating slope. This course does not count toward the fulfillment of major or minor requirements. ECO 121 Introduction to Economics I (Macroeconomics) 3 cr Introduces principles of macroeconomics, emphasizing such topics as national income, unemployment, inflation, and economic growth. The role of policy in affecting macroeconomic outcomes is examined in detail. Prerequisite: ECO 122 FLC, Area VI, Level 1 Core, II ECO 122 Introduction to Economics II (Microeconomics) 3 cr Introduces principles of microeconomics and their applications. Topics include supply and demand, operation of markets, consumer and enterprise behavior, competition and monopoly, income distribution, poverty, discrimination, and microeconomic policy. Prerequisite: MAT 103 or higher level math course FLC, Area VI, Level 1 Core, II ECO 210 Economic Policy Issues: Fundamental Tax and Social Security Reform 3 cr Analyzes current topics in applied macroeconomic and microeconomic theory. Topics include fundamental tax and social security reform. ECO 235 Environmental Economics 3 cr Provides a background in environmental and resources economics. Externalities, evaluation methods, and corrective mechanisms are covered. The course explores optimal depletion rates of both exhaustible and renewable resources through the use of basic economic models. It also surveys existing environmental legislation and analyzes policies which may improve society's welfare. Prerequisite: ECO 122 ECO 262 Inequality 3 cr Analyzes issues surrounding economic inequality within the United States and across the world. Applies models of microeconomic theory to public policy problems associated with inequality. Prerequisite: ECO 122 FLC, Area VI, Level 2 ECO 263 Money and Banking 3 cr Describes and analyzes money and its functions; the financial system, including the monetary authority, financial institutions, and financial markets; and monetary policy, its implementation and effects on the economic system. Prerequisite: ECO 122 ECO 265 Latin American Economics 3 cr Provides an overview of the economic development process and the main policy issues that confront Latin America. The course covers the historical background, explanations of underdevelopment, and the recent performance of Latin American economies, as well as policy issues and specific current problems in the region. Prerequisites: ECO 121 and 122 ECO 270 International Economics 3 cr Examines the economics of international trade and finance, with an emphasis on trade issues. Topics include theories on why countries engage in trade; tools of trade policy; reasons for trade restrictions; economic effects of regional trading blocs, such as the North American Free Trade Agreement and the European Community; and exchange rate markets. Prerequisites: ECO 122; recommended: ECO 121 ECO 280 Issues in Economic Development 3 cr Examines economic problems of developing countries, with an emphasis on the role of policy. Compares economic performance across both developing and developed countries. Prerequisites: ECO 121 and 122 ECO 352 Industrial Organization 3 cr Analyzes economic models of U.S. antitrust and regulation laws. Applies economic analysis to legal case studies of price controls, horizontal and vertical mergers, intent to monopolize, environmental regulation, and franchising. Prerequisites: ECO 122; recommended: ECO 365 ECO 361 Labor Economics 3 cr Analyzes the process of wage and employment determination, the organization and role of labor unions, the structure of labor markets, labor market discrimination, and macroeconomic implications of labor market behavior. Prerequisite: ECO 122 FLC, Area VI, Level 2 ECO 365 Microeconomic Theory 3 cr Examines the behavior of individual economic agents. Develops models of consumer and producer behavior in the setting of perfect competition, monopoly, and other market structures. Prerequisites: ECO 122; recommended: ECO 121 ECO 366 Macroeconomic Theory 3 cr Examines the economy from the aggregate point of view. Analyzes the factors that cause fluctuations in important economic variables such as output, employment, consumption, investment, the price level, interest rates, and exchange rates. Prerequisites: ECO 121; recommended: ECO 122 ECO 367 Econometrics 3 cr Develops the tools necessary for applied economic research. After a review of statistical inference, regression analysis is undertaken. Econometric techniques are used to estimate, test, and deal with various problems of singleequation and multipleequation economic models. Prerequisites: ECO 121, ECO 122, and MAT 110 ECO 369 Public Finance 3 cr Analyzes the principles of government expenditure and taxation. Topics include public goods, externalities, costbenefit analysis, the structure of the U.S. tax systems, and the effects of expenditure programs and taxes on economic behavior. Specific public policy issues are also addressed. Prerequisite: ECO 122 ECO 371 International Finance 3 cr Studies the principles of openeconomy macroeconomics. The course describes and analyzes the determinants of exchange rates, trade balances, and capital flows. The role of policy in affecting output levels, price levels, and interest rates in different countries is examined in detail. Past and present international monetary arrangements are examined. Prerequisite: ECO 121 ECO 375 Women and the Economy 3 cr Applies the theory of the household and investment in human resources to female labor force participation, marriage, family formation, sex discrimination, women's education choices, and government policies affecting the economic status of women. Prerequisite: ECO 122 ECO 480 Senior Seminar 3 cr Develops advanced macroeconomic theory and applies it to current issues in macroeconomics. Topics include microeconomic foundations, real business cycle theory, and overlappinggenerations models. Requires a major research paper. Prerequisites: ECO 121, 122, and 366 ECO 482 Senior Seminar II 3 cr Develops advanced microeconomic theory and applies it to current issues in microeconomics. Topics include game theory, strategic pricing policies, research and development issues, and environmental economics. Requires a major research paper. Prerequisites: ECO 121, 122, and 365 ECO 488 Internship credits arranged Economics majors may be employed in meaningful work in government, business, labor, research, and finance. Eligibility for internship requires secondsemester junior status at least. Forty hours are required for each credit; no more than three credits can be earned for a single internship. No more than two internships are eligible for credit. Supervision includes weekly consultation with the internship advisor and constant supervision by the onsite internship supervisor. Two evaluations are required: one by the onsite supervisor and one by the student. Pass/no pass grading system is used.