Business Economics

 

Business Economics Major Requirements

Learn more about this major

Business Economics Major Requirements

The Business Economics Major consists of a minimum of 24 credits, which include four (4) required courses and two (2) elective courses in addition to the following BSBA core prerequisite courses: EC-101, EC-102, and statistics.

A cumulative grade point average of at least 2.0 in the Business Economics major and a cumulative grade point average of 2.0 overall must be maintained to graduate.

The Business Economics Major is offered by the Economics Department in the College of Arts and Sciences.

Degree Requirements - 124 credits

Students can earn a bachelor of science in business administration with this major. See the requirements for the bachelor of science in business administration degree.

Prerequisites:

EC-101 and EC-102

Credits:

4.00

Description:

This course covers the neoclassical and Keynesian models of aggregate economic activity. Coverage of the measurement of economic variables such as aggregate income the inflation rate and the unemployment rate. Examines the behavior of the economy under conditions of price flexibility in the long run and price rigidity in the short run under rational and adaptive expectations. Analysis of the effect of changes in taxes and government expenditures monetary policy and deficits on the economy. Coverage of the sources of economic growth. Required of all majors in Economics. Normally offered every semester.

Prerequisites:

EC-101 and EC-102

Credits:

4.00

Description:

Managerial economics applies microeconomic and quantitative analysis to the formulation of rational managerial decisions. These tools shape decisions about output and pricing about the choice of product quality the type of production process used the mix of inputs employed the suitability of mergers and acquisitions the management of risk and the design of incentives in a world of imperfect information. This course explains the tools of managerial economics puts them into context using numerous case studies and applies them to significant real business situations.

Prerequisites:

STATS-250 or STATS-240 or MATH-255 or permission of instructor

Credits:

4.00

Description:

This course begins with a brief review of statistical methods including probability theory estimation and hypothesis testing. This background is used in the construction estimation and testing of econometric models. The consequences of a misspecified model where the assumptions of a classical regression model are violated are studied and the appropriate remedial measures are suggested. Other topics include dummy variables binary choice models and autoregressive models. Emphasis is on applied aspects of econometric modeling. There is extensive use of statistical software for data analyses. Normally offered every year.

Prerequisites:

EC-450 or STATS-350 and Senior Standing; Or permission of instructor.

Credits:

4.00

Description:

This is a required course for all students majoring in economics to be taken in the spring semester of their senior year. Students are required to develop an economic thesis project in consultation with the professor for the course and to present it to the class.

Elective Courses (2 courses, 8 credits)

Choose two (2) Economic courses of which at least one is at the 400-level or higher.

 

Learning Goals & Objectives

Learning goals and objectives reflect the educational outcomes achieved by students through the completion of this program. These transferable skills prepare Suffolk students for success in the workplace, in graduate school, and in their local and global communities.

Learning Goals
Learning Objectives
Students will... Upon completion of the program, each student should be able to...
Understand key business economic concepts and institutions and use this knowledge to explain business economic events, solve problems, and recommend and defend business economic policies.
  • Develop a knowledge base of business economic concepts and institutions.
  • Solve problems using business economic analysis.
  • Assess business economic policies.
  • Develop an understanding of the global economy.
Develop skills in using quantitative methods to solve business economic problems and analyze business economic issues.
  • Retrieve, interpret, and manipulate business economic data.
  • Conduct research projects that involve analyzing issues that use business economic data.
Communicate clearly both orally and in writing.
  • Present the results of their business economic studies in writing.
  • Orally present the results of their business economic studies.

Business Economics Minor Requirements

Learn more about this minor

Business Economics Minor Requirements

The Business Economics Minor requires six (6) courses of which three (3) are BSBA core prerequisites.

Complete these BSBA core prerequisite courses:

Prerequisites:

Non CAS majors need to have completed at least 15 credits.

Credits:

3.00

Description:

This course introduces students to foundational principles of microeconomic theory with an emphasis on applications of concepts to management decision-making in specific industry and market settings. It describes and analyzes the interaction of supply and demand and the behavior of the prices of goods services. It explains the determinations of costs output strategic pricing and governance by firms under conditions of perfect and imperfect competition in a global economy. In addition it describes the supply demand for factors of production and the impact of taxes and government regulation and intervention on firms and consumers.

Prerequisites:

Non-CAS majors need to have completed at least 15 credits

Credits:

3.00

Description:

This course examines the workings of the national and the global economy. It will describe the determination of Gross Domestic Product the problems of unemployment inflation and the determination of economic growth. It will also describe and analyze the determination of the country's exchange rate the balance of payments and international borrowing and lending. A particular focus will be on understanding economic fluctuations (booms busts and recessions) in the domestic economy and its effects on other economies. It will analyze the role of the government and the effects of government spending and taxation on the economy. Furthermore it will describe and analyze the determination of the quantity of money and interest rates in the economy and the role of the country's central bank. It examines the basis and pattern of international trade and the effects of a country's trade policy on the economy.

Prerequisites:

MATH-128 or higher

Credits:

4.00

Description:

Application of statistical analysis to real-world business and economic problems. Topics include data presentation descriptive statistics including measures of location and dispersion introduction to probability discrete and continuous random variables probability distributions including binomial and normal distributions sampling and sampling distributions statistical inference including estimation and hypothesis testing simple and multiple regression analysis. The use of computers is emphasized throughout the course. Normally offered each semester.

Choose one of the following:

Prerequisites:

EC-101 and EC-102

Credits:

4.00

Description:

This course covers the neoclassical and Keynesian models of aggregate economic activity. Coverage of the measurement of economic variables such as aggregate income the inflation rate and the unemployment rate. Examines the behavior of the economy under conditions of price flexibility in the long run and price rigidity in the short run under rational and adaptive expectations. Analysis of the effect of changes in taxes and government expenditures monetary policy and deficits on the economy. Coverage of the sources of economic growth. Required of all majors in Economics. Normally offered every semester.

Prerequisites:

EC-101 and EC-102

Credits:

4.00

Description:

Managerial economics applies microeconomic and quantitative analysis to the formulation of rational managerial decisions. These tools shape decisions about output and pricing about the choice of product quality the type of production process used the mix of inputs employed the suitability of mergers and acquisitions the management of risk and the design of incentives in a world of imperfect information. This course explains the tools of managerial economics puts them into context using numerous case studies and applies them to significant real business situations.

Choose any other two (2) Economics courses of which at least one is at the 400-level or higher, for a total of eight (8) credits.

Economics Undergraduate Courses

Prerequisites:

Non CAS majors need to have completed at least 15 credits.

Credits:

3.00

Description:

This course introduces students to foundational principles of microeconomic theory with an emphasis on applications of concepts to management decision-making in specific industry and market settings. It describes and analyzes the interaction of supply and demand and the behavior of the prices of goods services. It explains the determinations of costs output strategic pricing and governance by firms under conditions of perfect and imperfect competition in a global economy. In addition it describes the supply demand for factors of production and the impact of taxes and government regulation and intervention on firms and consumers.

Prerequisites:

Non-CAS majors need to have completed at least 15 credits

Credits:

3.00

Description:

This course examines the workings of the national and the global economy. It will describe the determination of Gross Domestic Product the problems of unemployment inflation and the determination of economic growth. It will also describe and analyze the determination of the country's exchange rate the balance of payments and international borrowing and lending. A particular focus will be on understanding economic fluctuations (booms busts and recessions) in the domestic economy and its effects on other economies. It will analyze the role of the government and the effects of government spending and taxation on the economy. Furthermore it will describe and analyze the determination of the quantity of money and interest rates in the economy and the role of the country's central bank. It examines the basis and pattern of international trade and the effects of a country's trade policy on the economy.

Prerequisites:

Honors student status or 3.3 GPA required.

Credits:

3.00

Description:

Introduction to the organization and operation of a market economy with a focus on how it allocates scarce resources; the analysis of consumer demand and profit maximizing behavior of business; examination of pricing and output decisions under conditions of competition monopoly and imperfect competition. Analysis of markets for labor and capital. Policy issues include price ceilings and floors competition and monopoly. Normally offered every semester.

Prerequisites:

GPA of 3.3 or higher

Credits:

3.00

Description:

The measurement of economic growth; introduction to the theory of determination of national income and the price level; unemployment and inflation; theories on economic growth and the role of labor and capital in economic growth; functioning and impact of the monetary system; analysis of monetary and fiscal policies for economic stabilization; international transactions and their influence on the domestic economy. Prerequisites: GPA of 3.2 or higher. Normally offered every year.

Credits:

4.00

Description:

Identifies the environmental effects of economic activity including polluted water and air noise and radiation and values their costs and benefits. Analyzes mechanisms including taxes and permits for achieving a socially preferable level of pollution. Traces role played by institutions including common ownership in affecting environmental decay. Resource depletion (of oil forests and fisheries) and appropriate policy responses.

Credits:

4.00

Description:

Why do so many countries remain so poor? Why have some (e.g. the Asian "tigers") grown so rapidly? Why have most of the countries of Eastern Europe and the Former Soviet Union been slow to ignite economic growth? These questions are addressed by looking at domestic factors (government policies resource endowments) as well as the international environment (mobile investors international financial institutions). Asks what economic choices these countries face now. Normally offered yearly. Cultural Diversity B

Credits:

4.00

Description:

The study of how economic and human activity is distributed across space the reasons for these spatial distributions and the processes that change the spatial organization of economic activity over time. Topics include: maps map projections and geographic information systems; population geography; the organization and location of cities towns and villages; transportation and communication policy; industrial location; the geography of world trade; and geographic features of economic development. The course takes a global perspective and draws on cases and examples from all over the world. Cultural Diversity B

Prerequisites:

EC 101 and EC 102

Credits:

4.00

Description:

Theory of consumer behavior and demand. Theory of production and costs of production. Theory of the firm and price and output decisions in different market structures i.e. under perfect competition monopoly monopolistic competition and oligopoly. Decisions relating to pricing and employment of various inputs (labor and capital) under perfectly competitive and less than perfectly competitive resource markets. Required of all majors in Economics. Normally offered every semester.

Prerequisites:

EC-101 and EC-102

Credits:

4.00

Description:

This course covers the neoclassical and Keynesian models of aggregate economic activity. Coverage of the measurement of economic variables such as aggregate income the inflation rate and the unemployment rate. Examines the behavior of the economy under conditions of price flexibility in the long run and price rigidity in the short run under rational and adaptive expectations. Analysis of the effect of changes in taxes and government expenditures monetary policy and deficits on the economy. Coverage of the sources of economic growth. Required of all majors in Economics. Normally offered every semester.

Prerequisites:

EC-101 and MATH-134, MATH-164 or MATH-165

Credits:

4.00

Description:

This course introduces the mathematical basis of economic theory. Emphasis is placed on the mathematical tools that have been developed for various applications with a focus on applied microeconomic analysis. The techniques of comparative-statics analysis are developed. Univariate and multivariate calculus are then presented in the context of unconstrained and constrained optimization. The course concludes by introducing the foundations of discrete-time and continuous-time dynamic optimization.

Prerequisites:

Take EC-101

Credits:

4.00

Description:

More than half of the world population lives in urban areas. This course sets out to explain the existence growth geographic patterns and impact of cities and the effects of public policy on urban form structure and activity. It addresses the urban issues of transportation congestion housing crime poverty and inequality governance and the environment and asks how planning and policy can tackle these. The context of these discussions is the megacities of Asia: 24 of the world's 37 megacities (those with ten million or more inhabitants) are in Asia where they are home to almost 500 million people. The choices made by these cities will be considered in comparative perspective including with Boston New York Paris and London.

Prerequisites:

EC-101 and EC-102

Credits:

4.00

Description:

The theory of tax policy and tax structure. The effects on economic behavior (including labor supply saving risk-taking and investment charitable giving and growth) of different taxes (income sales value-added inheritance wealth property). Tax equity efficiency and incidence in the United States and in comparative perspective. Additional topics include modeling state taxes; social security and pensions; and tax compensation. Normally offered yearly.

Prerequisites:

EC-101 and EC-102

Credits:

4.00

Description:

This course examines theories of international trade. The policy implications of each theory are explored and the effect of trade on the welfare of the nation is examined. Also the development of trade blocs and the the political economy of trade are studied. Normally offered every year.

Prerequisites:

EC-101 and EC-102

Credits:

4.00

Description:

Managerial economics applies microeconomic and quantitative analysis to the formulation of rational managerial decisions. These tools shape decisions about output and pricing about the choice of product quality the type of production process used the mix of inputs employed the suitability of mergers and acquisitions the management of risk and the design of incentives in a world of imperfect information. This course explains the tools of managerial economics puts them into context using numerous case studies and applies them to significant real business situations.

Prerequisites:

Take EC-101 and EC-102, and take STATS-240 or STATS-250; Junior standing or higher

Credits:

4.00

Description:

This course focuses on the use and interpretation of real world economic and financial data. Emphasis is on hands-on experience of retrieving data from various databases and applications of statistical methods for analytical purposes. Main topics include the behavior of developed and emerging equity markets the analysis of foreign exchange rate movements sovereign risk foreign capital flows the characteristics of foreign direct investment by multinational companies and international trade patterns. The course trains students to further communication skills by requiring presentations of the data analysis and writing reports on various global economic and financial topics. Excel is extensively used in data analysis. Students with limited Excel experience are expected to complete Excel training modules at the beginning of the course.

Prerequisites:

EC-101 and EC-102

Credits:

4.00

Description:

The balance of payments and foreign exchange markets and instruments and the determination of exchange rates. Balance-of-payments adjustments under alternative exchange-rate systems international liquidity international economics policy and open economy macroeconomics.

Prerequisites:

EC-101 and EC-102

Credits:

4.00

Description:

An economic analysis of the European Union the history of European monetary and economic integration. and the creation of the Euro. A survey of the development and evolution of key European policies such competition industry agriculture environment regional etc. A discussion of economic implications of the enlargement of the European Union as well as its trade relations with the U.S. and other countries within the context of the World Trade Organization.

Prerequisites:

STATS-250 or STATS-240 or MATH-255 or permission of instructor

Credits:

4.00

Description:

This course begins with a brief review of statistical methods including probability theory estimation and hypothesis testing. This background is used in the construction estimation and testing of econometric models. The consequences of a misspecified model where the assumptions of a classical regression model are violated are studied and the appropriate remedial measures are suggested. Other topics include dummy variables binary choice models and autoregressive models. Emphasis is on applied aspects of econometric modeling. There is extensive use of statistical software for data analyses. Normally offered every year.

Prerequisites:

STATS-250 or STATS-240 or MATH-255 or permission of instructor. GPA of 3.3 or higher required.

Credits:

4.00

Description:

This course begins with a brief review of statistical methods including probability theory estimation and hypothesis testing. This background is used in the construction estimation and testing of econometric models. The consequences of a misspecified model where the assumptions of a classical regression model are violated are studied and the appropriate remedial measures are suggested. Other topics include dummy variables binary choice models and autoregressive models. Emphasis is on applied aspects of econometric modeling. There is extensive use of statistical software for data analyses. Prerequisites: GPA of 3.2 or higher STATS-250 or STATS-240 or MATH-255 or permission of instructor.

Prerequisites:

Take STATS-240 or STATS-250

Credits:

4.00

Description:

This course introduces the student to forecasting methods using time-series data with economic and financial data. Time-series models commonly used in forecasting include the autoregressive moving average (ARMA) model for stationary series and the autoregressive integrated moving average (ARIMA) model for nonstationary series. These models will be presented together with the estimation methods then used in applications. Statistical methods designed to evaluate compare and improve forecasting performance by combining different types of forecasts will be also discussed and illustrated using one or more widely-used programs such as EViews Gretl and R.

Prerequisites:

EC-101 and EC-102

Credits:

4.00

Description:

This course introduces students to the foundations of game theory using applications from economics and everyday decision-making. The course examines the common strategic elements of interactions between consumers and producers governments and citizens politicians and their constituencies countries and their trading partners and various other participants in social relationships. The course provides a theoretical framework for modeling strategic interaction beginning with the development of the concept of a Nash equilibrium reputation signaling collective-action problems and voting procedures and strategies. Normally offered every other year.

Prerequisites:

EC-102; STATS-250 or equivalent; EC-311 or EC-432 (or EC-101 with a B grade or higher)

Credits:

4.00

Description:

This course provides a solid foundation in financial economics. The course begins by setting out the nature of financial decision-making by households and firms in a risk-free world and then introduces risk in the context of financial markets. It considers portfolio management including mean-variance utility-maximizing and behavioral approaches. Attention next turns to asset valuation - of equities and fixed income securities as well as financial derivatives. The final section evaluates the applicability of the ideas of financial economics to the real world.

Prerequisites:

EC-101 and EC-102

Credits:

4.00

Description:

This course examines the role of depository institutions and the Federal Reserve system in determining the supply of money. The course also explains the financial environment and the role of monetary policy decisions on changes in price interest rates money and economic activity. The course provides the student with both theoretical and applied analysis. Prerequisites: EC 101 EC 102.

Prerequisites:

EC-450 or STATS-350 and Senior Standing; Or permission of instructor.

Credits:

4.00

Description:

This is a required course for all students majoring in economics to be taken in the spring semester of their senior year. Students are required to develop an economic thesis project in consultation with the professor for the course and to present it to the class.

Prerequisites:

EC-450, Senior standing required

Credits:

4.00

Description:

This is a required course for all students wishing to graduate with honors in economics to be taken in the spring semester of their senior year. Students are required to develop an economic thesis project in consultation with the professor for the course and to present it to the class.

Prerequisites:

Instructor's consent required

Credits:

1.00- 4.00

Description:

This course is designed to complement work experience in a position where economics plays a substantial role with an opportunity for writing reflection analysis and skills and career development. Individual learning goals and objectives will be formulated for each student based on their placement interest and career goals but students will normally be expected to write regular reflective journals and at least one substantial paper or essay that is undertaken either as part of the job or links the job experience with economic analysis or equivalent. Internships must be a minimum of 30 hours in total per credit and must be approved by the instructor in advance.

Prerequisites:

An independent study form must be submitted to the CAS Dean's Office.

Credits:

1.00- 5.00

Description:

Independent study in economics

Prerequisites:

MATH-128 or higher

Credits:

4.00

Description:

Application of statistical analysis to real-world business and economic problems. Topics include data presentation descriptive statistics including measures of location and dispersion introduction to probability discrete and continuous random variables probability distributions including binomial and normal distributions sampling and sampling distributions statistical inference including estimation and hypothesis testing simple and multiple regression analysis. The use of computers is emphasized throughout the course. Normally offered each semester.

Prerequisites:

MATH-128, MATH-130, MATH-134, MATH-164 or MATH-165 and Honors Course; GPA of 3.3 or higher

Credits:

4.00

Description:

Application of statistical analysis to real-world business and economic problems. Topics include data presentation descriptive statistics including measures of location and dispersion introduction to probability discrete and continuous random variables probability distributions including binomial and normal distributions sampling and sampling distributions statistical inference including estimation and hypothesis testing simple and multiple regression analyses. The use of computers is emphasized throughout the course. Prerequisite: MATH 130 MATH 134 MATH 146 or MATH 165 Honors Course GPA of 3.2 or higher required. 1 term - 4 credits Normally offered every year.