Economics

• Degree Requirements
• Course Listing

Dr. Scott A. Carson
Associate Professor of Economics
Dr. Scott A. Carson is an associate professor of economics in the School of Business. His research interests include labor economics and labor market development, the interaction between economics and health, and the influences of institutions on economic growth. Dr. Carson’s current research considers the biological consequences of America’s 19th century transformation in the Deep South from slavery to free labor on both African-Americans and European-Americans. Dr. Carson serves as a lecturer at the University of California, Berkeley in the Summer.

Administered by the School of Business, the Economics program is designed to afford students the opportunity to prepare as economists or to serve other disciplines such as accounting, finance, management, marketing, government, education, sociology or history. Economics includes two broad areas: microeconomics and macroeconomics.

Microeconomics is an area applicable to any study of human endeavor where scarce resources must be allocated among competing uses. It is the study of humankind’s behavior in producing, exchanging and consuming material goods and services. Macroeconomics includes the study of the performance of the economy as a whole and includes such problems as inflation, unemployment and the rate of economic growth. Both programs at UT Permian Basin include forecasting, a skill enabling individuals, firms and governmental bodies to adjust to anticipated economic conditions.

A basic understanding of economics is essential for a well-informed citizenry since most of today’s problems have important economic aspects. It is also a vital discipline for, and is of practical value in, business decision-making. An understanding of the overall operation of the economic system puts businesses in a better position to formulate policies.

In spite of its practical benefits, economics is primarily an academic, not a vocational subject. In economics, problems are examined from a social, rather than an individual, point of view.

A Bachelor of Arts (BA) degree in Economics aims to prepare students for participation in public affairs, positions in business firms and government service. It offers a strong foundation for pre-law students and for further graduate study leading to teaching and research positions in universities, government and private enterprise.

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Degree Requirements

The minimum total credits required for a BA degree in Economics is 120. This degree requires a minor field of study.

Sample Degree Plan

General Education 44 Credits

Complete the requirements shown in the General Education Requirements section on pages 51-52 of this catalog. Include the following specified courses:

Computer Use

Economics majors obtain computer skills for problem-solving in COSC 1335 (BCIS 1305 or 1405), a required lower-division course. These skills are applied to solving economic problems in upper division core courses, such as MNGT 3302 and ECON 4307.

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Course Listing

ECON 2301 Principles of Macroeconomics (3)†
A description of major economic problems facing modern societies is presented together with how the capitalistic market system addresses these issues. The emphasis is on macroeconomics theory and practice. Prerequisite: Sophomore standing. S F

ECON 2302 Principles of Microeconomics (3)†
Individual consumer and producer choices are analyzed. Emphasis is placed on supply and demand relationships, utility concepts, and cost and revenue curves as they relate to price theory and various forms of competition. Completion of ECON 2301 is recommended, but not required. S F

ECON 3303 Intermediate Microeconomics (3)
A detailed study of the underlying assumptions of rational consumer behavior is studied. This is combined with the expected actions of profit-motivated firms under perfect and imperfect competitive conditions to analyze economic efficiency of different market structures. Prerequisite: ECON 2302. S

ECON 3322 Money and Banking (3)
The course describes how banks, the Federal Reserve and U.S. Treasury interact to determine money supplies. Recent and current attempts to control inflation and unemployment are highlighted. Prerequisites: ECON 2301 and ECON 2302. F

ECON 4307 Econometrics (3)
The course focuses on applied econometrics including estimating and testing simple, multiple, and simultaneous equation models. It further covers problems in multicolinearity, autocorrelation and generalized least squares. Prerequisites: MNGT 2301 and MNGT 3302. S

ECON 4320 International Trade (3)
An examination of the monetary and real aspects of trade, including foreign exchange rates, balance of payments problems, and the theories concerning the reasons for trade. Prerequisites: ECON 2301 and ECON 2302.

ECON 4323 Intermediate Macroeconomics (3)
Theories of output, employment, price level and growth rate are developed. Relationships between accepted theories and actual data in recent years are analyzed. Prerequisite: ECON 2301. F

ECON 4325 Managerial Economics (3)
Uses economic analytical tools including demand forecasting, resource allocation, and cost profitability for managerial decision making are presented. Prerequisites: MNGT 2301; MNGT 3302; ECON 2301 and ECON 2302.

ECON 4330 Economics of Industry (3)
A study is made of the market processes which direct industry to satisfy societal demands, how these processes may fail, and possible remedies. Prerequisites: ECON 2301; 2302, and 3303.

ECON 4331 Law and Economics (3)
The course covers common law allocative mechanisms of contract, tort, and property law as alternatives to collective intervention when markets fail. It also includes consideration of the economic logic of law. Prerequisites: ECON 2301 and ECON 2302.

ECON 4332 Labor Economics (3)
Course includes the study of labor market issues such as human capital, compensating wage differentials, migration, and the effects of institutions on labor market outcomes. It is recommended to any one who wants to understand the nature of labor market economics but is particularly valuable to potential managers. Prerequisites: ECON 2301 and ECON 2302.

ECON 4333 Business and Economic History (3)
The course covers the transformation of the United States from a rural, agricultural colony to a major industrial nation and its impact on households, firms, and governmental units. It emphasizes economic growth and the evolution of the modern corporation. Prerequisites: ECON 2301 and ECON 2302.

ECON 4337 Engineering Economics (3)
The study of the systematic evaluation of the costs and benefits associated with proposed technical projects. Prerequisite: ECON 2301 and 2302.

ECON 4389 Selected Topics in Economics (3)
These are undergraduate courses which will be offered only once or will be offered infrequently or which are being developed before a regular listing in the catalog. Prerequisite varies.

ECON 4391 Contract Study in Economics (3)
This course provides for individual independent study or research project that addresses a topic not offered in the curriculum. Prerequisite varies.

ECON 4392 Internship (3)
A supervised field and academic experience. May be repeated once for credit for distinctly different learning experiences. Prerequisite: 12 credit hours of ECON and completed internship application form with permission of academic advisor, area coordinator, and experiential learning program coordinator.

† Course fulfills general education requirements.

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