University of Maine at Farmington 2020-2021 Catalog

 
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Economics
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  ECO 101S - Principles of Macroeconomics

This course introduces the tools and techniques of macroeconomic analysis. Topics include measurement of aggregate economic activity, relationship of consumption and saving to income, elements of aggregate demand, money and banking systems, fiscal and monetary policies designed to maintain full employment and price stability, and international trade and balance of payments. Prerequisite(s): none. Every semester.



Credit: 4

  ECO 102S - Principles of Microeconomics

This course introduces the economic choice behavior of individual households, business firms, and resource owners. Topics include resource allocation, consumer equilibrium, supply and demand analysis, cost analysis, price and output determination under different market structures, factor price determination, and labor markets. Also includes application of microeconomic analysis to current economic problems including energy, pollution, discrimination, and urban change. Prerequisite(s): none. Every semester.



Credit: 4

  ECO 228 - Environmental and Natural Resource Economics

This course considers the economics aspects of resource and environmental issues. The concepts of externalities, public goods, and common property resources are covered as well as the measurement of costs and benefits of environmental policy in order to estimate socially optimal levels of environmental quality.  Applications of these tools will be made to air and water pollution, fisheries, and energy. Various policy responses to environmental issues, such as regulation, marketable permits, and tax incentives, will be discussed. Prerequisite(s): ECO 101S or ECO 102S or permission of instructor. Every two years.



Credit: 4

  ECO 230 - Behavorial Economics

Behavioral economics relaxes the traditional assumption of rationality built into many economic models to explore the impact of cognitive ability, social interaction, moral motivation, and emotional responses on human behavior and economic outcomes. These influences are motivated by empirical findings in psychology, sociology and related disciplines, as well as the field of experimental economics. Behavioral economics seeks to generate insights, make more accurate predictions, and suggest welfare improving policies. The course will include simulations to generate data under controlled conditions to provide a framework to test behavioral outcomes. Prerequisite(s): ECO 101S and ECO 102S. (Pass/Fail option) Every two years.



Credit: 4

  ECO 260 - The Global Majority

This course covers the most important issues related to the development process of the global majority.  The Global Majority is defined as the about 85 percent of the world’s population living in developing countries. The central theme of development is based on rudimentary economic theory and equally important human dimensions of development. Applications of elementary economic analysis are supplemented by non-traditional materials such as films or novels.  Particular emphasis will be placed on the impact of culture and institutions on economic outcomes. (Pass/Fail option) Pre-requisites: None. Every 2 years.

The main objectives of this course are to provide students an introduction to:

  • The plight of developing countries

  • Alternate paths of development

  • Relationships between industrialized and developing countries


Credit: 4

  ECO 277 - Special Topics in Economics

The study of a specialized topic not offered in the usual curriculum. Varies. 



Credit: 2-4

  ECO 305 - International Economics

This course covers the theory and issues of both international trade and international finance. Topics include comparative advantage and the gains from trade among countries; trade agreements and trade issues as well as the US balance of payments. Different exchange rate regimes, international institutions and international monetary systems will also be discussed. Prerequisite(s): ECO 101S and ECO 102S. Every two years. 



Credit: 4

  ECO 308 - Intermediate Microeconomic Theory

This course covers intermediate microeconomic theory. The behavior and choices of consumers and firms will be discussed and analyzed. Market efficiencies and inefficiencies will be covered as well. Prerequisite(s): ECO 101S and ECO 102S. Every two years.



Credit: 4

  ECO 309 - Money and Banking

Examines the nature and functions of money and other financial assets and the structure and operation of the monetary system in the United States. Analyzes national and international financial markets. Examines macroeconomic stabilization theory and policy. Prerequisite(s): ECO 101S and ECO 102S. Every two years.



Credit: 4

  ECO 325 - Public Finance

This course studies how government policy affects the economy and the welfare of citizens. Examines policy issues including pollution, poverty, tax reform, budget priorities, social security, deficit financing, education and regional development. Prerequisite: ECO 101S and ECO 102S. Every three years.



Credit: 4

  ECO 377 - Special Topics in Economics

The study of a special topic in economics not offered in the economics curriculum. Examples include: The Economics of Women, Comparative Economics Systems, Development Economics, Labor Economics, Public Economics and Health Economics. Prerequisite(s): 8 hours in Economics plus junior or senior standing; further prerequisites at the discretion of instructor. Varies.



Credit: 4

  ECO 385 - Projects in Business and Economics

This will be a project based, experiential learning course. The primary goal of the course is to develop skills in applying business and economics principles to solve real work problems. The process will be preceded by foundations in project management, leadership, group dynamics and research methodology. The students will be evaluated not only on their approach, findings and presentation of their research study / project, but also on the manner in which they worked together in a group, provided leadership and other group functions as well as the insights they developed into their functioning within teams. This course aims to develop leadership, problem solving and analytical skills, as well as providing mechanisms for facilitating such processes. Prerequisites: Junior Standing or Permission of Instructor. Every two years



Credit: 4

  ECO 396 - Internship in Economics

The internship experience requires the application of prior academic business/economics course work. Proposals should be developed in consultation with a faculty member and submitted in writing to the Chairperson of the Division of Social Sciences and Business for approval prior to registration. Upon the conclusion of the internship, the student must submit a comprehensive report on the experience to the supervising faculty member. No student is permitted to enroll for more than sixteen credits in ECO 396. Credits will be allowed on the basis of 32 work hours per credit. Pass/Fail only. Prerequisite(s): Senior standing and divisional permission required. Varies.



Credit: 4-16

  ECO 397 - Independent Study in Economics

An opportunity to pursue an area of economic inquiry. Requires completion of research project and reading program. Cannot substitute for a required course. Prerequisite(s): ECO 308 and ECO 309. (Pass/Fail option) Varies.



Credit: 4

  ECO 450 - Managerial Economics

The economic model of the firm is developed with emphasis on the increased importance of the efficient use of scarce economic resources. Demand estimation techniques, forecasting, cost analysis, use of economic methodology to execute competitive strategy under conditions of perfect competition, monopoly, monopolistic competition and oligopoly are examined using regression analysis. Prerequisite(s): ECO 101S and ECO 102S; for students in HIS, ECO 101S or ECO 102S. Every year.



Credit: 4

  ECO 477 - Special Topics in Economics

The study of a specialized topic not offered in the usual curriculum. Varies. 



Credit: 2-4

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