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Department of Economics

The Department of Economics offers both Bachelor of Arts and Bachelor of Science degrees in Economics. An undergraduate program in economics prepares a student for careers in business and government as well as for many graduate and professional degree programs.

Economics students can develop their understanding of economic issues in a variety of areas including financial institutions, international trade and finance, labor and industrial relations, health care economics, environmental and natural resource economics, public finance, and economic history.

A degree in economics provides rigorous analytical training with a broad understanding of the workings of the global economic system. Its flexibility allows students to tailor their education to specific interests and career goals.

Opportunities

An undergraduate degree in economics has long served as the foundation for advanced professional degrees in law and business, graduate study in economics, as well as jobs in business, industry and government.

Curricula and Degree Requirements

The Bachelor of Arts in Economics (B.A.) is a broad and flexible program of study. The major course work for the B.A. in Economics includes courses in economic theory, mathematics and statistics as well as courses in advanced, applied economics. The program provides for substantial flexibility, so students may tailor their studies to their particular interests and long-term goals.

The Bachelor of Science in Economics (B.S.) emphasizes training in analytical methods in economics. It differs from the Bachelor of Arts by placing greater emphasis on courses in mathematics, science, and statistics. 

All Economics majors are subject to the college's residency requirement: Students in the Economics majors (B.A. or B.S.) must earn at least 1/2 of their required economics (EC) credits while enrolled in the curriculum, and students must complete at least one-half of the required economics credit hours (EC courses) at NC State University.

Honors Program

The Honors Program in Economics is designed for academically talented and motivated students who desire a richer educational experience than offered in regular courses. The primary goal of this program is to help students develop the ability to apply economic analysis to a variety of issues at the individual, corporate, and government level.

Class size is kept small in honors sections to accommodate discussion and interaction among students and with the instructor. Students graduating with honors in economics are well prepared for graduate or professional school or for entering the private or public sector job market.

Students enrolled in the University Scholars program, or who have completed 30 hours at NC State with an overall GPA of 3.25 or better, may enroll in economics honors courses.

To be certified as a graduate of the economics honors program, students must have at least a 3.25 major GPA in all economics courses attempted at NC State and an overall GPA of 3.25 or higher. In addition, students must complete specific course requirements.

Questions about the economics honors program should be directed to the Department of Economics faculty.

Minor in Economics

The Minor in Economics is available to undergraduate students majoring in an area other than economics. The Minor in Economics is an excellent complement to many majors within the university, including international studies, political science, statistics, business administration, accounting, and engineering.

For additional information, view the "Academics - Minors" page on the Poole College of Management’s website.

Department Head

Lee A. Craig

EC - Economics Courses

EC 201 Principles of Microeconomics 3.
Credit is not allowed for both EC 201 and EC 205 or ARE 201..

Scarcity, production possibilities, and opportunity cost. Supply and demand analysis, free markets, the price system, and government policy. Microeconomic analysis of business decisions in competitive and noncompetitive markets. Labor markets, capital, and natural resource markets, and externalities. Market breakdown, income redistribution, and role of government. Free trade, tariffs, and gains from international trade. Credit will not be given for both EC 201 and either ARE 201 or EC 205.

EC 202 Principles of Macroeconomics 3.
Prerequisite: EC 201 or ARE 201 or EC 205.

Aggregate economic analysis emphasizing current public policy issues. Determinants of level and rate of growth of total output. Causes of unemployment and business cycles, inflation, and exchange rate fluctuations. Effects of monetary policy (money supply) and fiscal policy (government spending, taxes, deficits) on these problems. Trade surpluses/deficits and impact of international events and policies on national economies. Credit will not be given for both EC 202 and EC 205.

EC 205 Fundamentals of Economics 3.
Credit is not allowed for both EC 205 and EC 201 or ARE 201 or EC 202..

Fundamental ideas in economics: scarcity, substitution, opportunity cost, marginal analysis, gross domestic product, real and nominal magnitudes. Supply and demand analysis. Microeconomic analysis of pricing in competitive and noncompetitive markets. Macroeconomic analysis of production, employment, the price level, and inflation. Monetary and fiscal policy and the stabilization of the economy. Comparative advantage and international trade. Credit will not be given for both EC 205 and either EC 201 or ARE 201. Credit will not be given for both EC 205 and EC 202.

EC 301 Intermediate Microeconomics 3.
Prerequisite: MA 121 or 131 or MA 141; EC 201 or EC 205 or ARE 201. Credit is not allowed for both EC 301 and EC 310..

Functioning of the market economy, role of prices in determining the allocation of resources, the functioning of the firm in the economy, forces governing the production and consumption of economic goods. Credit not allowed in more than one of EC 301, 310, 401.

EC 302 Intermediate Macroeconomics 3.
Prerequisite: (EC 201 or EC 205 or ARE 201)and (MA 121 or MA 131 or MA 141).

Applied, analytical course in aggregate economics: business cycles, stabilization policy, inflation, costs of disinflation, international trade, and economic growth. Interaction of consumers and businesses with government economic policies; unemployment, interest rates, and output growth. Impacts of government deficits, trade deficits, and monetary policies.

EC 305 A Closer Look at Capitalism 3.
Prerequisite: EC 201 or EC 205 or ARE 201..

Comparison of market allocation to government allocation. Criteria for evaluating economic systems. How markets create value. Relationship of economic freedom to political freedom and economic growth. Applications to policies such as antitrust policy, education policy, and environmental policy.

EC 336 Introduction to Resource and Environmental Economics 3.
Prerequisite: ARE 201 or EC 201 or EC 205.

Application of basic economic tools to understand and evaluate environmental/resource policies. Concepts such as property rights, non-market goods, allocation over time, externalities, and public goods. Current policy issues such as global climate change, evaluating natural resource damages from oil spills, reducing the costs of regulations, protecting estuaries, and dealing with non-point source pollution.

EC 348 Introduction to International Economics 3.
Prerequisite: EC 201 or EC 205 or ARE 201..

Application of basic economic analysis to international economic events and policies. Gains from trade, impacts of trade restrictions, international systems of payments, global capital markets, and balancing international with domestic macroeconomic policies. Current policy issues such as economic integration (customs unions and free trade areas), a common European currency, and the role of international trade in economic growth and development.

EC 351 Data Analysis for Economists 3.
Prerequisite: (BUS/ST 350 or ST 302 or ST 361or ST 370 or ST 372).

Tools for describing and analyzing data as used in economics. Probability, random variables, sampling, point and interval estimation. Hypothesis testing and regression analysis with emphasis on economic applications.

EC 377 The Political Economy of the Market Process 3.
Prerequisite: EC 201 or 205 or ARE 201.

The institutional, philosophical and economic foundations of markets. Social and political implications of private property, voluntarism and the forms of social cooperation derived from markets. The effects of public policies intended to alter the economic outcomes of markets. The morality of markets, legal and institutional settings, cooperation and the nature of exchange, the social function of prices.

EC 404 Money, Financial Markets, and the Economy 3.
Prerequisite: (EC 302 or BUS 320) and (BUS/ST 350, or ST 302, or ST 361, or ST 370, or ST 372). Credit is not allowed for both EC 404 and EC 304..

Roles of money, credit, and financial institutions in the modern economy. Determination of level and structure of interest rates and exchange rates, determination of security prices. Management and regulation of financial institutions. Federal Reserve System and monetary policy. Statistical analysis of financial and monetary data. Credit will not be given for both EC 304 and EC 404.

EC 410 Public Finance 3.
Prerequisite: EC/ARE 301 or EC 310.

A micro-economic analysis of the rationale for public expenditure and taxation. Externalities, pollution and public policy, income redistribution and public welfare, public goods, collective choice and political institutions, public budgeting techniques and cost-benefit analysis, taxation and tax policy, state-local finance and fiscal federalism.

EC 413 Competition, Monopoly and Public Policy 3.
Prerequisite: EC/ARE 301 or EC 310.

Current theories of industrial organization with specific reference to such topics as cartels, industrial concentration, vertical integration, franchise contracts, ownership and control of firms, multipart and discriminatory pricing, and tie-in sales. Economic aspects of antitrust law and government regulation of industry.

EC 431 Labor Economics 3.
Prerequisite: EC/ARE 301 or EC 310.

An economic approach to the labor market and its problems including unemployment and the determination of wages, hours and working conditions under various labor market structures. The economic effects of trade unions. Introduction to human capital theory.

EC 436 Environmental Economics 3.
Prerequisite: EC/ARE 301 or EC 310.

Usefulness of economics in understanding pollution, congestion, conservation and other environmental problems. Relevant economic tools such as pricing schemes, abatement cost curves, damage functions and benefit-cost analysis. Pollution taxes, regulations, marketable permits and subsidies considered in designing alterations, in the incentive system. Current public policy alternatives in the context of non-market decision-making.

EC 437 Health Economics 3.
Prerequisite: EC/ARE 301 or EC 310.

Application of micro-economic tools to the analysis of public and private policy issues concerning health care financing and delivery in the United States.

EC 449 International Finance 3.
Prerequisite: EC/ARE 301 or EC 310.

Study of international markets and their effects on firms, investors and national economics. Topics include: futures and options in foreign exchange, management of foreign exchange risk, exchange rate determination, and macroeconomic policy in an open economy.

EC 451 Introduction to Econometrics 3.
Prerequisite: (EC/ARE 301 or EC 310) and EC 302 and EC/ST 351.

The measurement, specification, estimation and interpretation of functional relationships through single equation least-square techniques. Applications of simple and multiple regression, curvilinear regression and various transformations to demand, cost, production, consumption and investment relationships.

EC 474 Economics of Financial Institutions and Markets 3.
Prerequisite:( MA 121 or MA 131 or MA 141), and [BUS 320 or EC 302].

Management, development and regulation of U.S. financial markets and institutions. Management of major financial intermediaries and their historical development. Analysis of major financial assets and their markets. The role and history of the Federal Reserve and other financial regulators.

EC 480 Introduction to Economic Research 3.
Prerequisite: (EC 301 or EC 310) and (BUS/ST 350, or ST 302, or ST 361, or ST 370, or ST 372).

Finding economic data. Critically analyzing newspaper and journal articles using economic reasoning. Developing, writing, and presenting economic analysis.

EC 490 Research Seminar in Economics 3.
Prerequisite: (EC/ARE 301 or EC 310) and EC 302; and (BUS/ST 350, or ST 302, or ST 361, or ST 370, or ST 372).

The final course for students completing the undergraduate programs in economics. Students study a selected economic issue, make classroom presentations related to the seminar topic, and write research papers.

EC 495 Special Topics in Economics 1-6.

Examination of special topics in economics not normally treated in other courses, or offering of new courses on a trial basis.

EC 498 Independent Study in Economics 1-6.

Detailed investigation of topics of particular interest to advanced undergraduates under faculty direction on a tutorial basis. Credits and content determined by faculty member in consultation with Director of Undergraduate Programs. Individualized/Independent Study and Research courses require a "Course Agreement for Students Enrolled in Non-Standard Courses" be completed by the student and faculty member prior to registration by the department.