Department of Economics
Department Chair: Kirk Gifford
Department Secretary: Denise Rydalch (208) 496-2048
Department Faculty: Fenton BroadheadDoug BunnKirk GiffordRick HirschiRonald NateKent Vernon

 
Timetable
Freshmen entering BYU-Idaho in Fall 2002 will be able to graduate from this program with a baccalaureate degree as early as April 2005.
 
What is Economics?
All individuals are affected by the ever-changing economy and the problems caused by scarcity. Economics uses clear and concise principles and quantitative methods to understand how individuals and societies make decisions and choices in the face of this scarcity problem.
 
Why Study Economics?
The study of economics provides an opportunity to develop the strong analytical and quantitative skills necessary for success in the workplace and rigorous graduate studies in economics, MBA programs, and law school.
 
Areas of Concentration/Minor
In addition to the core classes, BYU-Idaho students studying Economics will choose an area of concentration and a complimentary minor or two clusters as approved by their advisor. Fifteen to eighteen credits of upper-division classes represent an area of concentration with some possible choices listed here:
 
1. Job Ready
Students graduating with this emphasis are prepared to work in a variety of businesses or government agencies. Graduates are equipped with the tools necessary for the application of economic theory to specific business and government issues.
 
2. General Economics
The general economics emphasis prepares a student for graduate study in economics, which is required for careers in research, teaching, and consulting. It is strongly recommended that students choosing this emphasis take additional upper-division mathematics and statistics courses.
 
3. Pre-MBA
Students planning to pursue a Masters of Business Administration degree will benefit by choosing the pre-MBA emphasis. Students are introduced to business and management courses while developing the quantitative and analytical skills necessary for success in MBA programs. According to Richard A. Silverman, director of admissions at Yale School of Management, "Economics is viewed as the ticket to the nation's top business schools. It shows the students have the intellectual fire in the belly to perform well in an MBA program." (Wall Street Journal, November 30, 1998).
 
4. Pre-Law
Economics consistently ranks as one of the top majors for students who are accepted to law school. The pre-law emphasis establishes a strong foundation for both the logical reasoning and analytical skills that are critical to legal studies.
 
5. International
Students graduating in this concentration area will receive a strong background in economic theory plus a solid base for analytical reasoning. In addition, they will receive training in international trade, finance, and economic development. Included in this concentration area will be course work in related fields such as international studies, international business, and international politics.
 
6. Financial
Students graduating in this concentration area are prepared to work in a variety of finance, banking, and business areas. The skills acquired also prepare students for further graduate studies in business, finance, or economics.
 
7. Agriculture
The agriculture emphasis prepares students to be decision makers in the agribusiness industry and to deal with the unique factors found in agriculture. With an estimated 17% of the nation's workforce employed in the food and fiber sector, a wide variety of employment opportunities are available for graduates including: agribusiness management, agricultural finance, commodity marketing, and production agriculture.
 
8. Public Choice
Public choice economics looks at collective decision making for the provision of public goods and the implementation of public policy. Public choice combines principles from political science and applies the methodology of economic analysis. The outcomes of collective decision making (voting or representation) often depend on the decision-making process and on who is making the decisions. The outcomes seldom demonstrate ecomonic efficiency; instead, they often reflect the preferences of the decision makers more than the betterment of the society. While traditional economics is careful to outline the circumstances of "market failure;" public choice economics examines the possibility, and likelihood, of "government failure," and explores ways to correct it.
 
Program Description


 
B.S.  in Economics (720)   
The graduate receiving a BS degree in economics will need to complete the prescribed course of study with a minimum GPA of 2.5 and no more than three credits with a grade of D or less.
 
Minor or 2 Clusters Required

General Education Requirements

As you fill the General Education and University requirements, take the classes listed below and then go to the General Education section for a complete listing of the requirements.
 
Take these Courses    
ECON 111
IS 140
 
AND
Take 1 Course    
ENG 312, 315
 
AND
Take 1 Course    
MATH 110, 221
 
Major Requirements
   
Requirement 1:

Take these Courses    Min Grade: C-
ACCTG 201
ECON 112, 381, 421, 430, 499
MATH 119, 221
 
AND
Take 1 Course    Min Grade: C-
ECON 300, 380

 
AND
Requirement 2:

Take 18 Credits    Min Grade: C-
ACCTG 202, 301, 302, 321, 356
AGBUS 347, 420, 450
B 275, 301, 321, 341, 361, 380, 401, 405, 406, 410, 411, 413, 418, 431
ECON 315, 358, 398, 440, 450, 453, 475
INTST 341, 342, 343, 344, 345, 346, 348, 349, 350
POLSC 170, 311, 320, 330


 
B.A.  in Economics (725)   
The graduate receiving a BS degree in economics will need to complete the prescribed course of study with a minimum GPA of 2.5 and no more than three credits with a grade of D or less.
 
Minor or 2 Clusters Required

General Education Requirements

As you fill the General Education and University requirements, take the classes listed below and then go to the General Education section for a complete listing of the requirements.
 
Take this Course    
ECON 111
 
AND
Take 1 Course    
ENG 312, 315
 
AND
Take 1 Course    
MATH 110, 221
 
Major Requirements
   
Take these Courses    Min Grade: C-
ACCTG 201
ECON 112, 381, 421, 430, 499
IS 140
MATH 119, 221
 
AND
Take 1 Course    Min Grade: C-
ECON 300, 380
 
AND
Take 15 Credits    Min Grade: C-
ACCTG 202, 301, 302, 321, 356
AGBUS 347, 420, 450
B 275, 301, 321, 341, 361, 380, 401, 405, 406, 410, 411, 413, 418, 431
ECON 315, 358, 398, 440, 450, 453, 475
INTST 341, 342, 343, 344, 345, 346, 348, 349, 350
POLSC 170, 311, 320, 330



Minor in  Economics (149)   

Take these Courses    
ECON 111, 112

AND
Take 15 Credits    
ECON 300, 315, 358, 380, 381, 398, 421, 430, 440, 450, 453, 475, 499



Minor in  Economics Education (165)   
For a listing of approved Secondary Education majors and minors see the Secondary Education section of this catalog.

Take these Courses    
AMHER 170
ECON 111, 112, 358

AND
Take 9 Credits    
ECON 300, 315, 380, 381, 398, 421, 430, 440, 450, 453, 475, 499
 
Course Descriptions

ECON 111 Economics Principles and Problems - Macro (3:3:0)
Fulfills GE American Institutions requirement.
An elementary course emphasizing the working of the economic system. Topics such as inflation, unemployment, money and banking, the business cycle, and macro economic theories are covered.
 
ECON 112 Economic Principles and Problems - Micro (3:3:0)
Fulfills GE Social Science requirement.
An elementary course emphasizing the functioning of the price system and its effect on the household, the business firm, and international trade. Economic fundamentals for business decision making are covered along with such contemporary issues as income distribution, economic growth, and international trade and finance.
 
ECON 300 Managerial Economics (3:3:0)
Prerequisite: Economics 111, 112
This course is designed to enhance the student's understanding of how economics analysis can be applied to modern business decision making.
 
ECON 315 Quantitative Methods (3:3:0)
Prerequisite: Economics 111, 112, Math 119, 221
This course emphasizes the application of mathematics in the construction of economic models.
 
ECON 358 International Economics (3:3:0)
Prerequisite: Economics 111, 112
An introduction to the micro and macro sides of the international economy. It examines international institutions, policies, and issues.
 
ECON 380 Intermediate Microeconomics (3:3:0)
Prerequisite: Economics 111, 112 Math 119
Intemediate microeconomic theory emphasizing theories of the firm and consumer behavior.
 
ECON 381 Intermediate Macroeconomics (3:3:0)
Prerequisite: Economics 111,112 Math 119
Intermediate macroeconomic theory emphasizing income, unemployment, price-level analysis, and the public sector.
 
ECON 398 Professional Internship (3:3:0)
Prerequisite: Must have completed 75 credits including the 100-300 Economic core courses and G.E. requirements.
Students gain internship experience working in a career related position. The internship allows students to apply the knowledge gained in the classroom while gaining valuable work experience and exploring career opportunities in their field of study. As part of the 270 hours of work experience, students complete the learning objectives of the internship and undertake a special project.
 
ECON 421 Introduction to Econometrics (3:3:0)
Prerequisite: Economics 111, 112, 315, and 380.
This course emphasizes the application of mathematical economic theory and statistical methods in modeling and empirical work in economics. A mixture of theory and applied computer work with respect to estimation, testing, revision, construction and simulation of econometric models. Other related topics includes forecasting, computer applications, and the use of econometrics in business and government.
 
ECON 430 Economic Thought and History (3:3:0)
Prerequisite: Economics 111 and 112
Development of economic doctrines from preclassical through contemporary economics. Contributions of individual writers and schools of thought are emphasized.
 
ECON 440 Law and Economics (3:3:0)
This course uses economic analysis to analyze the basic common law areas of torts, contracts, property, and criminal law. Economic tools are used both to understand the basic structure of the law (positive analysis), and to suggest how the law might be made more efficient (normative analysis). The course assesses whether individuals or collective action (courts) are better for addressing market failures. Transaction costs and litigation costs (among other things) are crucial to the assessment. This course is recommended for economics majors who are planning to go to law school or who intend to pursue a career in the legal field. "For the rational study of the law...the man of the future is the man of statistics and economics." (Oliver Wendell Holmes, The Path of Law, 1897)
 
ECON 450 Development Economics (3:3:0)
Prerequisite: Economics 111, 112, 358
Problems of poor countries, theories of economic development, development policies, and economic relations between rich and poor countries will be covered.
 
ECON 453 Money, Banking, & Financial Markets (3:3:0)
Prerequisite: Economics 111, 112 Math 221
Money, Banking, and Financial Markets examines money and banking issues from an economics perspective. This course is composed of three general sections. First, it considers how individual consumers and investors make decisions based on what they expect will give them the highest level of satisfaction (in the financial world this is known as maximizing returns). Second, the course examines the nature and behavior of financial institutions (banks, credit unions, etc.) to see how they try to maximize profits while considering potential costs as well as government regulations. Finally, the course analyzes various theories of monetary economic policy and their implications for financial markets, and the economy.
 
ECON 475 Regional and Public Economics (3:3:0)
Urban and regional economics is the analysis of location choices of firms and households, regional land-use policies, and public policy choices (such as education, crime, house, transportation, etc.). The course also includes useful methods for analyzing local economic growth, collective decision-making, and assessing local tax and spending (budget) issues.
 
ECON 499 Senior Capstone (3:3:0)
Prerequisite: Completion of Economics Core
The capstone course is designed as a variable content course allowing seniors to explore topics of interest to them, while using analysis tools developed during their course of study. A capstone research paper will emerge from the work. Students will work closely with a primary faculty advisor (chosen on the basis of the topic and the professor's areas of expertise) to integrate key elements from the past coursework into a significant piece of economic anaylsis.