Department of Economics
Department Chair: Kirk Gifford
Department Secretary: Denise Rydalch (208) 496-2048
Department Faculty: Fenton BroadheadKirk GiffordRick HirschiRonald NateKerry Webb

 

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 addition to the major core classes, BYU-Idaho students studying economics will choose economic electives and an appropriate complimentary minor or two clusters that together represent concentrations in, but not limited to, the following areas:

  • Job Ready
    Economics students are prepared to work in a variety of finance, banking, business, or government areas. Graduates are equipped with the tools necessary for the application of economic theory to specific business and government issues.

  • Graduate Study
    Economics prepares students for further graduate studies, which are required for careers in research, teaching, and consulting. It is strongly recommended that students preparing for graduate studies in economics take additional upper-division mathematics and statistics courses.

  • Pre-MBA
    Students planning to pursue a Masters of Business Administration degree will benefit by studying economics. 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).

  • Pre-Law
    Economics consistently ranks as one of the top majors for students who are accepted to law school. The study of economics establishes a strong foundation for both the logical reasoning and analytical skills that are critical to legal studies.

  • International
    Economics students receive a strong background in economic theory plus a solid base for analytical reasoning. In addition, they receive training in international trade, finance, and economic development. Complimentary course work may include international studies, international business, and international politics.

  • Agriculture
    Economics 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.

     
  • 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

    University Requirements

    Religion Requirements

    (Book of Mormon Courses)
    Take these Courses   
    REL 121, 122
     
           OR
              Take these Courses   
              REL 121H, 122H
     
                     OR
                        Take this Course   
                        REL 221

    AND
    (Scripture Based Courses)
    Take 6 Credits   
    REL 211, 212, 301, 302, 324
     
           OR
              Take 6 Credits   
              REL 211H, 212H, 301H, 302H, 324H

    AND
    (Other Religion Courses)
    Take 4 Credits   
    REL 100, 130, 215, 234, 235, 260, 261, 264, 333, 341, 341H, 342, 342H, 351, 352, 370, 431, 471, 475

    Online Learning

    Each student is required to take at least one online course. For more information about the online requirement please visit the Online Learning section found in the Graduation & Transfer section of the catalog or visit http://web.byui.edu/Catalog/2005-2006/generalEducation.htm.

    Other online course information is available at http://www2.byui.edu/insttech/online.htm. A list of online courses is available at http://www2.byui.edu/insttech/OnlineCourses/onlinecalendar.htm (select a semester or term).

    GE Requirements

    I. Reading and Writing

       Take 1 Course
       ENG 111, 111C, 111H

    AND
       Take 1 Course
       ENG 312, 312C, 315, 315C  

    II. Mathematics

  • Math 101 may be used as meeting the Math General Education requirement if all of the following criteria are met: 1)Student was enrolled and completed Math 101 prior to Fall 2001; 2)The student's major does not require a higher math class; 3)There is no break in enrollment.
  • Students initiating their studies at BYU-Idaho Fall Semester 2001 or later are not eligible for the ACT math waiver and must take one of the following courses to fill the math requirement.

       Take 1 Course
       MATH 110, 110H  

    III. Basic Skills

       Take 1 Course
       IS 140  

    IV. Arts

       Take 1 Course
       ART 101, 160, 201, 202
       HFED 140
       HORT 230
       HUM 101, 101H, 201, 201H, 202, 202H
       MUSIC 100, 101
       TA 115, 117

    AND
       Take this Course
       FA 100

    V. Letters
    Generally the Letters requirement is filled by taking one of the courses listed below. However, HUM 201 and 202, taken together, can be used to fill both the Arts and Letters requirement.

       Take 1 Course
       CHIN 347
       ENG 250, 250H, 251, 331, 332, 333, 334, 335, 351, 352, 353, 354, 362, 373, 373H
       FR 202
       GER 202
       HON 200, 220, 221H, 222
       LANG 202
       PH 314
       PHIL 110, 110H, 201, 201H, 202, 202H, 313, 313H, 314, 315, 315H
       RUSS 340, 340H
       SPAN 202, 302

    VI. Biological Science

       Take 4 Credits
       AGRON 122, 270
       BIO 100, 100H, 102, 102H, 118, 120, 130, 150, 150L, 176, 200, 202, 208, 221, 222, 230, 250, 264, 265, 268

    VII. Physical Science

       Take 4 Credits
       CHEM 100, 101, 105, 105H, 106, 106H
       GEOG 101, 101L
       GEOL 101, 102, 103, 103L, 104, 110, 110L, 111, 111L
       PH 101, 101L, 102, 105, 105L, 106, 106L, 115, 116, 121, 127, 127L, 150
       PH.S 100, 100L, 110

    VIII. American Institutions

       Take 1 Course
       ECON 111, 111H  

    IX. Social Science
    This course must be in a different discipline from the course taken to fill the American Institutions requirement.

       Take 1 Course
       ANTH 101, 101H
       CHILD 210, 210H
       ECON 111, 111H, 112, 112H
       ED 270
       GEOG 120
       HIST 201, 202
       HON 201
       PHIL 203, 203H, 204, 204H
       POLSC 110, 170
       PSYCH 111, 111H, 201, 201H
       SOC 111, 111H, 112, 112H, 210

    Major Requirements

       Take these Courses   Minimum Grade: C-
       ACCTG 201
       ECON 358, 381, 398, 421, 430, 499
       MATH 221

    AND
       Take 1 Course   Minimum Grade: C-
       ECON 112, 112H

    AND
       Take 1 Course   Minimum Grade: C-
       MATH 112, 119

    AND

       Take 1 Course   Minimum Grade: C-
       ECON 315
       MATH 113

    AND
       Take 1 Course   Minimum Grade: C-
       ECON 300, 380

    (If Econ 390 is taken, it must be for 3 Credits)
    AND
       Take 3 Courses   Minimum Grade: C-
       B 361
       ECON 440, 450, 453, 475


  •  
    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

    University Requirements

    Religion Requirements

    (Book of Mormon Courses)
    Take these Courses   
    REL 121, 122
     
           OR
              Take these Courses   
              REL 121H, 122H
     
                     OR
                        Take this Course   
                        REL 221

    AND
    (Scripture Based Courses)
    Take 6 Credits   
    REL 211, 212, 301, 302, 324
     
           OR
              Take 6 Credits   
              REL 211H, 212H, 301H, 302H, 324H

    AND
    (Other Religion Courses)
    Take 4 Credits   
    REL 100, 130, 215, 234, 235, 260, 261, 264, 333, 341, 341H, 342, 342H, 351, 352, 370, 431, 471, 475

    Online Learning

    Each student is required to take at least one online course. For more information about the online requirement please visit the Online Learning section found in the Graduation & Transfer section of the catalog or visit http://web.byui.edu/Catalog/2005-2006/generalEducation.htm.

    Other online course information is available at http://www2.byui.edu/insttech/online.htm. A list of online courses is available at http://www2.byui.edu/insttech/OnlineCourses/onlinecalendar.htm (select a semester or term).

    GE Requirements

    I. Reading and Writing

       Take 1 Course
       ENG 111, 111C, 111H

    AND
       Take 1 Course
       ENG 312, 312C, 315, 315C  

    II. Mathematics

  • Math 101 may be used as meeting the Math General Education requirement if all of the following criteria are met: 1)Student was enrolled and completed Math 101 prior to Fall 2001; 2)The student's major does not require math class; 3)There is no break in enrollment.
  • Students initiating their studies at BYU-Idaho Fall Semester 2001 or later are not eligible for the ACT math waiver and must take one of the following courses to fill the math requirement.

       Take 1 Course
       MATH 110, 110H  

    III. Arts

       Take 1 Course
       ART 101, 160, 201, 202
       HFED 140
       HORT 230
       HUM 101, 101H, 201, 201H, 202, 202H
       MUSIC 100, 101
       TA 115, 117

    AND
       Take this Course
       FA 100

    IV. Biological Science and Physical Science

       Take 4 Credits
       AGRON 122, 270
       BIO 100, 100H, 102, 102H, 118, 120, 130, 150, 150L, 176, 200, 202, 208, 221, 222, 230, 250, 264, 265, 268

              OR
                 Take 4 Credits
                 CHEM 100, 101, 105, 105H, 106, 106H
                 GEOG 101, 101L
                 GEOL 101, 102, 103, 103L, 104, 110, 110L, 111, 111L
                 PH 101, 102, 105, 116, 121, 127, 150
                 PH.S 100, 100L, 110

    V. American Institutions

       Take 1 Course
       ECON 111, 111H  

    IX. Social Science
    This course must be in a different discipline from the course taken to fill the American Institutions requirement.

       Take 1 Course
       ANTH 101, 101H
       CHILD 210, 210H
       ECON 111, 111H, 112, 112H
       ED 270
       GEOG 120
       HIST 201, 202
       HON 201
       PHIL 203, 203H, 204, 204H
       POLSC 110, 170
       PSYCH 111, 111H, 201, 201H
       SOC 111, 111H, 112, 112H, 210

    VII. Foreign Language
    Take 8 credits of language study and 3 credits of literature all in the same language.

       Take 11 Credits
       CHIN 101, 101H, 102, 201, 347
       FR 102, 201, 202
       GER 102, 201, 202
       RUSS 101, 101H, 102, 201, 340, 340H
       SPAN 102, 201, 201M, 202, 302

    Major Requirements

       Take these Courses   Minimum Grade: C-
       ACCTG 201
       ECON 358, 381, 398, 421, 430, 499
       IS 140
       MATH 221

    AND
       Take 1 Course   Minimum Grade: C-
       ECON 112, 112H

    AND
       Take 1 Course   Minimum Grade: C-
       MATH 112, 119

    AND

       Take 1 Course   Minimum Grade: C-
       ECON 315
       MATH 113

    AND
       Take 1 Course   Minimum Grade: C-
       ECON 300, 380

    (If Econ 390 is taken, it must be for 3 Credits)
    AND
       Take 2 Courses   Minimum Grade: C-
       B 361
       ECON 440, 450, 453, 475



  • Minor in  Economics (149)   

    Take these Courses   
    ECON 111, 112

    AND
    Do not take both ECON 300 and 380
    Take 15 Credits   
    ECON 300, 315, 358, 380, 381, 390, 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 Teacher Education section of this catalog.

    The Economics Education Minor exceeds the 20-hour limit placed on education minors. However, AmHer 170, Econ 111, and Econ 112 all give General Education credit.
    Take 1 Course   
    AMHER 170, 170H

    AND
    Take 1 Course   
    ECON 111, 111H

    AND
    Take this Course   
    ECON 358

    AND

    Take 1 Course   
    ECON 112, 112H

    AND
    (Do not take both ECON 300 and 380)
    Take 9 Credits   
    ECON 300, 315, 380, 381, 390, 398, 421, 430, 440, 450, 453, 475
     
    Course Descriptions

    ECON 111 Economic Principles and Problems - Macro (3:3:0)
    Fulfills GE American Institutions requirement.
    An elementary course emphasizing the workings of the U.S. macro economic system.
    (Winter, Summer, Fall)
     
    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.
    (Winter, Summer, Fall)
     
    ECON 300 Managerial Economics (3:3:0)
    Prerequisite: Economics 111, 112
    This course is designed to enhance the student's understanding of how micro economic analysis can be applied to modern business decision making.
    (Fall 05, Sum 06, Win 07, Fall 07, Sum 08, Win 09)
     
    ECON 315 Quantitative Methods (3:3:0)
    This course emphasizes the application of mathematics in the construction of economic models.
    (Fall 05, Sum 06, Win 07, Sum 08, Win 09)
     
    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.
    (Winter, Summer, Fall)
     
    ECON 380 Intermediate Microeconomics (3:3:0)
    Prerequisite: Economics 111, 112, Math 119
    Intemediate microeconomic theory emphasizing theories of the firm and consumer behavior.
    (Win 06, Fall 06, Sum 07, Win 08, Fall 08, Sum 09)
     
    ECON 381 Intermediate Macroeconomics (3:3:0)
    Prerequisite: Economics 111,112, Math 119
    This is an intermediate course in macroeconomics. The course analyzes basic models of income determination which attempt to explain how the price level, the interest rate, and the level of output and employment are determined. Monetary and fiscal policies are discussed within the framework of these models, and competing theories are compared.
    (Wint 06, Fall 06, Sum 07, Wint 08, Fall 08, Sum 09)
     
    ECON 398 Professional Internship (3:3:0)
    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.
    (Winter, Summer, Fall)
     
    ECON 421 Introduction to Econometrics (3:3:0)
    Prerequisite: Economics 111, 112, Math 221
    This course emphasizes the application empirical methods commonly used to analyze economic phenomena. Methods of empirical analysis are used to test the validity of hypothesized economic relationships and to forecast economic trends. A mixture of theory and applied computer work with respect to estimation, hypothesis testing, model construction and development, and simulation of econometric models. Other related topics include forecasting, computer applications, and the use of econometrics in business and government.
    (Sum 06, Win 07, Fall 07, Sum 08, Win 09)
     
    ECON 430 Economic Thought and History (3:3:0)
    Prerequisite: Economics 111, 112, MATH 221
    This course explores the development and application of major economic doctrines from classical through contemporary economics. Contributions of selected writers and schools of thought are analyzed, with emphasis on how these theories are used in our day.
    (Sum 06, Win 07, Fall 07, Sum 08, Win 09)
     
    ECON 440 Law and Economics (3:3:0)
    Prerequisite: Economics 111, 112
    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)
    (Fall 06, Win 08, Sum 09)
     
    ECON 450 Development Economics (3:3:0)
    Prerequisite: Economics 111, 112, 358
    This course is designed to provide students with an understanding of the history, concepts and stimulus for economic development and growth.
    (Sum 06, Fall 07, Win 09)
     
    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.
    (Win 06, Fall 06, Sum 07, Win 08, Fall 08, Sum 09)
     
    ECON 475 Regional and Public Economics (3:3:0)
    Prerequisite: Economics 111, 112
    Regional and public 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.
    (Win 06, Sum 07, Fall 08)
     
    ECON 499 Senior Capstone (3:3:0)
    Prerequisite: Completion of Economics major Core.
    The capstone course is a one credit course designed to assist Economics majors make final preparations for graduation and the workplace. Students should register for this course at the beginning of their senior year.
    (Winter, Summer, Fall)