Courses
*For all economics and business majors, the following courses must be completed with a grade of C or higher: MA 125, 126; WR 101, 102; EC 201, 202, 300, 303, 304, 330; BU 210, 211, 220, 230, 310, 330, 316, 339, 440. In addition, a minimum grade point average of at least a C must be earned in all department courses.
ECONOMICS
EC 201. *PRINCIPLES OF MICROECONOMICS
3—0—3
Critical analysis of the behavior of individuals and firms in a market economy. Microeconomic tools of analysis are developed and applied to the problem of resource allocation and the determination of value by consumers and firms. The virtues and limitations of markets are discussed.
EC 202. *PRINCIPLES OF MACROECONOMICS
3—0—3
An analytical study of the determination of output, employment, interest rates, and inflation in national and global economies. The tools developed in this course are critically applied to the understanding of national economic policy issues.
EC 220X. THE GLOBAL ECONOMY
3—0—3
An introduction to issues related to the increasingly global nature of the economy and how globalization impacts countries economically, politically, and culturally. Topics may include: the economic impacts of trade liberalization, foreign direct investment, and global financial investment; the impact of trade on non-economic concerns such as social issues, the environment or politics; and the roles of international institutions such as World Bank, International Monetary Fund, and World Trade Organization. Prerequisites: None. Civilization & Cultures course.
EC 300. *INTERMEDIATE MICROECONOMICS
3—0—3
Analysis of the determination of price and output in commodity and factor markets under varying market conditions, the role of prices in the allocation of resources and distribution of income, and the nature of partial and general equilibrium. This is a calculus-based course. Prerequisites: EC 201-202 and MA 126 (or equivalent) all with grade of C or higher.
EC 303. *STATISTICS
3—0—3
A study of the basic ideas of descriptive statistics, probability, probability distributions, and statistical inference. Emphasis is placed on the application of statistical theory to economic and business issues. Prerequisites: MA 125 and MA 126 (or equivalent) all with grade of C or higher.
EC 304. *ECONOMETRICS
3—0—3
A study of the application of economic theory, mathematics, and statistical inference as applied to the analysis of economic phenomena. Heavy emphasis is placed on the use of simple and multiple regression and the violation of the classical assumptions. Prerequisite: EC 303 with grade of C or higher.
EC 306. INTERNATIONAL ECONOMICS
3—0—3
The theory of international trade and its application to current economic, social and political issues. Prerequisites: EC 201-202.
EC 307. INTERNATIONAL FINANCE
3—0—3
A study of the theory of the macroeconomics of international trade and its application to foreign exchange markets and exchange rate policies. Topics include the prediction of exchange rate movements, the role of international institutions such as the IMF, the World Bank, the European Union and the WTO, and the importance of open economy macroeconomic models. Prerequisites: EC 201 and EC 202 with a C or higher or permission of instructor.
EC 322. ENGINEERING ECONOMY
2—0—2
A study of economic analysis for engineering students. Topics include present value, cost (cost-benefit and cost-effectiveness), depreciation, cash flow, break-even, equivalence, and replacement. NOTE: Credit for EC 322 will not be given to EC/BU majors/minors.
EC 330.* INTERMEDIATE MACROECONOMICS
3—0—3
The study of aggregate economic activity that incorporates the interaction of the labor, money, and goods and services markets. Extended study of the theories of consumption and investment behavior. Special emphasis on implementation of monetary and fiscal policy as applied to problems of inflation, unemployment, and economic growth. This is a calculus based course. Prerequisites: EC 201-202, and MA 125 and MA 126, (or equivalent) all with a grade of C or higher.
EC 401. DEVELOPMENTAL ECONOMICS
3—0—3
The study of the macroeconomic and microeconomic theories relating to issues affecting less developed countries with an emphasis on the role of government and market institutions. Macroeconomics topics may include: income distribution, economic growth, inflation, currencies, and international debt. Microeconomic topics may include:rural-urban migration and wage gaps, unemployment, tenancy, and credit markets. This is a calculus based course. Prerequisites: EC 201-202.
EC 403. PUBLIC FINANCE
3—0—3
Examination of the revenue, expenditure and credit policies and practices of the Federal Government, and of the principles of taxation and fiscal administration. Consideration of selected topics in state and local finance. Prerequisites: EC 201-202.
EC 404. COMPARATIVE ECONOMIC SYSTEMS
3—0—3
A deeper analysis of the differences in institutions across countries that promote or inhibit economic performance, with an emphasis on incentives. Topics may include: an analysis of centrally-planned and market decision making; the transition of formerly planned economies; privatization and decentralization; the role of legal institutions, and the enforcement of property rights and contracts; differences in customs and traditions, and; the interplay of markets and democratic political institutions. Prerequisites: EC 201-202.
EC 405. MONEY AND BANKING
3—0—3
A study of the money and banking system, with emphasis on monetary and income theories, and the role of monetary policy in economic stability and growth. Prerequisites: EC 201-202.
EC 407. U.S. ECONOMIC HISTORY
3—0—3
This course is the study of the development of the U.S. economy from the colonial period to the present. Emphasis will be placed on the major economic events that have shaped our history. Topics will include the economics of the revolution, westward expansion, slavery, the railroads, the industrial revolution, population growth and urbanization, the rise of big business, the Great Depression, and the intervention of government in the economy. Prerequisites: EC 201-202.
EC 408. DEVELOPMENT OF ECONOMIC THOUGHT
3—0—3
A study of the evolution of economic analysis from the time of Aristotle to the present. Emphasis is placed on how economic theory evolved, how it was influenced by events, and how the early philosophers contributed to its evolution. A comparison with present-day orthodox theory is made throughout the course. Prerequisites: EC 300 and EC 330 or permission of instructor.
EC 409. LABOR ECONOMICS
3—0—3
An economic analysis of the behavior of, and relationship between, employers and employees. Coverage includes both the theoretical and empirical evidence relating to the demand for labor, the supply of labor, the human capital model, labor market discrimination, and special topics such as migration, family economics, and life-cycle aspects of labor supply. Prerequisites: EC 201-202, and EC 300, or permission of instructor.
EC 410. GOVERNMENT AND BUSINESS
3—0—3
A study of the development of government control of the private economy; public utility regulation; antitrust legislation and enforcement; the activities of the Federal Trade Commission; and recent steps in the area of consumer information and protection. Prerequisites: EC 201-202, or permission of instructor.
EC 412. MANAGERIAL ECONOMICS
3—0—3
The application of economic theory to the decision-making process within a firm and to a wide range of related problems. A pragmatic approach to decision making, using basic economic analyses such as optimizing techniques, cost analysis, capital budgeting, demand estimation, pricing strategies, risk analysis, and production theory. Prerequisite: EC 201 and EC 202 with grade of C or higher.
EC 414. APPLIED GAME THEORY
3—0—3
Learn to analyze sequential and simultaneous games while developing various equilibrium refinements. These concepts are then applied to specific classes of games e.g. the prisoner’s dilemma as well as real world applications such as bargaining, brinkmanship, firm strategy, and voting theory. Prerequisites: grade of C or better in EC 201 and 202 or permission of instructor.
EC 415. POLITICAL ECONOMY OF CONFLICT
3—0—3
This course will apply the principles of economics and game theory to understanding the nature of conflict. This understanding will be used to motivate debate about the national security priorities of the US. Prerequisites: EC 201 and 202 with a grade of C or better.
EC 421. QUANTITATIVE APPLICATIONS IN ECON & BUSINESS
3—0—3
Quantitative decision models are an aid to decision makers in economics and in the functional business domains of finance, operations, and marketing. Several quantitative modeling techniques are introduced in this course, including linear programming, nonlinear optimization, decision trees, simulation, and queuing models. Solution techniques using spreadsheets and add-in software are emphasized. Applications to economics include determining optimal pricing and production strategies under uncertainty for firms competing in the market structures of monopoly, monopolistic competition, and oligopoly. Prerequisite: EC 201, EC 202, and EC 303 with a grade of C or better (or equivalent probability or statistics course), or permission of instructor.
EC 422. INDUSTRIAL ORGANIZATION
3—0—3
Microeconomics-based theories of transaction costs, game theory, and information theory to explain the structure of firms and markets and their interactions. While the traditional Structure-Conduct-Performance analysis is used as a general framework, the analyses include, but go beyond the idealized markets presented in introductory microeconomics and take a closer look at why firms and markets have evolved into what we observe today. Consider this course an “applied microeconomics” course. Prerequisites: EC 201 and EC 202 with a C or better, and EC 300 (completed or concurrent) or permission of instructor.
EC 430. FINANCIAL MODELING
3—0—3
An introduction to the concepts, methodologies, and applications of spreadsheet and simulation models in finance. Students will be required to use Excel & Crystal Ball, and Excel add-in software package, to design and build financial models for capital budgeting, portfolio allocation, value at-risk, simulation of financial time series, and financial option valuation. Prerequisites: EC 303 and BU 310 with a grade of C or better or permission of instructor.
EC 435X. INSTITUTIONS AND ECONOMIC DEVELOPMENT
3—0—3
This course will explore the determinants of institutions: how they evolve, and how they affect economic development. Topics include: differences between common law and civil law systems; the significance of a country's colonial origin; the effects of religious beliefs; and the importance of trust in political institutions. Other topics include: the transplantation of formal institutions vs. indigenous institutions; the effects of international aid on economic and institutional development; and the origins of corruption and why it is more prevalent in some cultures than in others. Prerequisites: EC 201-202 (basic knowledge of econometrics and statistics is beneficial).
EC 450-451. TOPICS IN ECONOMICS
3—0—3
Selected topics in economics as suggested by members of the faculty and/or cadets. Subject and content to be announced before the semester in which the course is to be taught. Offered as announced. Prerequisite: Permission of Instructor.
EC 460-461. INDEPENDENT RESEARCH IN ECONOMICS
0—2—1 TO 0—6—3
Independent research designed for cadets who desire to pursue a research interest in economics under the direction of a faculty member. Prerequisite: An overall GPA of 2.7 and permission of instructor and department head.
EC 470. HONORS RESEARCH IN ECONOMICS
0—2—1 TO 0—6—3
Designed for cadets pursuing independent research under the direction of a faculty member leading to departmental honors. Prerequisite: A 3.2 GPA overall and in all economics courses. Permission of instructor, department honors committee, and the department head.
EC 480-481. ECONOMICS INTERNSHIP
0—0—0 TO 0—0—3
Under the supervision of a department faculty adviser, cadets may earn up to three hours of academic credit as an economics elective in a summer internship of at least 8 weeks duration in a full-time position. Internships will normally be conducted with a private firm, a governmental agency, or a non-profit organization. Academic credit as a free elective may be awarded for a second internship, under the provisions specified by the department head. Prerequisite: a 2.8 GPA overall and in all economics courses, and permission of internship coordinator, the internship faculty adviser, and the department head. Upon the completion of all the academic and employment requirements of the summer internship for credit program, cadets may earn 3 hours of academic credit per summer for either EC 480 and 481 or BU 480 and 481, although no more than three hours can count towards graduation.
BUSINESS
BU 210.* FINANCIAL ACCOUNTING
3—0—3
Basic principles and concepts of accounting, recording and reporting transactions, and preparation and interpretation of periodic statements. Emphasis is on the rationale underlying accounting operations. Prerequisite: A grade of C or better in MA 125, MA 126, or equivalent.
BU 211.* MANAGERIAL ACCOUNTING
3—0—3
Analysis and use of both accounting data and periodic statements, operating and capital budgets, costing and control of operations, and various periodic profit-planning designs. Prerequisite: BU 210 with a grade of C or better.
BU 215. FINANCIAL PLANNING
3—0—3
A study of the fundamental principles of financial decision making. Overview of money management principles, to include asset management, investment products and planning, personal risk assessment, and insurance. Open to all majors. Prerequisite: completion of 6 hours of math at VMI or equivalent. Note: This course cannot be taken by EC/BU majors or business minors as a business elective.
BU 220.* PRINCIPLES OF MANAGEMENT
3—0—3
The principles and processes of management in the private sector of the economy. Analysis of the managerial functions of planning, organizing, leading, and controlling, emphasizing ethics and social responsibility.
BU 230.* PRINCIPLES OF MARKETING
3—0—3
Analysis of the marketing function in business enterprise, including product development, pricing, distribution, and promotion for domestic and global markets. Includes study of market research, environmental scanning and analysis techniques.
BU 305. INTERMEDIATE ACCOUNTING I
3—0—3
An in-depth study of measurement issues and reporting requirements for assets, together with developing an understanding of the theoretical foundation of financial accounting. The emphasis is on the official pronouncements of the Financial Accounting Standards Board. Prerequisite: BU 210 with grade of C or higher.
BU 306. INTERNATIONAL BUSINESS
3—0—3
This is a course designed to increase the student’s awareness of the fundamentals of the international business environment, and focuses on the issues and problems confronting managers in international business. The international business environment includes viewing national differences in political economy and cultures, global trade, monetary policies, strategies and structures of international businesses, and how basic business functions are best performed on an international basis. Prerequisite: EC 201, 202.
BU 310.* BUSINESS FINANCE
3—0—3
The approach is from the viewpoint of management in making financial decisions for the firm. Business risk and valuation, capital budgeting, cost of capital, and the decision-making process are the four areas emphasized. Prerequisite: BU 210 with a grade of C or better.
BU 316.* LEGAL ENVIRONMENT OF BUSINESS
3—0—3
The law as a means to social, political, and economic change. The American legal system from the standpoint of its sources and its philosophy, with special emphasis on business relations and the role of government. The course should develop an understanding of the structural apparatus and techniques of the legal process.
BU 320. BUSINESS MARKETING
3—0—3
This course involves an analysis of the basic principles which govern marketing products and services to organizational customers rather than final consumers who buy goods and services for personal consumption. Attention is focused on the special problems connected with the management of the business marketing organization and the planning, purchase, distribution, promotion, and development of business goods and services. Prerequisite: BU 230.
BU 322. HUMAN RESOURCE MANAGEMENT
3—0—3
The knowledge, skills, and abilities of management and non management employees are essential in the attainment of organizational objectives. BU 322 examines the recruitment, selection, training, evaluation, and compensation of employees, within the constraints of operating efficiency and applicable federal and state laws. NOTE: Academic credit will be given for BU 322 or for PS 306, but not for both. Also, PS 306 will not count as a humanities or business elective. Prerequisite: BU 220 with a grade of C or higher.
BU 330. MANAGEMENT INFORMATION SYSTEMS
3—0—3
An introduction to the field of management information systems, to include basic information systems’ concepts, the use of MIS in systematic problem solving, and managerial implications involved with hardware, software, telecommunications, and database management. Prerequisite: BU 220.
BU 335. WEB 2.0 FOR BUSINESS
3—0—3
The purpose of this course is to learn how the internet is changing the way business is done. New technology is making business more efficient, allowing them to increase their customer base, and helping them to improve their profitability. Topics include: social networking, blogging, wikis, collaboration/virtual teams, and media. Prerequisites: BU 220 (basic knowledge of business practices is beneficial).
BU 339.* OPERATIONS MANAGEMENT
3—0—3
An introduction to operating management decisions which must be made to supply or produce the product or service of an organization. Integrating the major decision responsibilities of process, quality, capacity, and inventory issues through the use of cross-functional decision making is emphasized. Prerequisite: BU 220 and EC 303.
BU 340. ENTREPRENEURSHIP
3—0—3
Entrepreneurship is the processes and attitudes that result in organizational innovation, as the confluence of opportunities and ideas. Traditionally, the study of entrepreneurship focused on small and family businesses. However, large organizations have discovered the competitive necessity of flexibility and creativity, functioning as if they were small. BU 340 is integrative and applicative, utilizing concepts from core courses in business and economics. Prerequisite BU 220 or permission of instructor.
BU 411. PRINCIPLES OF INVESTMENT
3—0—3
An introduction to investment in securities. Within the context of the institutional and financial environment, the course offers a practical and theoretical analysis of stocks, bonds, and derivative securities. Emphasis on valuation, risk, market mechanics, security analysis and market efficiency. Prerequisites: BU 310 with a grade of C or higher or permission of instructor.
BU 412. PORTFOLIO MANAGEMENT
3—0—3
A practical and theoretical examination of investment management techniques and capital market theory. Emphasis on the construction and management of equity and fixed income portfolios using passive and active strategies. Portfolio diversification, performance evaluation and investment policy statement development are also studied from the perspective of the manager and the client. Prerequisites: BU 310 with a grade of C or higher or permission of instructor.
BU 413. WEALTH MANAGEMENT
3—0—3
Emphasis in the major concepts in the creation and management of wealth for the individual, small privately held firms, and family owned businesses. Analysis of financial and estate planning from a life-cycle perspective; accumulation, preservation, and transfer. Examines the use of insurance as a planning tool for hedging and risk management. Explores the challenge of forecasting, considering both deterministic and random models. Prerequisite: BU 411 or concurrent enrollment.
BU 415. FINANCIAL STATEMENTS ANALYSIS
3—0—3
A critical analysis of financial statement components. Prerequisite: BU 310.
BU 417. ADVERTISING 3—0—3This course will focus on the visual and communicative side of marketing. It will investigate the multiple roles that marketing research, writing, strategic planning, creativity, and art and design play in marketing communications. Topics include: logo (graphics), branding, retail outlets, packaging (design), brochures (production), public relations, and media based advertising. There will be a team project and numerous term papers. Prerequisites: BU 230 with a grade of C or better.
BU 419. INTERNATIONAL MARKETING
3—0—3
This course is designed to provide students with knowledge beyond that of domestic marketing to make practical decisions relevant to entering and competing in foreign markets. The course introduces the main characteristics of international markets and addresses the impact of global environmental factors (economic, social, legal, and cultural) on marketing decisions such as market entry, product development, pricing, promotion, and distribution. Prerequisites: BU 230 with a grade of C or better.
BU 420. MARKETING MANAGEMENT
3—0—3
Case studies involving marketing and strategy and policies, concepts and practices. Promotion, pricing and marketing computer simulation. Prerequisite: BU 230 with grade of C or higher.
BU 422. LABOR AND EMPLOYMENT LAW
3—0—3
While this is a course about the law, it is designed specifically for those who hope to go into management; to provide them with a level of understanding about the labor relations process, the rapidly changing field of employment law, and the rights and responsibilities of employees and employers. Prerequisite: BU 220 and BU 316 with a grade of C or higher.
BU 440.* BUSINESS POLICY SEMINAR
3—0—3
A capstone course, dealing with strategy and policy formulation and implementation. It is designed to provide a framework for problem identification, analysis, and decision making: integration and application of accounting, economics, marketing, management, finance, and statistics. Prerequisites: EC 300, EC 303, BU 210, BU 220, BU 230. Corequisite: BU 310.
BU 450-451. TOPICS IN BUSINESS
3—0—3
Selected topics in business related areas as suggested by members of the faculty and/or cadets. Subject and content to be announced before the semester in which the course is to be taught. Offered as announced. Prerequisite: Permission of instructor.
BU 460-461. INDEPENDENT RESEARCH IN BUSINESS
0—2—1 TO 0—6—3
Independent research designed for cadets who desire to pursue a research interest in business under the direction of a faculty member. Prerequisite: An overall GPA or 2.7 and permission of instructor and department head.
BU 470. HONORS RESEARCH IN BUSINESS
0—2—1 TO 0—6—3
Designed for cadets pursuing independent research under the direction of a faculty member leading to departmental honors. Prerequisite: A 3.2 GPA overall and in all business courses. Permission of instructor, department honors committee, and the department head.
BU 480-481. BUSINESS INTERNSHIP
0—0—0 TO 0—0—3
Under the supervision of a department faculty adviser, cadets may earn up to three hours of academic credit as a business elective in a summer internship of at least 8 weeks duration in a full-time position. Internships will normally be conducted with a private firm, a governmental agency, or a non-profit organization. Academic credit as a free elective maybe awarded for a second internship, under the provisions specified by the department head. Prerequisite: a 2.8 GPA overall and in all business courses, and permission of internship coordinator, the internship faculty adviser, and the department head. Upon the completion of all the academic and employment requirements of the summer internship for credit program, cadets may earn 3 hours of academic credit per summer for either EC 480 and 481 or BU 480 and 481, although no more than three hours can count towards graduation.