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Welcome to the department of Economics!

Economics is the study of how the economy works using descriptions, called models, of how individuals and organizations may make decisions to achieve their goals.  Economic models are used to make predictions or forecasts.

Economics majors are typically employed in the financial industry such as banks, insurance companies and money management firms, as well as government, (state, local and federal), non-financial corporations, international organizations, the Federal Reserve System, research organizations and regulatory agencies.

Accreditation

 

ACBSP Accreditation

The Business and Economics Departments have received an additional academic accreditation through the Accreditation Council for Business Schools and Programs (ACBSP). ACBSP is a specialized accrediting organization that reviews the quality and integrity of business degree programs.  Accreditation by ACBSP is based on an independent evaluation of an institution’s business school or program by a group of professionals, which include faculty and academic administrators in the field of business. This additional accreditation provides the following benefits:


Benefits for the Institution

  1. The pursuit of accreditation reinforces a commitment to continuous improvement, innovation, and scholarship.
  2. The process of preparing an accreditation self-study enhances the focus on quality of student learning and renews a commitment to the educational mission.
  3. The recognition of effective business units through accreditation contributes to a more positive review by regional accreditors, as specialized accreditation is a confirmation of quality programming in specific divisions.
  4. Accredited status creates greater visibility for the institution.
  5. Accreditation provides prestige and credibility when seeking funding resources from donors, foundations, governments.
  6. In some states accredited status counts heavily in performance-based funding.
  7. Accreditation leads to more successful articulation of business credits.
  8. The accredited institution can utilize press releases to advertise accreditation status.
  9. Accredited status is printed in the college catalog.
  10. Accredited status is printed on business cards.
  11. Accredited status is posted on the college website.
  12. Accreditation provides a sense of pride within the institution.

Benefits for the Business & Economics Units

  1. Accreditation creates a process for continuous departmental improvement.
  2. Accreditation provides the impetus for identifying strengths and weaknesses.
  3. Accreditation keeps the programs current through curriculum development.
  4. Accreditation provides a forum for review and analysis of the business unit.
  5. Accreditation promotes an outcomes assessment process linking goals, activities, and outcomes.
  6. Accreditation creates guidelines for faculty credentials, which leads to higher standards in hiring, increased scholarly and professional activities, and more focused faculty development decisions.
  7. Accreditation creates guidelines when structuring programs.
  8. Accreditation provides a platform to share ideas and to question the status-quo, leading to effective change.
  9. Accreditation is a source of pride among program faculty and staff.
  10. Accreditation validates quality of work in the business unit.
  11. The business unit realizes greater local prestige through accreditation.
  12. Accreditation provides leverage when seeking on-campus resources.
  13. Accredited status leads to more effective acquisition of technology.
  14. Accreditation status is referenced when submitting budgets, grant proposals, and course/program proposals.
  15. Accredited status assists in recruitment of faculty.
  16. Accreditation activities are communicated to the Board of Trustees.
  17. Accredited status is printed on Business Division stationery.
  18. Accredited status is printed on course syllabi.
  19. The certificate of accreditation is prominently displayed.
  20. Accredited status is printed on brochures and newsletters.

Benefits for Faculty and Staff

  1. Accreditation provides a sense of pride within the business faculty and staff when national peers have validated a program.
  2. Faculty at accredited institutions are provided opportunities to keep current in quality procedures through seminars such as Baldrige training.
  3. Faculty experience a boost of self-esteem when teaching in an accredited business unit.
  4. Accreditation provides professional development and leadership opportunities for faculty and administrators in development of outcome assessments and conducting site visits to other institutions.

Benefits for Students

  1. Accreditation creates the impetus for relevancy and currency of faculty, programs, and courses to best serve students.
  2. The pursuit of accreditation enhances the ability to serve students by assuring a focus on quality performance.
  3. Accredited status requires an ongoing effort to provide excellent equipment, software, and learning resources for students.
  4. Accredited status reaffirms the commitment to effective student services.
  5. Students refer to accreditation status on resumes and in employment interviews.
  6. Accredited status provides the ability to host a chapter of Delta Mu Delta or Kappa Beta Delta honorary society, recognizing accomplishments of business students.
  7. Students who join these honorary societies can cite their special recognition when pursuing scholarships and writing resumes.

Benefits for the Community

  1. Accredited status provides recognition of the ability to serve community stakeholders.
  2. Accreditation creates the impetus for relevancy and currency of faculty, programs, and courses to best serve employers.
  3. External advisory committees learn the importance of accreditation.
  4. External advisory committee members can transfer the accreditation process to their continuous improvement efforts.

ACBSP Reports

2008-2009 Quality Assurance Report
ACBSP Response from 2008-2009 Quality Assurance Report
WVSU Report Requested 2011
ACBSP Response Jan 2012
2008 - 2011 Quality Assurance Report
ACBSP Response 2013
2015 Reaffirmation Letter


 
Advising

Advising Procedures

  1. Fill out the Advising Worksheet Form below and send to the appropriate advisor, see "List of Academic Advisors" in the section below.
  2. Upon receiving your completed form you will receive your personal identification number and your registration time slot.
  3. You may be asked to schedule a meeting with your assigned advisor in their office to discuss your academic progress.


Advising Documents/Forms

Advising Worksheet
Curriculum Check sheet - through Fall 2015

Curriculum Check sheet - effective Spring 2016
Student Data Sheet


Areas of Concentration - through Fall 2015

Areas of Concentration - effective Spring 2016
Assessment
Concentrations/Programs

Bachelor of Arts in Economics Concentrations:

Students must choose one of the three areas of concentration reflecting their particular interests: Business Economics, International Economics, and Social Science Economics. See the Advising tab above to learn more about each specific concentration available.

Course Descriptions

Note: All courses are 3 credit hours unless noted otherwise.  

ECON 101. American Economy 
A course designed to introduce students to the fundamentals of how a free-market economy works as individuals make microeconomic decisions of their own based on cost-benefit principle. Discussions of the cyclical nature of GDP production, joblessness, cost of living, interest rates, public debt, ad deficits will be included.  

ECON 201. Principles of Macroeconomics 
An introductory course concerned with the working of the economy as a whole. Development of the theories of consumption, investment, and equilibrium income; application of the theory to current macroeconomic problems; monetary and fiscal policy and its influence on economic activity.  

ECON 202. Principles of Microeconomics 
An introductory course concerned primarily with the functioning of specific parts of the economy. The theory of consumer behavior and firm behavior under varying degrees of competition; the determination of price in both product and resource markets. Application of the theory to current microeconomic problems.  

ECON 301. Intermediate Macroeconomics 
The course is a survey of the current and past theories of the macro-economy and how stable it is. These theories could be explained using graphical, algebraic, and written analysis. Also, the effects of the various policy views of each theory are considered, and each view’s relation to the economy we observe is analyzed. Prerequisite: ECON 201 and 202.  

ECON 302. Intermediate Microeconomics 
The course analyzes how consumers, firms, government, or any other economic units may make optimal decisions under various market conditions. Microeconomic theory is utilized to evaluate selected economic policies and practices of business firms and the government. Conditions for overall efficiency are also developed. Prerequisite: ECON 201 and 202.  

ECON 305. Econometrics 
This course develops skills to estimate economic relationships grounded in economic theory. Students will use statistical software for estimation. Basic concepts of statistics will be used. Prerequisite: ECON 201 and 202; BA 203.  

ECON 306. Public Finance, Taxation, and Fiscal Policy 
Analysis of taxation and government expenditures. The impact of various levels of government on the local, state and national economies. Historical and current analysis of the role of fiscal policy on business cycles. Prerequisite: ECON 201 and 202.  

ECON 308. Money, Banking and Monetary Theory 
A survey of historical development of American monetary and banking institutions; analysis of contemporary monetary theory and policy and a critique of monetary problems and their alternative solutions; a review of the international monetary structure. Prerequisite: ECON 201 and 202.  

ECON 310. Economic Development 
Problems of economic development facing the low-income countries of the world. Topics include international trade, foreign aid, capital formation and the role of government in the industrialization process. Selected areas of the U.S. such as Appalachia will also be considered. Prerequisite: ECON 201 and 202.  

ECON 320. Labor Economics 
Analysis of the theoretical and historical development of the American labor movement; collective bargaining, wage theory and the impact of union wage policy upon current economic and social problems. Prerequisite: ECON 201 and 202.  

ECON 330. Urban Economics 
This course focuses on urban areas as unique places of production and consumption. The role of transportation costs in determining city location will be discussed and analysis will be developed to explain why cities are taller than the surrounding countryside. In addition to these location aspects of cities, such urban problems as poverty, crime, education, transportation, public finance and optimal city size will be examined in detail. Prerequisite: ECON 201 and 202.  

ECON 340. Contemporary Economic Issues 
Reports and discussion of leading economic problems and issues. Emphasis will be placed on the relationship of economics to real-world problems. Prerequisite: ECON 201 and 202.  
ECON 351. Economics of Energy Exploration 
Energy economics draws on microeconomic foundations to introduce students to the production, pricing and distribution of energy sources such as oil, gas and coal. The primary focus of the course is to explain the allocative and productive efficiency as the rationale that drives the technical and political forces of global energy industries and markets. Prerequisite(s): ECON 202.

ECON 399. Special Topics in Economics (1-3 credit hours) 
A junior-level course designed for a topic of special current interest, including televised courses. Prerequisite: ECON 201 and 202 or consent of instructor. May be repeated for a maximum of six credit hours.  

ECON 401. History of Economic Thought 
Survey of economic theory covering major schools of economic thought and the economic environment which produced them. Prerequisite: ECON 201 and 202.  

ECON 406. Comparative Economic Systems 
A comparative study of the philosophical and ideological foundations of these systems ranging from capitalism to communism. Prerequisite: ECON 201 and 202.  

ECON 409. Mathematical Economics 
Application of selected mathematical principles to economics. Differential and integral calculus, matrix algebra, input-output analysis and linear programming will be applied to economic theory. Static, comparative static and dynamic analysis will be considered. Prerequisite: ECON 201, 202 and MATH 120.  

ECON 410. International Economics
Factors affecting the flow of trade and balance of payments; international economic theory and application; trade controls and their influence on international economics. Prerequisite: ECON 201 and 202.   

ECON 411. Contemporary Economic Thought 
This course compares neoclassical economics with a selection of heterodox economic schools of thought. Economic methodology and sociology of economic science are emphasized. The methodological framework is applied to the social systems of capitalism and socialism. Prerequisite: ECON 201 and 202.  

ECON 415. Managerial Economics 
Application of microeconomic theory and techniques of analysis to make managerial decisions. This class provides a practical knowledge of demand estimation, linear programming, game, theory, pricing, and capital budgeting. Course includes learning and use of appropriate software. Prerequisite: ECON 201 and 202.  

ECON 416. International Finance 
This course studies practical framework for understanding and conducting effective business and financial decision making by the multinational firms in an international context. This course meets the requirements for BA 416. Prerequisite: ECON 201, 202, and BA 313 or ECON 410.  

ECON 417. Health Economics 
Economic analysis of the dynamics of health care provision and consumption in the U.S. Discussion of health care costs, access, legislation, and international comparison of health care systems. Prerequisite: ECON 201 and 202.  

ECON 420. Senior Seminar
This course is the capstone of the undergraduate economics experience and it integrates the economics core. The student will select a research topic, construct a model or literary framework, and apply it to the problem. A baccalaureate test of the knowledge and proficiency in the economics core will be administered as part of student assessment. Prerequisite: ECON 201, 202, 301, 302, 305, 306, and 308.

Helpful Links
Student Organizations

Dean's Business and Economics Student Advisory Board

The Dean's Business and Economics Student Advisory Board is comprised of student members focused on continuous improvement of the Business and Economics departments. Through leadership activities and forums, student members champion change and improve areas of the Business and Economics departments surrounding student driven suggestions. To learn more about the Dean's Business and Economics Student Advisory Board contact the Vice-Chair Matthew Carroll mcarrol2@wvstateu.edu or Dean David Bejou dbejou@wvstateu.edu.


Omicron Delta Epsilon

Omicron Delta Epsilon is one of the world's largest academic honor societies. The objectives of Omicron Delta Epsilon are recognition of scholastic attainment and the honoring of outstanding achievements in economics; the establishment of closer ties between students and faculty in economics within colleges and universities, and among colleges and universities; the publication of its official journal, The American Economist, and sponsoring of panels at professional meetings as well as the Irving Fisher and Frank W. Taussig competitions. The WVSU ODE Chapter Faculty Advisor is Suvayan De. To learn more about ODE visit http://www.omicrondeltaepsilon.org/ and contact Suvayan De via email at sde@wvstateu.edu.

Faculty & Staff

Dr. Frehot
Dr. Frehot Hailou
(Program Coordinator)
105 Hill Hall
Phone: (304) 766-3057
fhailou@wvstateu.edu
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