University of Dayton
Academic Catalog 2013-14




In cooperation with the Department of Economics and Finance in the School of Business Administration, the College of Arts and Sciences offers the degree of Bachelor of Arts with a major in economics.

The field of economics covers topics ranging from making sound business decisions to tackling some of society's most challenging social issues. Economics students learn to think critically about how choices are made in the presence of scarcity. An undergraduate education in economics enables individuals to better understand and help resolve problems in today's business and society.

The major in economics requires thirty semester hours of courses in economics: ECO 203, 204, 346, 347, 490, and five elective courses in economics.

A minor in economics is also available, requiring eighteen semester hours of courses in economics: ECO 203, ECO 204, ECO 346, ECO 347 and two elective courses in economics.

Information on a specialized degree, applied mathematical economics, (MTE) is offered by the Department of Mathematics.


Trevor Collier, Chairperson
Edmund B. O'Leary Chair in Economics: John Ruggiero
Professors: Caporole, Frasca, Ruggiero
Associate Professors: Collier, Gustafson, Poitras
Lecturer: John


Bachelor of Arts with a Major in Economics (ECO) Minimum 124 Hours

Common Academic Program (CAP)
*credit hours will vary depending on courses selected
First-Year Humanities Commons 112
The West & the World
Introduction to Religioius & Theological Studies
Introduction to Philosophy
Writing Seminar I 2
Second-Year Writing Seminar 30-3
Writing Seminar II
Oral Communication 3
Principles of Oral Communication
Mathematics 3
Social Science3
Natural Sciences7
Crossing Boundariesvariable credit
Faith Traditions
Practical Ethical Action
Advanced Studyvariable credit
Philosophy and/or Religious Studies
Historical Studies
Diversity and Social Justice3
Major Capstone0-3


 Completed with ASI 110 and ASI 120.


Or ENG 100A and ENG 100B, or ENG 200H, by placement.


 Completed with ENG 200H or ASI 120.

Liberal Studies Curriculum
Creative and Performing Arts (May include CAP Arts)3
L2 Proficiency (Proficiency in a language other than English)0-11
Literature (May include CAP Components)3
Mathematics (Satisfies CAP Mathematics) 1, 26-9
Calc I with Review 3
Introductory Calc I
Intro to Statistics 4
Natural Sciences (Satisfies CAP Natural Science)11
Social Sciences, excluding ECO courses (Includes CAP Social Science)12

Course List

Major Requirements 30
ECO 203 Prin of Microecon 5 3
ECO 204 Prin of Macroecon 5 3
ECO 346 Intrmd MicroEco Anly 6 3
ECO 347 Intrmd MacroEco Anly 3
ECO 490 Sr Sem-Applied Eco (Satisfies CAP Major Capstone) 3
ECO electives (300/400 level)

ASI 150Intr to the Univ Exp1
Total Hours to total at least124


In addition, MTH 149 strongly recommended.


CAP Mathematics is satisfied with MTH 129, MTH 148, MTH 168, or MTH 207.


MTH 168 or MTH 128-MTH 129 may be substituted with permission of department chairperson.


May substitute DSC 210-DSC 211.


Minimum C grade


ECO 340 may be substituted for ECO 346 with permission of the department chairperson.


Minor in Economics (ECO)

ECO 203Prin of Microecon 13
ECO 204Prin of Macroecon 13
ECO 346Intrmd MicroEco Anly 23
ECO 347Intrmd MacroEco Anly3
Select two ECO courses (300/400 level)6
Total Hours18


ECO 300 and an upper level ECO course can substitute for ECO 203 and ECO 204.


ECO 340 may be substituted for ECO 346 with permission of department chairperson.


ECO 203. Principles of Microeconomics. 3 Hours

An introduction to consumer and producer behavior in a market economy, demand and supply, pricing and firm behavior under perfect and imperfect competition, and the distribution of income. Discussion of current topics in microeconomics may be included.

ECO 204. Principles of Macroeconomics. 3 Hours

Introductory economic analysis of the macroeconomy; the determination of gross national product, employment, inflation and the interest rate in the U.S. economy. Government policy, money and banking, and international trade are analyzed.

ECO 301. Seminar in Market Economics. 3 Hours

Market solutions to economic and political issues. Topics vary, but may include issues relating to drugs, gun control, environmental concerns, government interventions, economic and political freedom, and others. Team taught course. Prerequisite(s): ECO 203.

ECO 340. Managerial Economics. 3 Hours

Application of economic models to managerial decision making. Topics include demand analysis, forecasting demand, short-run cost analysis, long-run cost and production functions, pricing, and risk and uncertainty. May not get credit for both ECO 340 and ECO 346. Prerequisite(s): ECO 203.

ECO 346. Intermediate Microeconomic Analysis. 3 Hours

Analysis of the theory of consumer behavior, production theory, equilibrium of the firm, price determination in various market structures, distribution of income, allocation of resources, and welfare economics. May not get credit for both ECO 346 and ECO 340. Prerequisite(s): ECO 203.

ECO 347. Intermediate Macroeconomic Analysis. 3 Hours

National income accounting and the determination of the level of income and employment; classical, Keynesian, and post-Keynesian models; private, government, and foreign sectors; theories of inflation and economic growth. Prerequisite(s): ECO 204; ECO 203 recommended.

ECO 390. Antitrust Economics. 3 Hours

Study of how economic analysis has been applied in the interpretation of the antitrust statutes. Examines major anti-trust laws and relevant case law; reviews economic theories of market behavior. Prerequisite(s): ECO 203.

ECO 410. Business & Economic Forecasting. 3 Hours

Forecasting techniques, including ARIMA time series models, econometric models, moving averages, exponential smoothing, and time series decomposition, are used to forecast business and economic variables. Data sources, selection of appropriate forecasting tools and models, and evaluation of forecast results are studied. Prerequisite(s): ECO 203, ECO 204; Statistics (DSC 211 or MTH 207 or MTH 367 or MTH 412).

ECO 415. Game Theory with Business Applications. 3 Hours

Introductory course in strategic decision making; provides a thorough discussion of the basic techniques of applied game theory and of systematic thinking in making business decisions. Among the topics covered with applications to business are equilibrium strategies, understanding situations involving conflict and cooperation, auction design and bidding strategy, and bargaining and negotiations. Prerequisite(s): ECO 203.

ECO 435. Economics of the Environment. 3 Hours

Introduction to the economics of the global environment including an analysis of market failure as a cause of environmental degradation. Topics covered include cost-benefits analysis, criteria for public investment, regulation of the environment, and the sustainable global environment. Prerequisite(s): ECO 203.

ECO 441. Econometrics. 3 Hours

Training in the art of making economic measurements from empirical data using regression analysis as the principle tool; use of computer software to estimate and test regression equations; interpretation of results using statistical inference. Prerequisite(s): (ECO 203, ECO 204; differential calculus and basic statistics) or permission of instructor.

ECO 442. Money & Banking. 3 Hours

Principles of money and monetary systems; commercial banking and the role of the Federal Reserve System; monetary theory and policy; the mechanism of international payments. Prerequisite(s): ECO 203, ECO 204.

ECO 445. Public Finance. 3 Hours

The economic aspects of government finance at the local, state, and especially the national level; the behavioral effects of various taxes, efficiency in spending, the changing role of the U.S. government, fiscal policy, and intergovernmental revenue and expenditure programs; emphasis on relating analytical tools to current developments. Prerequisite(s): ECO 203, ECO 204.

ECO 460. Economic Development & Growth. 3 Hours

Study of various dynamic economic theories of growth and structural change; the role of particular factors of production and related noneconomic variables in the development process, primarily, though not exclusively, of Third World nations. Prerequisite(s): ECO 203, ECO 204.

ECO 461. International Economics. 3 Hours

Major issues surrounding international trade and finance, the economic interdependence of nations and businesses, essential theoretical and empirical tools necessary to monitor and analyze international economic phenomena, and the application of these tools to contemporary business problems and issues. Prerequisite(s): ECO 203, ECO 204.

ECO 471. Labor Economics. 3 Hours

Theory of labor supply and demand, human capital theory, and the process by which wages are determined in various factor markets; applications to topics of unemployment, unions, migration, discrimination, and skill differentials. Prerequisite(s): ECO 203, ECO 204.

ECO 480. Sports Economics. 3 Hours

The application of economic analysis to the sports industry. Examines demand and efficiency in the product market; the labor market for professional athletes and mechanisms for restricting competition in that market; problems in achieving an efficient allocation of resources in the sports industry. Prerequisite(s): ECO 203; (DSC 211 or MTH 207) or equivalent.

ECO 485. Urban & Regional Economics. 3 Hours

Treatment of certain theoretical concepts such as location theory and theories of land use and land rent; an economic interpretation for the existence of cities; applying economic analysis to the problems of traffic congestion, pollution, race, poverty, and urban sprawl. Prerequisite(s): ECO 203; (DSC 211 or MTH 207); ECO 346 recommended.

ECO 488. Production Economics & Performance Evaluation. 3 Hours

Intermediate course in theoretical and applied microeconomic production theory; provides a thorough discussion of the basic techniques of applied production theory and performance evaluation of decision making units. Topics include returns to scale, technical and allocative efficiency, benchmarking, environmental costs, and programming. Prerequisite(s): ECO 203.

ECO 490. Senior Seminar in Applied Economics. 3 Hours

Economic analysis applied in an area of topical interest chosen by the instructor; includes the application of theoretical, mathematical, and statistical methods mastered in previous economics courses. This capstone course provides students an opportunity to extend their proficiency in economic analysis through application and discussion in a small group setting. Typically offered during the spring semester. Economics or Business Economics majors only. Prerequisite(s): Twelve semester hours in Economics.

ECO 491. Honors Thesis. 3 Hours

Selection, design, investigation, and completion of an independent original research thesis under the guidance of a departmental faculty member. Restricted to students in the University Honors Program with permission of the director of the program and the departmental chairperson.

ECO 492. Honors Thesis. 3 Hours

Selection, design, investigation, and completion of an independent original research thesis under the guidance of a departmental faculty member. Restricted to students in the University Honors Program with permission of the director of the program and the departmental chairperson.

ECO 494. Seminar. 3 Hours

Subject varies from time to time. May be taken more than once if topic changes. Prerequisites to be announced.

ECO 496. Cooperative Education. 3 Hours

Optional full-time work period off campus alternating with study period on campus. (See Chapter X; consult Cooperative Education Office for details.) Does not count toward economics major. Permission of chairperson required. Economics or Business Economics majors only. Prerequisite(s): Permission of department chairperson.

ECO 497. Internship for General Elective Credit. 1-3 Hours

Practical work experience associated with career development and career exploration relating to the student's major. Permission of the department chair or designee required. Does not replace economics courses for the economics major. Economics or Business Economics majors only. Prerequisite(s): Forty-five semester hours of credit.

ECO 498. Independent Study in Economics. 1-6 Hours

Directed readings and research in selected fields of economics. The number of semester hours will depend on the amount of work chosen. The course will involve periodic discussions with faculty and other students in the course. May be taken more than once for additional credit. Prerequisite(s): 3.0 GPA in economics with a minimum of nine semester hours in economics; nomination by faculty; permission of the department chairperson.