Global Economics - Fall 2023 Sophomore

Course # DMNS 2012

3 Credits

Course Description

Linear Algebra is a foundational course at UCA. It can be applied in business, economics, sociology, ecology, demography, engineering and other areas. In this course, students will study mathematics that deals with the system of linear equations and their applications, operations with matrices, applications of Markov chains, applications of determinants, eigenvalues and eigenvectors and their applications.

Course Learning Outcomes

At the end of the course, students will be able to:

• Set up and solve a system of equations to fit a polynomial function to a set of data points.
• Use matrices and Gaussian and Gauss – Jordan eliminations to solve a system of linear equations.
• Do operations with matrices.
• Find the inverse of a matrix.
• Use a stochastic matrix to find the nth state matrix of a Markov chain.
• Find steady state matrices of absorbing Markov chain.
• Use matrix algebra to analyze an economic system (Leontief input- output model).
• Find the least square regressions line for a set of data.
• Use Cramer’s rules to solve a system of n linear equations in n variables.
• Model population growth using an age transition matrix and an age distribution vector.

Course Assessments and Grading

Course # DMNS 2035

6 Credits

Course Description

This is an introduction to statistics for economics students. This course will cover elementary probability including introducing random variables, and discrete and continuous probability distributions so that students can use the language of probability in statistics. The second part of the course will cover inferential statistics wherein students will learn how to conclude a population based on a random sample. No prior preparation in probability and statistics is required, but familiarity with basic algebra and calculus is assumed.

Course Learning Outcomes

After completing the course students should be able to:

• Apply a variety of methods for explaining, summarizing, and presenting data and interpreting results clearly using appropriate diagrams, titles, and labels when required.
• Summarize the ideas of randomness and variability and the way in which these link to probability theory to allow the systematic and logical collection of statistical techniques of great practical importance in many applied areas.
• Perform inference to test the significance of common measures such as means and proportions.
• Use simple linear regression and correlation analysis and know when it is appropriate to do so.

Course Assessments and Grading

Course # ECON 2001

6 Credits

Course Description

The course on Intermediate Microeconomics is one of the fundamental disciplines for the education of an economist. It develops analytical abilities and helps students to think like economists. It focuses on the behavior of three main economic agents: individuals, firms, and the government, and factors that determine this behavior. It introduces main tools of microeconomic analysis such as conditional optimization and graphical analysis to explain how markets work, and how economic agents make their decisions. In addition, elements of game theory are used to analyze strategical behavior among different economic units. Knowledge of microeconomics provides a basic framework for understanding individual choices, firms’ market strategies, government policies, and many other issues.

Course Learning Outcomes

After completing the course students should be able to:

• Apply the model of rational consumer behavior in situations of perfect and imperfect information
• describe the strengths and limitations of the “utility theory” approach to modelling consumer behavior
• explain under what assumptions unregulated markets lead to efficient allocations of goods and problems
• explain how a profit-seeking company with market power can capture more surplus by engaging in price discrimination
• analyze the role of strategies and payoffs in a game
• demonstrate how the efficient quantity of a public good is determined in an economy.

Course Assessments and Grading

Course # ECON 3018

3 Credits

Course description

This course aims to provide students with an introduction to, and overview of, a wide range of research methods in economics, their uses and limitations. It will introduce students both to some of the main theoretical issues involved in research and to practicalities of the design and analysis of results. This course will help students develop research skills, critically analyze the research of others, and improve writing and presentation skills. We will consider a variety of approaches to empirical economic research. Students will gain familiarity with research methods used in economics and write a critical review of the literature on an economic topic of their choice.

Course Learning Outcomes

At the end of this course, the students will be able to:

• Describe how theoretical, epistemological, and ontological considerations are applied to particular research context in economics
• Explain key components of research methods used in economics
• Formulate a research question to study a research problem
• Identify the qualitative and/or quantitative research methods to investigate a research question
• Identify literature and data to support the objectives of the research
• Synthesize existing literature to identify knowledge gaps for a research problem

Course Assessments and Grading

Course # ECON 2007

6 Credits

Course Description

This course is an introduction to financial economic analysis primarily focusing on financial markets and institutions. This is not a theory course per se, nor is it a course in accounting, personal investment advice, capital markets, or money and banking. The main objective of the course is to provide a comprehensive understanding of the nature and economic functions of financial markets and financial institutions. Students acquire analytical skills and become familiar with topics such as bond and stock markets, financial institutions, and the reasons for financial crises in advanced and emerging economies. The course provides students with the tools needed to understand trends in the financial marketplace and helps them to apply the unifying analytic framework using simple models. In addition, to reinforce the models’ usefulness, it uses case studies, applications, real-life events, and empirical data that support or cast doubts on the theories being discussed. Finally, the course equips students with the tools of modern financial economics that help them in their future career in finance or banking.

Course Learning Outcomes

On completion of the course the students will be able to:

• Define key financial concepts and principles.
• Calculate interest rates and financial asset prices.
• Calculate the price of common stock.
• Define the main characteristics of the US financial system and other developed countries.
• Apply analytical models to analyze financial markets.
• Provide examples of financial innovations.
• Define the key features of the three stages of a financial crisis.
• Identify the main reasons of financial crisis.

Course Assignments and Grading

Course # ECON 2006

3 Credits

Course Description

This course focuses on ways to manage personal finances effectively in order to increase savings and reach financial goals and examines ways of how financial reporting is prepared and communicated by businesses. The course enables students to develop their knowledge and understanding of principles and purposes of accounting for individuals, businesses and non-for-profit organization.

Course Learning Outcomes

On completion of the course the students will be able to:

• Define the basic accounting vocabulary, accounting principles, and concepts
• Explain ways to prepare a personal and family budget to reach financial goals
• Discuss ways to increase personal savings
• Perform accounting tasks for non-current assets, inventory, receivables, non-current liabilities, current liabilities, and equity
• Prepare a multiple-step income statement, statement of financial position, and cash flow statement of a company
• Explain the interactions between the financial statements and the way they are used by investors, creditors, regulators, and managers
• Record business transactions using accounting software
• Analyze the financial statements of a company.

Course Assignments and Grading

Course # HUSS 2053E

3 Credits

Course Description

This course is an introduction to ethics. It aims at providing students with the basic knowledge of ethical theories, categories, and topics. We shall explore major ethical discussions in the contemporary world ranging from individual autonomy to environment and concerns about AI development. We will look at ethical issues from different perspectives – religious and secular, individual and communal, human and non(trans)-human points of view. The course does not presume to dictate any norms, its purpose is to help students develop skills of reasoning and decision making required of responsible and effective global citizens who are able to create innovative solutions to the problems of the 21st century.

Course Learning Outcomes

On completion of the course the students will be able to:

• use ethical categories accurately,
• discuss ethical issues responsibly (amicably and cooperatively),
• untangle (latent) premises upon which (their own or others’) ethical statements are made,
• defend an ethical stance in a debate reasonably (using arguments, relevant facts, knowledge of ethical theories).

Course Assignments and Grading