Global Economics - Sophomore

Course # DMNS 2012

Credits 3

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

Upon completion of this course, students should 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 n^th  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.
Solve Linear Algebra problems wit the application of R studio.

Course Assessments and Grading

Course # DMNS 2035

Credits 6

Prerequisites and/or Corequisites: Calculus

Course Description

This course provides economics students with the fundamental statistical concepts and tools necessary for empirical economic analysis. The focus is on the application of statistical methods to economic data, the interpretation of results, and an understanding of their limitations. Topics include descriptive statistics, probability, probability distributions, sampling, estimation, hypothesis testing, correlation, and simple linear regression. Students gain practical experience using statistical software to analyze real-world economic datasets.

Course Learning Outcomes

Upon the completion of the course, students will be able to:

• Calculate and interpret descriptive statistics for economic data.
• Explain the concepts of probability and random variables as they apply to economic uncertainty.
• Utilize common probability distributions (Normal, Binomial) in economic contexts.
• Explain the principles of statistical inference (estimation and hypothesis testing).
• Construct and interpret confidence intervals for population means and proportions.
• Formulate and conduct hypothesis tests for single and two samples.
• Perform and interpret a simple linear regression analysis.
• Use statistical software (e.g., Excel, R, or Stata) to manage data and perform basic analyses.
• Critically evaluate statistical claims made in economic reports and news media.

Course Assessments and Grading

Course # ECON 2001

Credits 6

Prerequisites and/or Corequisites: introduction to microeconomics, calculus and introduction to statistics

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

Upon the completion of the course, students will 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

Credits 3

Prerequisites and/or Corequisites: None

TBA

Course # ECON 2007

Credits 6

Pre-requisites and Co-requisites: None

Course description

The Financial Economics course is an introductory course in finance built on general principles that apply across all subfields – corporate finance, investment, and financial markets and institutions. It introduces the three main “pillars” to finance – optimization over time (the analysis of intertemporal trade-offs), asset valuation and risk management (including portfolio theory).  Finance principles to decision problems faced by households and firms are applied through case-study review. The course also covers the theory and practice of asset pricing and issues in corporate finance.

Course learning outcomes

Upon successfully completing this course, students will be able to:

• Discuss finance concepts and principles
• Evaluate financial decisions of a firm
• Apply representative agent analysis to solve a simple portfolio choice problem
• Apply fundamental valuation models to price financial instruments
• Provide a conceptual framework for the management of risk
• Apply capital budgeting tools to make informed decisions about viability of investment projects and the optimal schemes to finance those projects
• Apply methods for quantifying various types of risk in finance and explain the risk-return trade-off

Course Assessments and Grading

Course # ECON2006

Credits 3

Pre-requisites and Co-requisites: None

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

Upon the completion of the course, 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 Assessment and Grading

Course # HUSS 2053E

Credits 3

Prerequisites and/or Corequisites: NA

TBA