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 is an introduction to statistics for economics. 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

Upon completion of this course, students should be able to:

• Apply a variety of methods for explaining, summarizing, and presenting data and interpreting results 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.
• Apply fundamental concepts of probability theory to calculate probabilities and solve problems involving random events.
• 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

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 models of consumer choice and rational decision-making to analyze how individuals allocate limited resources among competing goods and services under conditions of certainty, uncertainty, and imperfect information.
• Analyze consumer preferences, utility, budget constraints, and demand, and evaluate the strengths and limitations of utility theory as a framework for explaining consumer behavior.
• Explain and analyze the behavior of firms and competitive markets, including production, costs, profit maximization, market equilibrium, and the conditions under which competitive markets generate efficient allocations of resources.
• Evaluate firm behavior under imperfect competition, including monopoly and market power, and explain how firms can increase profits and capture consumer surplus through different forms of price discrimination.
• Apply basic game-theoretic concepts—including strategies, payoffs, dominant strategies, best responses, and Nash equilibrium—to analyze strategic interactions among firms and other economic decision-makers.
• Analyze decision-making under risk and uncertainty and explain how imperfect and asymmetric information affects consumer behavior, firm behavior, and market outcomes.

Course Assessments and Grading

Course # ECON 3018

Credits 3

• 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

TBA