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Business and Economics

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Departmental Mission Statement

Study Abroad

Requirements for Economics Major

Requirements for Economics Minor

Requirements for Business/Economics Major

Requirements for Business Minor  (only offered occasionally at HoneyRock)

Honors Program

Internships

Course Descriptions

 

Chair, William Volkman Associate Professor of Business and Law, Stephen Bretsen

Carl R. Hendrickson Professor of Business and Economics, Bruce Howard

George F. Bennett Associate Professor of Economics, Jason Long

Norris A. Aldeen Associate Professor of Business, Min-Dong Paul Lee

Associate Professors Norman Ewert, Annette Tomal

Assistant Professors Jeremy Cook, Winnie Fung

 

The Department of Business and Economics offers majors in Economics and in Business/Economics and a minor in Economics. The Department periodically offers a minor in Business, which is explained below.  Both programs build on an economic core consistent with a liberal arts foundation and are intentional about integrating the Christian faith and perspective with the study of economic life.

The Economics major is designed to help students develop skills in analysis and decision making by becoming thoroughly grounded in the principles of economic reasoning. At the same time, students also gain an understanding of the economic relationships, forces, and patterns that influence the economic order on both a national and global basis. An effort is made to apply economic analysis to a wide range of social and economic issues. The Economics major provides a broad and versatile base of preparation that is ideal for a lifelong career in business, government, law, public policy, or other professional tracks. It also provides excellent background for further graduate study in economics, business administration, or law.

The Business/Economics major focuses on economic life at the level of the firm. Any organization, whether it be a for-profit or not-for-profit endeavor, must deal with the issues of purpose, product/service creation, distribution channels, human and financial resources, technology, and information. All of these issues must be considered in the context of a dynamic global economy. The Business/Economics major offers a range of courses which enable students to develop their understanding of these foundational issues as they relate to principles of accounting, finance, management, marketing, operations, and information science.

Study Abroad: The department periodically offers an international studies program that focuses on visiting a specific region of the world.  Credit hours and courses may vary, depending on the nature of the program. Students are also encouraged to learn about other study abroad programs from the Global and Experiential Learning Office or through the Council for Christian Colleges and Universities (www.cccu.org).

Requirements for the Economics major are 36 hours in the department, including the following: 24 hours of core courses including B EC 211, 212, 321, 325, 326, 375, and 494*. In addition, a student must take a selection of 12 elective hours from those courses listed as Economics major electives. Students must also take MATH 231. Additional math courses beyond MATH 231 are recommended. Seniors are required to take a comprehensive examination. A maximum of six hours of combined internship and independent study can be applied to the major.

Requirements for the Economics minor are 20 hours -- B EC 211, 212, either 325 or 326, and any ten hours of upper division Economics courses. Students must also take MATH 231. Additional math courses beyond MATH 231 are recommended.

Requirements for the Business/Economics major are 36 hours --  B EC  212, 226, 321, 341, 342, 367, 493 and 494*; and 10 hours of department courses designated as either Business/Economics electives or courses listed as Economics required or elective courses.  Business/Economics majors must also take eight hours of supporting course work in economics: B EC 211 and either B EC 325 or 326. In addition, students must take MATH 221 or 231. Additional math courses beyond MATH 221 or 231 are recommended. Seniors are required to take a comprehensive examination. A maximum of six hours of combined internship and independent study can be applied to the major.   

Requirements for the Business minor:  The department periodically offers a minor in Business. The minor draws on course work offered both at the Wheaton (6-12 hours) and HoneyRock (8-14 hours) campuses. The minor is designed to complement the studies of students majoring in other disciplines by offering a concentrated course of study in the foundational concepts of business.

The requirements are 20 hours including: B EC 211, 212 (offered only at the Wheaton campus) and B EC 224, 241, 242, 267 (offered occasionally as part of HoneyRock’s summer program). And 6 hours of electives in business, economics, or leadership other than B EC 226, 341, 342 or 367 taken at either the Wheaton or HoneyRock campuses.

Honors Program:  The Honors Program at Wheaton College offers eligible students advanced independent work, which culminates in a senior thesis and an Honors designation on the transcript. A total of 8 hours are designated as honors credit – 4 hours from a regular upper-division major course with additional requirements and 4 hours of research credit (B EC 495) which includes the thesis.

Internships:  Students may earn between 1 and 4 hours of academic credit for work experience. Students are responsible for obtaining their own internship in either the private or public sector. The internship work responsibilities must be either business or economics related and have educational value. The internship must be approved in advance, may be paid or unpaid, and must be supervised.

Business and Economics Courses (B EC)

B EC +211. Principles of Microeconomics. An introduction to economic ways of thinking. Resource allocation, production, and distribution mechanisms are explored. Counts as one of the Studies in Society general education options.

B EC +212. Principles of Macroeconomics. An examination of national income and product determination. Monetary and fiscal policy are analyzed as tools for dealing with inflation, unemployment, and economic growth. Prerequisite: B EC 211. (2)

B EC 224. Introduction to Accounting Systems and Information. This course is an introduction to basic accounting as an information system and covers the topics of double entry accounting, the accounting cycle, accrual accounting, financial statement preparation and analysis, and cost volume profit analysis. Students learn to operate an automated accounting package with a personal computer. Counts toward Business minor only. (2) Occasional Summers at HoneyRock.

B EC 225. Consumer Finance. Management and stewardship of consumer income and expenditures in the areas of budgeting, credit, housing and mortgages, insurance, savings and investment, and consumerism. Does not count toward a department major. (2)

B EC *226. Principles of Accounting I. An introduction to basic accounting theory, principles, and financial information systems. This first of a two-course sequence covers the double entry accrual system of accounting and addresses financial reporting issues related to accounting for current assets, liabilities, and long-lived assets.

B EC *227. Principles of Accounting II. This second of a two-course sequence covers financial accounting issues related to business organization, accounting for long-term debt and owner's equity, and financial analysis. Students are also introduced to an array of managerial accounting topics including cost-volume-profit analysis, job order, and process costing, budgeting, relevant costs and decision making. Students work with general ledger software that integrates spreadsheet and word processing applications. Prerequisite: B EC 226.

B EC *229. Management Information Systems. Provides an overview of current business office software and its application and implementation within a business framework. The use of spreadsheets, databases and presentation graphics are explored as students develop their own business. The creation of a financial business plan, an inventory tracking system, and a business promotional presentation are used to develop the student’s understanding of the software as it relates to everyday business practices. (2)

B EC 241. Introduction to Marketing. This course provides an introduction to the nature of the marketing process in organizations. The focus is on the role of product, pricing, promotion, advertising, distribution, and market segmentation decisions. Counts toward Business minor only. (2) Occasional Summers at HoneyRock.

B EC 242. Introduction to Management. This course is an introduction to the effective management of organizations through the application of planning, organizing, controlling, and leading. Specific attention will be given to designing organizations that will endure and make a meaningful contribution to society. Counts toward Business minor only. (2) Occasional Summers at HoneyRock.

B EC 267. Introduction to Finance. This is an introductory course in finance in which the student should attain a basic understanding of the essentials of financial decision making. Topics covered include discounted cash flow analysis, financing the firm, financial markets and institutions, and managing personal finances. Counts toward Business minor only. (2) Occasional Summers at HoneyRock.

B EC *+321. Statistics. Foundational statistical principles including descriptive and inferential statistics, probability, hypothesis testing, and regression and correlation analyses. Statistical application with Excel is an integral part of the course.

B EC +325. Intermediate Macroeconomics. A theoretical, institutional, and empirical study of national income distribution, inflation, unemployment, economic stability, and the rate of growth. Explores domestic and international macroeconomic policy issues. Examines the development of macroeconomic theories. Prerequisites: B EC 211, 212, MATH 231 or 221.

B EC +326. Intermediate Microeconomics. This course helps students develop a sound understanding of microeconomic analysis. The primary objective of the course is to study consumer and producer behavior and analyze their interactions in the market system from three dimensions: economic intuition, math, and graphs. Two themes of the course are economic decisions and economic institutions. The course will explore how various economic agents make choices, and the implications of these choices for the overall allocation of resources for society. The course then studies various market imperfections and their consequences for welfare.  Prerequisites: B EC 211, 212, MATH 231 or 221.

B EC *328x. Business Ethics. See PHIL 328 Prerequisites:  B EC 211 and PHIL 101 or 215. (2).

B EC *329. Faith and the Business Enterprise.  This course will explore the interaction between business practice and Christian worldview.  Discussion topics will include God’s purpose for market activity; how business can holistically transform individuals, communities and societies economically, socially, and spiritually; how a business enterprise can be formed to embody Christian values and promote them in all its activities.  (2)

B EC *331. International Business. Examines international trade issues, investment flows, and foreign exchange concerns as they relate to the firm. The impact of legal, political, and cultural forces on the multination enterprise are examined in the context of the strategic management process. Case studies are heavily used.

B EC +332. European Political Economy. This course focuses on the structure and processes of the European Union. The interconnections between politics and economics in that union are examined with special emphasis given to policy formation and the expansion of the Union. A review of the European Union’s role in world trade patterns is included. Offered as part of periodic departmental international programs. (2)

B EC *+333. European Field Experience and Research. Students participate in site visits, tours, and seminars at many policy and business locations throughout Europe. A research paper is a requirement of the course. Offered as part of periodic departmental international programs.

B EC *334 Entrepreneurship. This course uses a multi-disciplined approach to examine the qualities of a new business venture. Students will gain knowledge of how to identify potential business opportunities, conduct market analysis and feasibility studies, write a business plan, and access their entrepreneurial acumen in the context of social responsibility. Prerequisites:  B EC 226, 341. Majors only. (2)

B EC +335x International Trade and Finance. See IR 335. Students cannot take both B EC 335 and B EC 366 for major elective credit.

B EC *341. Principles of Marketing. Role of marketing within an enterprise. Includes a survey of the impact of product, price, promotion, advertising, distribution channels, consumer behavior, and market segmentation on marketing decisions.

B EC *342. Principles of Management. Introduction to the effective management of organizations, including principles of strategizing, organizing, controlling, and leading. Special emphasis on the human side of management and the social responsibility of enterprise.

B EC *343. Consumer Behavior. This course explores the psychology of consumer thought and rationale, with a focus on theory and research, for the purpose of examining the social, cognitive, and cultural factors that influence individual consumer behavior. Prerequisite: B EC 341.

B EC *+345. Money and Banking. The course examines the nature of banks as financial intermediaries within the context of the financial services industry and the Federal Reserve System. The significance of money as an economic variable, and the relationship between money and banking are explored. The nature of a bank's portfolio of financial assets is studied from both a theoretical and applied perspective. Prerequisite: B EC 212. Majors only.

B EC +346. Public Finance. This course examines the public sector and its policy process including voting models, expenditure, priorities, insurance programs, and taxation principles. Special attention is given to Social Security, health care, and welfare issues. Prerequisite: B EC 211; recommend B EC 212.

B EC +347. Urban Economics. Examines issues relating to urban growth and public policy. Topics include urban housing, poverty, local government, labor market, transportation, education, crime, land-use controls and zoning, and economic development. Recommended: B EC 211. (2)

B EC *+348. Economics of Competition. Examines the theoretical and empirical foundations of competition in economics. The course includes a review of the neoclassical economics of competition, introduces institutional and informational perspectives on competition. The course entails extensive readings of empirical studies highlighting the various forms of competition and addresses the strengths and weaknesses of alternative approaches to the study of competition. Prerequisites:  B EC 211, 321. (2)

B EC +351. Energy Economics. This course explores the role of energy in modern industrial society and the economic implications and opportunities of emerging global energy challenges. The course will place significant emphasis on carbon based energy in the context of the peak oil debate, as well as potential alternative energy sources. Prerequisite: B EC 211. (2)

B EC *352. Business Law. An introduction to basic legal concepts and principles that apply to business transactions. The course will focus on the laws related to contracts, commercial transactions, and agency relationships. Ethical and other issues in business law are examined from a Christian perspective. (2)

B EC *355. Managerial Accounting. A study of accounting information for managerial reporting and decision making, including cost analysis, performance measurement, variance analysis, activity based/job order/process costing, allocation issues, information for decision making, and capital budgeting. Prerequisites: B EC 226 and 227.

B EC *356. Production Management. Covers manufacturing function of a business in the broadest sense. Topics covered include inventory management, group technology, and total quality management. (2)

B EC +365. Economic Development and Growth. A theoretical, institutional, and empirical study of human need and economic development in the two-thirds world. Addresses numerous issues including employment, health, education, agriculture, sustainability, population, civil society, international trade, and globalization. Prerequisite: B EC 211; recommend B EC 212. Diversity designation.

B EC +366. International Economics. Studies the theory of international trade and finance. Examines policy exchange rates issues including the balance of trade, economic integration, and international debt. Prerequisite B EC 212; recommend B EC 325.

B EC *367. Principles of Finance. This course is a study of basic financial concepts underlying valuation of financial assets and managing the firm. Financial management issues covered in the course include financial analysis, capital budgeting, capital structure, long-term financing, financial planning, dividend policy, working capital management, and international finance. Prerequisite: B EC 226, 321.

B EC +371. Small-Scale Enterprise and Economic Development. Examines the role of microfinance and small-scale enterprises in promoting development in developing countries. Examines issues including development strategies, financial intermediation, and institutional development. Includes case studies. Prerequisite: B EC 211; recommend B EC 212.  (2)

B EC +372. Environmental Economics. An application of economic theory to natural resource and environmental issues. Prerequisite: B EC 211.

B EC *+375. Econometrics for Business and Economics. This is a course in applied econometrics. The course explores regression analysis as a research tool and as a basis for business decisions. Topics generally examined include: simple and multiple regression theory and applications, probability distributions, hypothesis testing and significance tests, dummy variables, specification tests, time series and simultaneous equation analysis. Students will be expected to do work on the computer and complete a substantial research project on a subject of their own interest. Prerequisite: B EC 211, 212, 321; recommend B EC 326.

B EC *+376. Game Theory. This course introduces the basic concepts of game theory. Game theory is the study of strategic decision-making—that is, making decisions when individuals’ actions affect each other. It is a powerful tool, applicable in a broad range of fields, from economics and business, to politics and law, and even biology. Firm competition, auctions, international conflict resolution, and animal mating behavior are all multi-agent decision problems; they are all games. Students learn how to recognize games, how to formally model their key properties, and how to predict outcomes based on concepts of equilibrium. Above all, students learn to think strategically with precision and rigor. Prerequisites: B EC 211, MATH 231 or 221.

B EC 382. Topics in Business. Selected topics designed to give added breadth and depth to the understanding of business. Prerequisite: Various depending on the topic. (2).

B EC 384. Topics in Business. Selected topics designed to give added breadth and depth to the understanding of business. Prerequisite: Various depending on the topic.

B EC +392. Topics in Economics. Selected topics designed to give added breadth and depth to the understanding of economics. Prerequisite: ECON 211, 212. (2).

B EC +394. Topics in Economics. Selected topics designed to give added breadth and depth to the understanding of economics. Prerequisite: ECON 211, 212.

B EC *421. Organizational Psychology. Examination of human behavior in work organizations. Focuses on enhancing individual and organizational performance by understanding motivation, job attitudes, leadership, group dynamics, organizational culture, and organizational development. This highly interactive class is run as a self-managed work team. (2)

B EC *422. Personnel Psychology. An introduction to approaches for managing an organization's most important asset—its people. Primary topics include job analysis, personnel selection, performance appraisal, training and development, rewards, legal issues, diversity, and strategic human resources management. Prerequisite: junior standing. (2)

B EC *431. Investment Analysis and Capital Markets. This course analyzes the markets for investment of funds with special emphasis on debt and equity instruments, and the determination of asset prices. The theory and practices underlying investment portfolio management also are studied as they relate to these markets. Prerequisites: B EC 211, 212, 321, 367.

B EC *433. New Venture Strategy. The course is designed to provide tools that will help students develop and evaluate new business ideas. The course will discuss frameworks for understanding the entrepreneurial process, decision and behavioral sciences as they relate to business strategy, Biblical underpinnings of entrepreneurship, and financing and starting the new venture.  Prerequisites: B EC 211, 226, 341, 367.

B EC +435. Public Choice and Constitutional Economics. This course involves the application of analytical tools of economics to non-market decision making. Attention to constitutions, theories of government, and bureaucracies. Prerequisite: B EC 211.

B EC +447. History of Economic Thought. An examination of the intellectual, philosophical, and institutional background of modern capitalism beginning in the ancient world and continuing into the present. Special attention is given to Adam Smith, the classical school, and the subsequent mainstream of economic thinking. Dissenting voices to the mainstream are examined as they impact the prevailing ideas. Prerequisite: B EC 211; recommend B EC 212.

B EC +448. American Economic History. Economic and social development of the United States, with an emphasis on the institutional framework. Slavery, the Civil War, industrialization, and the growth of government are also covered. Prerequisite: B EC 211.

B EC +456. Comparative Economic Systems. A comparison of the leading types of economic systems and the different economies of the world. Prerequisite: B EC 211. (2)

B EC +457. Public Policy. This course takes contemporary issues in economics and public policy and discusses them in a seminar format. Several current books dealing with controversial policy questions usually serve as the basis for the discussion. (2)

B EC *493. Business Strategy. A capstone course for Business/Economics seniors that serves to highlight key principles and ideas from the business disciplines of accounting, finance, management, marketing, and information science. These will be considered in the context of the competitive business environment. Case analysis and/or simluations will be used to develop the conceptual material. A major goal of the course is to develop insights into the interrelatedness of business principles as they apply to business strategy and solving business problems. Prerequisite: senior standing; majors only. (2)

B EC *+494. Seminar. An integrative capstone course examining the liberal arts, normative aspects of business and economics, the role of Christians at work and in the marketplace. Prerequisite: senior standing; majors only. (2)

B EC *+495. Independent Study. Individual study on major issues for the advanced student with approval of the department chair. See Department guidelines. (1-4)

B EC *+496. Internship. Credit given for pre-approved faculty-supervised involvement in the private or public sector of the economy. Open only to juniors and seniors who have completed 211, 212 and any other courses deemed appropriate for the particular internship. Graded pass/fail. (1-4)

*=Business/Economics courses

+=Economics courses

Revision Date: June 1, 2013

 

 

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