THE UNIVERSITY OF NORTH CAROLINA AT ASHEVILLE FACULTY SENATE Senate Document Number 0796F Date of Senate Approval 12/05/96 Statement of Faculty Senate Action: APC Document 5: Catalog Changes in Economics Effective Date: Fall 1997 1. Change numbering of principles courses Delete: In Catalog 1996-97, on page 105, the entry for 201 Principles of Economics - Macro Approach (3) Add: In place of the deleted entry, the following: 101 Principles of Macroeconomics (3) A study of economic aggregates, including interaction of household,business, banking, and government sectors; problems of unemployment and inflation; and an introduction to monetary and fiscal policy. Satisfies three hours of social science general education requirement. Course offered every semester. No credit given to students who have credit for ECON 201. Delete: In Catalog 1996-97, on page 49, under Social Science Courses, the following: ECON 201 Principles of Economics - Macro Approach 3 semester hours Add: In place of the deleted entry, the following: ECON 101 Principles of Macroeconomics 3 semester hours Delete: In Catalog 1996-97, on page 105, the entry for 200 Principles of Economics - Micro Approach (3) Add: In place of the deleted entry, the following: 102 Principles of Microeconomics (3) A study of markets, and how prices and output are determined. Topics include market structure analysis, input markets, and public policy as it influences economic decisions. Course offered every semester. No credit given to students who have credit for ECON 200. Delete: In Catalog 1996-97, on page 33, the following: Economics Micro 4,5 3 ECON 200 Macro 4,5 3 ECON 201 Add: In place of the deleted entry, the following: Economics Macro 4,5 3 ECON 101 Micro 4,5 3 ECON 102 Delete: In Catalog 1996-97, on page 35, the following: Economics 6,7 3 ECON 201 Add: In place of the deleted entry, the following: Economics 6,7 3 ECON 101 Impact: There should be no impact on other departments other than adjusting for the change in numbering. The department may offer one additional section of 101 in the fall semester, a change which would require no additional staffing. Rationale: The change in numbering more accurately reflects that these courses as presently taught are appropriate for first-year students; no change in course content,rigor, or teaching methodology is anticipated or intended from the change. By placing macroeconomics before microeconomics in the catalog, the most frequently taught general education economics course will appear first in the curriculum. As is presently the case, the principles courses can be taken in either order. 2. Delete ECON 130 Delete: In Catalog 1996-97, on page 105, the entry for 130 The Economic Way of Thinking (3). Delete: In Catalog 1996-97, on page 49, under Social Science Courses, the following: ECON 130 The Economic Way of Thinking 3 semester hours Impact: There should be no impact since this course has been taught infrequently in the past (once per year). It was last offered fall 1994. Rationale: The students that 130 sought to reach are reached by 101 (which is taught more frequently than 130) and, in its FYE rendition, meets first-year student needs, too. 3. Change numbering for ECON 300 Delete: In Catalog 1996-97, on page 106, the entry for 300 Microeconomic Theory (3) Add: In place of the deleted entry, the following: 302 Microeconomic Theory (3) An extension of ECON 102, covering theories of consumer behavior, production and cost, the firm and market organization, general equilibrium, and economic welfare. Prerequisites: MATH 163 or 191 and ECON 101 and 102, or permission of instructor. Course offered every semester. May be taken for credit by students who have credit for ECON 302 History of Economic Thought. No credit given to students who have credit for ECON 300. Impact: No impact. Rationale: The change results from the change in order of the principles of economics courses. 4. Delete ECON 325 Delete: In Catalog 1996-97, on page 107, the entry for 325 Regional Economics (3). Impact: Virtually no impact as it is a pure elective not required by other departments. Rationale: Enrollments in the course have been small and the course has been offered infrequently. The department neither has, nor anticipates having, the expertise to teach the course well. 5. Changes in the international aspects of the curriculum Delete: In Catalog 1996-97, on page 107, the entry for 351 International Finance (3). Delete: In Catalog 1996-97, on page 107, the entry for 350 International Trade 3). Add: In place of the deleted entry, the following: 350 Theory of International Trade and Finance (3) A survey of international economic theory, including trade, the balance of payments, international currency and capital transactions, and exchange rate determination. Topics include trade policy, exchange rate management, and open economy complications for domestic economic policy. Prerequisites: ECON 101 and 102 or permission of the instructor. Course offered spring semester of odd-numbered years. No credit given to students who have credit for ECON 350 International Trade or ECON 351. Add: In Catalog 1996-97, on page 105, the following: 250 International Economic Relations (3) An introduction to international economics, with special attention to the history and politics of international economic relations. Topics include basic trade theory and policy, exchange rates, economic development issues, domestic and international political constraints on international economic policy, and selected current issues. Prerequisite: ECON 101 or 102. Course offered every fall semester. Delete: In Catalog 1996-97, on page 106, the entry for 314 Economic Development (3). Add: In place of the deleted entry, the following: 314 Economic Growth and Development (3) An examination of the determinants, constraints, and implications of economic growth and development. The particular problems of low-income countries are explored, along with historical examples of economic transformation. Political, social, and economic factors are considered. Prerequisite: ECON 101. Course offered spring semester of even-numbered years. Impact: The indicated changes present an integrated approach to international course offerings by the department. This should result in more predictable and meaningful course offerings than has been possible in the past. Rationale: The indicated changes will draw upon the new expertise that Dr. Konz has brought to the department and enable him to offer a set of courses which will provide appropriate international economic educational experiences for students with different interests at different academic levels. 6. Change in ECON 410 Delete: In Catalog 1996-97, on page 108, the entry for 410 Monetary Theory and Policy (3). Add: In place of the deleted entry, the following: 410 Seminar in Monetary Economics (3) A seminar evaluating contemporary theories of money demand, money supply, and the macro economy, including their implications for current debates about monetary policy. The course also considers international monetary economics and the conduct of monetary policy in the open economy, as well as current topics of interest to the students and the instructor. Prerequisite: ECON 215 or 301. Course offered every fall semester. Impact: No impact. Rationale: 410 has always been taught as a seminar. The new course title and description more accurately reflect the content and emphasis of the course. 7. Change in ECON 450 Delete: In Catalog 1996-97, on page 108, the entry for 450 Readings in Economics (3). Add: In place of the deleted entry, the following: 450 Seminar in Economics (3) A critical examination of primary works which have figured in the development of economic theory and policy. Prerequisite: ECON 301 or 302. Course offered every spring semester. Impact: No impact. Rationale: 450 has always been taught as a seminar. The new course title and description more accurately reflect the content and emphasis of the course. 8. Changes in Economics induced by (1) through (7). Delete: In Catalog 1996-97, on page 104, under Program in Economics, the entry for I. Required courses in the major. Add: In place of the deleted entry, the following: I. Required courses in the major - 34 hours, including: ECON 101, 102, 301, 302, 365, 450, 490; 12 additional hours in Economics, at least six of which must be at the 300 or 400 level. Delete: In Catalog 1996-97, on page 104, under Program in Monetary Economics and Finance, the entry for I. Required courses in the major. Add: In place of the deleted entry, the following: I. Required courses in the major - 34 hours, including: ECON 101, 102, 210, 215, 301, 302, 365, 490, and either 406 or 410; two courses from ECON 305, 306, 310, 350. Delete: In Catalog 1996-97, on page 104, under Program in Political Economy, the entry for I. Required courses in the major. Add: In place of the deleted entry, the following: I. Required courses in the major - 39-41 hours, including: ECON 101, 102, 215, 310, 341, 365; POLS 220, 347, 350, 351, 359, and one course from 321, 323, or 326; ECON 490 or POLS 460 and 490. Delete: In Catalog 1996-97, on page 105, under Economics Minor, the following: ECON 200, 201 Add: In place of the deleted entry, the following: ECON 101, 102 Delete: In Catalog 1996-97, on page 105, under 215 Money and Banking (3), the following: ECON 201 Add: In place of the deleted entry, the following: ECON 101 Delete: In Catalog 1996-97, on page 106, under 261 U.S. Economic History (3), the following: ECON 200, 201 Add: In place of the deleted entry, the following: ECON 101, 102 Delete: In Catalog 1996-97, on page 106, the entry for 301 Macroeconomic Theory (3). Add: In place of the deleted entry, the following: 301 Macroeconomic Theory (3) An extension of ECON 101, covering determination of aggregate economic performance, theories of consumption, investment, national income and output determination, inflation and unemployment. Macro-theory from classical to contemporary monetarist-fiscalist analysis. Prerequisites: ECON 101 and 102, or permission of instructor. Course offered every semester. Delete: In Catalog 1996-97, on page 106, under 305 Theory of Private Finance (3), the following: ECON 200 Add: In place of the deleted entry, the following: ECON 102 Delete: In Catalog 1996-97, on page 106, under 310 Theory of Public Finance (3), the following: ECON 200 Add: In place of the deleted entry, the following: ECON 102 Delete: In Catalog 1996-97, on page 106, under 312 Government, Industry and the Law (3), the following: ECON 200 or 201 Add: In place of the deleted entry, the following: ECON 101 or 102 Delete: In Catalog 1996-97, on page 107, under 330 Labor Economics (3), the following: ECON 200 or 201 Add: In place of the deleted entry, the following: ECON 101 or 102 Delete: In Catalog 1996-97, on page 107, under 337 Environmental Economics and Policy (3), the following: ECON 200 Add: In place of the deleted entry, the following: ECON 102 Delete: In Catalog 1996-97, on page 106, under 341 Cost- Benefit Analysis (3), the following: ECON 200 Add: In place of the deleted entry, the following: ECON 102 Delete: In Catalog 1996-97, on page 106, under 345 Economics of Natural Resources (3), the following: ECON 200 Add: In place of the deleted entry, the following: ECON 102 Delete: In Catalog 1996-97, on page 106, under 360 Elements of Mathematical Economics (3), the following: ECON 200 and 201 Add: In place of the deleted entry, the following: ECON 101 and 102 Delete: In Catalog 1996-97, on page 106, under 365 Economic Statistics and Econometrics (3), the following: ECON 200 or 201 Add: In place of the deleted entry, the following: ECON 101 or 102 Impact/Rationale: The above changes were induced by the curriculum changes described in (1) through (7). 9. Changes in Environmental Studies induced by (1) through (7). Delete: In Catalog 1996-97, on page 119, under I. Required courses in the major, the following: ECON 200 Add: In place of the deleted entry, the following: ECON 102 Delete: In Catalog 1996-97, on page 119, under Track in Natural Resource Management, the following: ECON 200, 201 Add: In place of the deleted entry, the following: ECON 101, 102 Impact/Rationale: The above changes were induced by the curriculum changes described in (1) through (7). 10. Changes in History induced by (1) through (7). Delete: In Catalog 1996-97, on page 133, under Program in Social Studies Licensure, under II. Required courses outside the major, the following: ECON 200 or 201 Add: In place of the deleted entry, the following: ECON 101 or 102 Impact/Rationale: The above changes were induced by the curriculum changes described in (1) through (7). 11. Changes in Management and Accountancy induced by (1) through (7). Delete: In Catalog 1996-97, on page 152, under Declaration of Major, the following: I. The student must have completed each of the following courses with a grade of C or better: ACCT 201, ECON 201*, MGMT 220 and STAT 185* Add: In place of the deleted entry, the following: I. The student must have completed each of the following courses with a grade of C or better: ACCT 201, ECON 101*, MGMT 220 and STAT 185* Delete: In Catalog 1996-97, on page 152, under Declaration of Major, the following: *Students anticipating a major in Management may choose ECON 201 as one of their social science general education requirements and, if qualified, choose STAT 185 as their mathematics general education requirement. Add: In place of the deleted entry, the following: *Students anticipating a major in Management may choose ECON 101 as one of their social science general education requirements and, if qualified, choose STAT 185 as their mathematics general education requirement. Delete: In Catalog 1996-97, on page 152, under General Requirements for Management, the following: b. Required courses outside the major - 16 hours: ACCT 201: ECON 200, 201, 306; STAT 185. Add: In place of the deleted entry, the following: b. Required courses outside the major - 16 hours: ACCT 201: ECON 101, 102, 306; STAT 185. Delete: In Catalog 1996-97, on page 153, the following: Financial: Four of the following courses: ECON 210, 215, 301, 305, 351, 365, 406; MGMT 493 and a 300-400 level elective outside the department and approved by the advisor. Credit will not be given for ECON 210 if prior credit has been earned for ECON 305. Add: In place of the deleted entry, the following: Financial: Four of the following courses: ECON 210, 215, 301, 305, 350, 365, 406; MGMT 493 and a 300-400 level elective outside the department and approved by the advisor. Credit will not be given for ECON 210 if prior credit has been earned for ECON 305. Delete: In Catalog 1996-97, on page 153, the following: International: ECON 314 or 350 or 351 or SOC 350 or 353; MGMT 306, 408, 498; POLS 281; and a 300-400 level elective outside the department and approved by the advisor. Add: In place of the deleted entry, the following: International: ECON 250 or 314 or 350 or SOC 350 or 353; MGMT 306, 408, 498; POLS 281; and a 300-400 level elective outside the department and approved by the advisor. Delete: In Catalog 1996-97, on page 153, under Minor Course Work, the following: ECON 200 or 201 Add: In place of the deleted entry, the following: ECON 101 or 102 Delete: In Catalog 1996-97, on page 154, under Declaration of Major, the following: I. The student must have completed each of the following courses with a grade of C or better: ACCT 201, ECON 200, MATH 191 and MGMT 220. Add: In place of the deleted entry, the following: I. The student must have completed each of the following courses with a grade of C or better: ACCT 201, ECON 102, MATH 191 and MGMT 220. Impact/Rationale: The above changes were induced by the curriculum changes described in (1) through (7). Delete In Catalog 1996-97, on page 154, under General Requirements for Industrial and Engineering Management, II. Required courses outside the major, the following: ECON 200 Add: In place of the deleted entry, the following: ECON 102 Delete: In Catalog 1996-97, on page 155, under Declaration of Major, the following: I. The student must have completed the following courses with a grade of C or better in each course: ACCT 201, ECON 201*, MGMT 220; and STAT 185*. Add: In place of the deleted entry, the following: I. The student must have completed the following courses with a grade of C or better in each course: ACCT 201, ECON 101*, MGMT 220; and STAT 185*. Delete: In Catalog 1996-97, on page 155, under Declaration of Major, the following: *Students anticipating a major in Accounting may choose ECON 201 as one of their social science general education requirements and, if qualified, choose STAT 185 as their mathematics general education requirement. Add: In place of the deleted entry, the following: *Students anticipating a major in Accounting may choose ECON 101 as one of their social science general education requirements and, if qualified, choose STAT 185 as their mathematics general education requirement. Delete: In Catalog 1996-97, on page 155, under General Requirements for Accounting, II. Required courses outside the major, the following: ECON 201 Add: In place of the deleted entry, the following: ECON 101 Impact/Rationale: The above changes were induced by the curriculum changes described in (1) through (7). 12. Changes in Mathematics induced by (1) through (7). Delete: In Catalog 1996-97, on page 172, under Program in Pure ( Theoretical) Mathematics, II. Required courses outside the major, the following: ECON 200-201 Add: In place of the deleted entry, the following: ECON 101-102 Delete: In Catalog 1996-97, on page 173, under Program in Statistics, II. Required courses outside the major, the following: ECON 200 and 300, or ECON 201 and 301 Add: In place of the deleted entry, the following: ECON 101 and 301, or ECON 102 and 302 Impact/Rationale: The above changes were induced by the curriculum changes described in (1) through (7). 13. Changes in Political Science induced by (1) through (7). Delete: In Catalog 1996-97, on page 193, under Program in Political Economy, II. Required courses outside themajor, the following: ECON 200, 201 Add: In place of the deleted entry, the following: ECON 101, 102 Impact/Rationale: The above changes were induced by the curriculum changes described in (1) through (7).