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Economics Overview & Goals

Economics majors study how individuals and firms make decisions, government actions impact the economy, and globalization affects people. The program has two tracks and a dual major. The Managerial Economics track focuses on how firms behave. The International Economics Track focuses on how the economies of the world differ and how that impacts our economy.

The dual major in Economics and Mathematics focuses on the more mathematical aspects of economics. Graduates have gone on to work for places such as law school, the International Monetary Fund and international charities. The dual major is designed for students planning to study economics in graduate school and provides opportunity for additional applied specialization.

The Managerial Economics track is designed to provide students an understanding on how firms work. Graduates of the program have gone directly to work, law school, and graduate school for an MBA.

Economics (Major)

Economics and Mathematics (Major)

Economics, International or Quantitative (Minor)

Careers in Economics

Specialties: Micro, Macro, Financial, International, Industrial Organizational, Demographic or Labor, Natural Resource and Environmental, Public Finance, Econometrics, Business

Data Collection
Data Analysis
Research Analysis
Forecasting
Planning
Consulting
Policy Advising
Economic Development

Banking and Finance
Financial Analysis
Commercial Banking
Retail/Consumer Banking
Credit Analysis
Lending
Trust Services
Mortgage Loans
Branch Management
Operations
Securities: Sales, Research
Market Research Analysis

Insurance
Sales
Claims
Underwriting
Risk Management
Asset Management
Loss Control
Customer Service
Actuarial Science

Sales
Industrial Sales
Consumer Product Sales
Financial Services Sales
Services Sales
Advertising Sales
Corporate Sales
Manufacturer Representation
Direct Consumer Sales
E-commerce
Customer Service
Sales Management: District, Regional, and Higher

Management
Types of Management Include:
Entry-Level/Management-Trainee
Supervision of Employees and Operations
Project Management
Team Management
Information Management
Operations Management
Middle Management
Top Management

Education
Teaching
Research

Christine Lemley“Bethany College prepares students for the world that awaits their leadership. It’s the one-on-one relationships formed with professors, the caliber of coursework, and the writing assignments which truly prepare you to go from the classroom to the board room. My time at Bethany allowed me to fully develop into the person I am today, pushing me beyond merely checking a box towards my future. Bethany allowed me to come into my own, develop lifelong friendships, and prepare me well for the real world demands I face each and every day. From a young woman briefing Air Force Generals in my twenties, running multi-million dollar programs and advising senior executives in my thirties, and, after following my passions, advising C-suite executives on various topics while leading efforts around data privacy – Bethany’s impact on my life is immeasurable.”

Christine Lemley ’93, Economics
Monitor Liaison and Data Privacy Lead at Volkswagen Group of America

Kelly Sofka Kowalski“My Bethany experience stands out as one I will always look back on with fondness and gratitude. Impactful relationships with professors who became mentors and opportunities like the McCann Investment Fund were key drivers of my personal and professional growth. When I think about my journey of coming up from a small town in West Virginia to working on Wall Street and now part of the investment team for a $130 billion portfolio for a Fortune 100 insurance company, I see Bethany as a key milestone that positioned me on and prepared me for this path. My well-rounded, liberal arts background has made me versatile in my current role as a portfolio manager and opened up many different paths for future career development.”

Kelly Sofka Kowalski, Economics ’10
Portfolio Manager, MassMutual Financial Group

Cassidy Drilling“Bethany College is more than a place, it’s more than even a home. It is a way of life that inspires its students to look differently at the world around them and their place within it. My time spent here, and the lifelong lessons learned both in the classroom and within the community, shaped the person I am today. Bethany College is where I found my true self and discovered my passions. It instilled in me an insatiable hunger for lifelong learning, challenging assumptions, and striving, always, to reach higher than I ever dreamed possible.”

Cassidy Drilling ’11, Managerial Economics
Senior Financial Analyst, Highmark Health Inc.

Faculty

Wilfrid W. Csaplar, Jr.
Professor of Economics
Ph.D. in Economics, Duke University 1989
B.A. in Economics and Mathematics, Swarthmore College 1983
304.829.7856
wcsaplarJr@bethanywv.edu

Aaron M. Honsowetz
Assistant Professor of Economics
M.A., Ph.D., George Mason University
B.A., B.S, Michigan State University
304.829.7731
ahonsowetz@bethanywv.edu

Lisa M. Reilly
Associate Professor of Chemistry and Chair of the Department of Physical and Computational Sciences
Ph.D., Oklahoma State University
B.S., Mercyhurst University
304.829.7244
lreilly@bethanywv.edu

Randy Cooey
Emeritus Professor of Economics
304.829.7451
rcooey@bethanywv.edu

Requirements

All majors in the program are required to complete the following courses: ECON 162, 163, 222, 301, 302, 304, 350, 376, 476, 495; either ECON 205 or MATH 201; ACCT 202; and MATH 281, 282. Students considering a major in Economics should complete all of the 200-level courses listed above by the end of the sophomore year.

Additionally, students majoring in Economics are required to complete one of two tracks:

Managerial Economics: ACCT 203; ECON 280; BUSI 310, 312, 332, 482; ECON 287 or
BUSI 311; and a Senior Project in Economics.

International Economics: BUSI 371; ECON 260, 360; POLS 243, 244; a Senior Project in Economics; and either four of the following or a semester long study abroad and one of the following: ACCT 203, BUSI 482, ECON 113, POLS 325, one language course (or equivalent proficiency) at the 130 level or above. It is recommended that if a student does study abroad, it should be in the fall of their junior year. There may be an additional language requirement for the study abroad program selected by the student.

This major is designed for students who would like to strengthen their degrees in either mathematics or economics by demonstrating skills in the other discipline. For example, students wishing to attend graduate school in economics or in applied mathematics, but because of any of a number of potential reasons would not be able to complete a double major. Majors will have two advisors, one in each program.

Bachelor of Science Degree: ACCT 202; CPSC 151; BUSI 482; ECON 162, 163, 222, 301, 302, 304, 350, 376, 476; MATH 106, 201, 202, 203, 210, 220, 354, 373, 383, 384, 390, 477; BUSI 311 or PSYC 287; ECON or MATH 495; and a three-credit senior project.

Quantitative Economics track requirements: ECON 162, 163, 222, 301, 302; either ECON 205 or MATH 201; MATH 281 or MATH 383; MATH 282 or MATH 384.

International Economics track requirements: ECON 113. 162, 163, 260, 301, 302, 360; either ECON 205 or MATH 201

Course Descriptions

ECON 113 Comparative Economic Systems 3 credits
Comparative Economic Systems examines the post World War II performance of the industrialized economies. The course compares the relative economic performance of the market capitalist economies and the former centrally planned socialist economies. Emphasis is on international competition among the industrialized economies. The course concludes with a brief survey of the less developed economies and their prospects for economic modernization.

ECON 162 Principles of Macroeconomics 3 credits
Principles of Macroeconomics introduces the fundamental topics of macroeconomics. The course focuses on the empirical characteristics of the modern American economy and on how those characteristics are measured. Topics covered include aggregate demand and supply analysis, national income determination, fiscal policy, the banking system, and the role of fiscal and monetary policies in controlling and stabilizing unemployment and inflation. Prerequisite: Level II mathematics placement, or successful completion of the Mathematical Understanding Liberal Arts Core (L6). Recommended: Level III mathematics placement, or successful completion of L6.

ECON 163 Principles of Microeconomics 3 credits
Principles of Microeconomics introduces the fundamental principles of microeconomic theory and their application to consumer behavior, profit maximization, labor markets, and public choice. Alternative market structures are explored with formal emphases placed on resource allocation and issues of productivity. Prerequisite: Level II mathematics placement, or successful completion of the Mathematical Understanding Liberal Arts Core (L6). Recommended: Level III mathematics placement, or successful completion of L6.

ECON 205 Quantitative Methods for Business and Economics 3 credits
Quantitative Methods for Business and Economics teaches the mathematical tools from Calculus and Linear Algebra which are used in Economics and Business. Topics include derivatives, multivariate derivatives, and systems of equations applied to problems from Economics and Business. (Not open to students who have taken MATH 201. This course cannot replace MATH 201 as a pre-requisite for MATH 202.) Prerequisites: Level IV mathematics placement, or successful completion of a Level III mathematics course; or permission of the instructor. (This course may be taken for credit as BUSI 205).

ECON 222 Research Methods in Economics 3 credits
Research Methods in Economics introduces elementary research methods in economics. The course includes the use of microcomputers in economics and business. Emphasis is on using spreadsheets to prepare quantitative research projects in economics. The course also covers writing quantitative reports in economics. (This course may be taken for credit as BUSI 222). Prerequisites: ECON 163 and MATH 281 or 383 or PSYC 205. Prerequisite or corequisite: MATH 282 or 384.

ECON 260 Comparative Sustainable Economic Development 3 credits
Comparative Economic Development examines major analytical economics and environmental policy issues facing the “lesser developed” nations of the world. Development is defined and contrasting policies of individual countries that have succeeded or failed are examined. The developmental role of agriculture, export-oriented policies, women, labor markets, multinational corporations, the public sector, the World Bank, and the International Monetary Fund, upon the environment and the economy are also considered.

ECON 280 Managerial Economics 3 credits
Managerial Economics is a study of profit-maximizing managerial decision-making with emphasis on the external environment of the firm. The course introduces students to quantitative techniques of decision-making. Prerequisite: ECON 163.

ECON 287 Organizations and Human Behavior 3 credits
This course is a study of specific aspects of organization culture, such as motivation, conflict, power, and leadership. Focus is on improving the effectiveness of organizations by strengthening human processes. (This course may be taken for credit as PSYC 287 or BUSI 287.)

ECON 301 Intermediate Microeconomics 3 credits
Intermediate microeconomics is a study of consumer behavior, demand analysis, market development, output determination, cost analysis, and pure competition. The course includes exposure to mathematical constructs Prerequisites: ECON 163, and either BUSI/ECON 205 or MATH 201.

ECON 302 Intermediate Macroeconomics 3 credits
Intermediate Macroeconomics is a study of the determinants and the behavior of the national economy, with emphasis on income determination, employment, price levels, and monetary and fiscal policy. Prerequisite: ECON 162.

ECON 304 Advanced Microeconomics 3 credits
Advanced microeconomics is a study of imperfect competition, general equilibrium and welfare economic analysis, game theory, resource pricing, price discrimination, information and time, external costs and benefits, and public goods. This course also includes exposure to appropriate mathematical constructs. Prerequisite: ECON 301.

ECON 350 Business Cycles and Forecasting 3 credits
Business Cycles and Forecasting explores economic fluctuations in the modern American economy against the backdrop of the alternative theories explaining these fluctuations. Students in the course are presented with the quantitative data which describes the cycles and the analytical techniques used to generate economic forecasts. Prerequisites: ECON 302 and MATH 282.

ECON 360 International Trade 3 credits
International trade is an examination of the principles of international trade and finance and their application to the modern world. The concepts emphasized are exchange rates, theories of comparative advantage, economies of scale, tariffs, quotas, commercial policy, capital movements, reciprocal effect of changes in microeconomic and macroeconomic policies, the role of international organizations, and aid to developing countries. Prerequisites: ECON 162 and 163.

ECON 376 Junior Seminar in Economics 1 credit
The Junior Seminar in Economics is designed to prepare the student for Senior Seminar in Economics and Senior Project. In the course students gain command of the writing and research methods characteristic of contemporary economics and their incorporation in written and oral reports in economics. Prerequisites: Junior standing or permission of instructor.

ECON 476 Senior Seminar in Economics 2 credits
The Senior Seminar in Economics is a review of economic analysis with attention to the mathematical concepts and writing in Economics. In the course students improve their command of the research methods characteristic of contemporary economics and their incorporation in the preparation of oral and written reports in economics. Prerequisites: MATH 201 or ECON 205, ECON 376, and senior standing or permission of the instructor.

ECON 487-488 Independent Study 3 credits

ECON 490 Senior Project 2 credits
The Senior Project is open only to students majoring in Economics. Students prepare and present a senior project. The topic for the senior project must be selected during the first semester of the senior year and must be approved by the department chair.

ECON 495 Comprehensive Exams
This course is an administrative placeholder used to record a student’s score on Comprehensive Exams (CR/NCR).