Economics Accounting Economics Management Public Administration Program objectives The objectives of the department are to: provide students with both theoretical and empirical knowledge of the operation and importance of economics in the national and international economies; equip students with the analytical skills required for dealing with market issues in developed and developing economies; familiarize students with current policies relating to market outcomes; and boost students’ interest in contemporary market issues at both micro and macro levels. Program Description: The Department of Economics is part of the College of Business and Public Administration within the African Methodist Episcopal University (AMEU). The program consists of four years of full-time study by course work, examination and Senior Research Paper. The first-three years of study is devoted entirely to coursework, while the fourth year is taken up by further coursework, research writing, and examination of the Senior Research Paper. PRINCIPLES OF ECONOMICS I ECON 203 PRINCIPLES OF ECONOMICS I ECON 203 Credit Hours: 3Prerequisite: Freshman standing This course introduces students to the discipline of economics beginning with the definition, scope and methods of economic analysis. Concepts such as scarcity, choice, opportunity cost and the basic problem of resource allocation are reviewed along with the concepts of demand, supply, and equilibrium price. The study of the firm, market structure and types of business organizations will be introduced. PRINCIPLES OF ECONOMICS II ECON 204 PRINCIPLES OF ECONOMICS II ECON 204 Credit Hours: 3Prerequisite: ECON. 203 This course introduces students to the study of the national economy. Major topics include the nature and scope of macroeconomics, public vs. private sectors, the circular flow of income and expenditure, national income accounting and the uses of national income and output statistics. The concepts of unemployment, inflation, taxation, macroeconomic policy, money, banking, international trade and public finance will all be explored. INTERMEDIATE MICROECONOMICS I ECON 303 INTERMEDIATE MICROECONOMICS I ECON 303 Credit Hours: 3Prerequisite: ECON 203 This course introduces students to the techniques of microeconomics analysis and focuses on price and allocation theory with emphasis on the techniques and methods of analysis. Principles of optimization, the theory of consumer behavior, and the firm and factor market are analyzed. INTERMEDIATE MICROECONOMICS II ECON 304 INTERMEDIATE MICROECONOMICS II ECON 304 Credit Hours: 3Prerequisite: ECON. 303 This course is the second of two-semester courses in intermediate microeconomics. It begins with the production and cost theory and continues with the analysis of market structure and price in terms of equilibrium of the business firm and consumer demand in markets of varying degrees of competition. It also studies a systematic role of the price system in organizing economic activities and an evaluation of its effectiveness; price determination and resource allocation under competition, monopoly, oligopoly and monopolistic competition; theories of demand, cost, partial, and general equilibrium. INTERMEDIATE MACROECONOMICS ECON 309/305 INTERMEDIATE MACROECONOMICS ECON 309/305 Credit Hours: 3Prerequisite: ECON. 204 This course deals with the concepts of economic model, national income and basic model of income determination with extension from simple closed economy to four sector economy model. The theories of consumption such as absolute income hypothesis, relative income hypothesis, permanent income hypothesis and the life cycle income hypothesis; theories of investment and the concepts of multiplier and accelerator will be studied alongside the labor market, money and prices. Alternative theories of Consumption and Investment will be looked at in depth. INTERMEDIATE MACROECONOMICS II ECON 310/306 INTERMEDIATE MACROECONOMICS II ECON 310/306 Credit Hours: 3Prerequisite: ECON 309/305 This course is an extension of ECON 309. It gives a detailed understanding of the money and product markets involving long-run and short-run policies impacting the entire economy. It also discusses fiscal and monetary policy frameworks and extends to the Keynesian vs. monetarists views on unemployment and inflation highlighting the foreign sector and the international monetary system. It also discusses how vital macroeconomics variables can be manipulated to minimize macroeconomic imbalances to attain full employment, price stability, economic growth, balance of payments, etc. STATISTICS FOR BUSINESS AND ECONOMICS I ECON 313/301 Statistics For Business and Economics I ECON 313/301 Credit Hours: 3Prerequisite: MATH 203 This course introduces students to statistical techniques employed in business and economic research. Topics to be covered include the definition, types and uses of statistics, the process of collecting statistical data for business and economic research and analysis; census, population and sample, pilot surveys, questionnaires, and secondary sources of data. It continues with the methods of describing numerical data; probability in business decisions; random variables; sampling distributions; estimation and hypothesis testing, frequency distribution and diagrammatic representation of statistical data, measures of central tendency and measures of dispersion, regression and correlation and index numbers. STATISTICS FOR BUSINESS AND ECONOMICS II ECON 314/302 Statistics for Business and Economics II ECON 314/302 Credit Hours: 3This course is an extension of ECON 313. It covers the following topics: The use of probability theory in business and economics research, building of statistical models for business and economic research, specifically the use of statistical tools and techniques such as sample designs and sampling distributions, point and interval estimation, confidence interval, hypothesis testing, chi-square tests of independence, analysis of variance, and the use of extrapolating methods such as moving average and exponential smoothing (time series). MATHEMATICS FOR ECONOMISTS I ECON 319/307 MATHEMATICS FOR ECONOMISTS I ECON 319/307 Credit Hours: 3Prerequisite: Math 203 This course deals with conventional macro- and microeconomic theories in economics that are set out in mathematical form utilizing algebra and calculus. Topics include sets relation, functions, analysis geometry, limits, continuity, derivatives, differentiation, techniques, functions of several variables, partial differentiation, total differential, maxima and minima constrained optimization, series, and elements of differential equations. Illustrations and applications of these terms will be emphasized. SURVEY OF THE LIBERIAN ECONOMY ECON 320/311 SURVEY OF THE LIBERIAN ECONOMY ECON 320/311 Credit Hours: 3Prerequisite: Junior standing This course provides students with broad knowledge in making empirical socio-economics analysis of the features and problems of the Liberian Economy such as the population, national accounts external trade, public finance, banking, prices, agriculture, industry, transportation, and communication. A study of the evolution, formulation, and implementation of development plans of Liberia. This course includes regional cooperation and a general comparison of the Features and problems of Liberia with those of other West African states. MATHEMATICS FOR ECONOMISTS II ECON 322/308 MATHEMATICS FOR ECONOMISTS II ECON 322/308 Credit Hours: 3Prerequisite: ECON. 319/307 This course exposes students to mathematical techniques suitable for economic analysis. It is the second part of a two-part series that teaches students how to apply the mathematics required for successful study of economics. The economic applications of the mathematical techniques are considered throughout the course. Topics to be covered include comparative statics and dynamics, utility functions, price discrimination, and indifference curves application. It continues with constrained optimization, utility maximization and minimization, differential, integral and optimization techniques as well as matrices with their respective applications in economics. ECONOMIC PLANNING & PROJECT EVALUATION (ELECTIVE) ECON 404/416 Economic Planning & Project Evaluation (Elective) ECON 404/416 Credit Hours: 3Prerequisite: Senior standing This course is designed to explore the process of economic planning and project evaluation in both theoretical and empirical terms. Planning techniques at both macro and micro levels are covered and thoroughly explained. Basic topics covered are the origin of and rational for planning, social accounting utilization in planning, planning and integration, planning and budgeting implementation and evaluation. Some case studies are also highlighted. DEVELOPMENT ECONOMICS I ECON 405 DEVELOPMENT ECONOMICS I ECON 405 Credit Hours: 3Prerequisite: ECON 310/306 This course helps students understand the nature of development, relevant concepts and theories of development with broader interdisciplinary approaches derived from studying historical and contemporary development experience of Less Developed Countries (LDCs). DEVELOPMENT ECONOMICS II ECON 406 DEVELOPMENT ECONOMICS II ECON 406 Credit Hours: 3Prerequisite: ECON. 405 This course deals with economic growth theories such as Harrold-Domar, Solow and the neoclassical growth models etc. It also enables students to make comparative analysis of growth models in developed & developing countries; domestic policy impacts; industrialization models, etc. HISTORY OF ECONOMIC THOUGHTS ECON 407/412 History of Economic Thoughts ECON 407/412 Credit Hours: 3Prerequisite: ECON. 310/306 This course is a study of economic thoughts from earliest time to present; capitalist and socialist systems from the point of view of various major writers such as Francois Quesnay, Alfred Marshall, Adam Smith, etc., concepts and periods. It comprises of the classical schools, Keynesian School, and the monetarist and Neo-classical Schools of Thought. PUBLIC FINANCE (ELECTIVE) ECON 408 PUBLIC FINANCE (Elective) ECON 408 Credit Hours: 3Prerequisite: ECON. 310/306 This course is designed to help the students understand both the revenue and the expenditure sides of the government budgetary processes as they relate to the allocation, distribution, and stabilization of the economy. Topics include principles of taxation, incidence of taxation, budget and government accounting, government debt management, and government revenue and expenditure of developing economies. BASIC ECONOMETRIC THEORY AND PRACTICE I ECON 409/410 Basic Econometric Theory and Practice I ECON 409/410 Credit Hours: 3Prerequisite: ECON. 313 This course is an introduction to quantitative analysis of economic behavior. The ordinary least-square technique and the assumptions underlying it are developed. Methods designed to detect and correct for the variations of these assumptions are examined. The role of econometric as an essential tool in the provision of reliable quantifiable magnitudes between or among economic variables makes it central to economic analysis. Special emphasis is given to the practical application of the procedures discussed through the use of computer exercises. MANAGERIAL ECONOMICS ECON 410/403 MANAGERIAL ECONOMICS ECON 410/403 Credit Hours: 3Prerequisite: ECON. 304 This course is an application of economic knowledge and techniques as a tool for problem solving and decision-making. It is also designed to help students make meaningful managerial decisions and to show how these decisions can be used to analyze real world situation. Topics include the theory of production, cost, pricing, and capital budgeting. Specific tools such as constrained maximization and regression analysis are applied in a case approach to the estimation and forecasting of revenues and costs, and to the preparation of budget forecast. MONEY AND BANKING ECON 411/401 MONEY AND BANKING ECON 411/401 Credit Hours: 3Prerequisite: ECON. 310/306 This course provides students with a good understanding on the nature and functions of money and the role of the monetary sector in the determination of income and employment with particular attention on the institutional framework, money markets, commercial banking, deposit expansion, Central Bank and monetary policy and its instruments. Topics covered range from basic concepts on the evolution of money to risk management and the function of delegated monitoring performed by banks. FINANCIAL INSTITUTIONS (ELECTIVE) ECON 414/418 FINANCIAL INSTITUTIONS (Elective) ECON 414/418 Credit Hours: 3Prerequisite: Junior Standing This course focuses on the importance of ensuring good organizational functioning within financial institutions to manage the varied types of risks that they may be exposed to. Topics to be covered include the study of National, International financial institutions, Capital market, stock exchange, insurance companies, national development corporations, Postal savings, credit unions, cooperatives, the World Bank, International Monetary Fund, International Development Banks and other international Financial agencies. RESEARCH METHODOLOGY I ECON 415/420 RESEARCH METHODOLOGY I ECON 415/420 Credit Hours: 3Prerequisite: ECON 314/302 This course covers the basics of conducting applied economic research. This includes the selection of topic, literature review and survey, selection of research method and approach, formulation of hypothesis, testing of hypothesis using statistical analysis, and summarizing results. You will organize and complete the research project in stages. SENIOR RESEARCH PAPER (THESIS) II ECON 416/421 SENIOR RESEARCH PAPER (THESIS) II ECON 416/421 Credit Hours: 3Prerequisite: ECON. 415/420 This course, under the close supervision of a professor, enables senior students to formulate and conduct an independent research project on any topic of his/her choice in partial fulfillment of the requirements for the award of the B.Sc. in Economics. While the subject matter is up to the student, he/she is expected to look at problems of the underdeveloped countries. Research topics should be approved by faculty advisor. INTERNATIONAL ECONOMICS ECON 421/414 INTERNATIONAL ECONOMICS ECON 421/414 Credit Hours: 3Prerequisite: ECON 310/306 This course provides an analytical framework for the understanding of the reasons for international trade in products and services. Students will learn to identify the determinants and patterns of international trade, and the effects on exchange rates and international capital flows in a free global market economy. The course also covers the role of international institutions in the development of international trade, financial markets, and economic growth. Students will be introduced to policies that distort international trade and prevent the development of comparative advantage, specialization and economic development. Special emphasis will be made on Liberia’s performance in international trade.