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Economics

Bachelor of Science

Degree Type:
B.S.
College:
Boler College of Business
Department:
Economics and Finance

From global markets to everyday decisions, economics continues to shape the world around us. This interdisciplinary major prepares you for a future at the intersection of business and society.

Blending business and social science, a degree in economics can lead to rewarding careers in banking, finance, sales, consulting, education, government, and nonprofit work. An economics major is also excellent preparation for graduate programs in business and law.

Gain Valuable Experience

Witness economics in action through internships, research, service, study abroad, or even student employment. These experiences allow you to grow not just academically, but also professionally.

Stand Out with Certification

Work toward your Certified Business Economist (CBE) certification. JCU was the first school in the nation to offer this exciting industry credential in conjunction with a bachelor’s degree.

  • Gain Valuable Experience

    Witness economics in action through internships, research, service, study abroad, or even student employment. These experiences allow you to grow not just academically, but also professionally.

  • Stand Out with Certification

    Work toward your Certified Business Economist (CBE) certification. JCU was the first school in the nation to offer this exciting industry credential in conjunction with a bachelor’s degree.

  • Be Real-World Ready

    Get 1:1 career coaching, hone networking skills, build your personal brand, and much more with the Boler Professional Development Program.

  • 6% JCU is in the top 6% of business schools worldwide (AACSB Dual Accreditation in Business and Accountancy)

  • 100% of students have access to professional development opportunities

  • 500+ businesses in Northeast Ohio owned or led by JCU alumni

  • 13:1 Student-to-faculty ratio at JCU

Program Overview

Rooted in a commitment to service, our economics major explores the big picture. You’ll learn to think critically, understand what drives decisions, and gain the insight to connect global trends with local impact.

As you learn about markets, resources, supply chains, sustainability, and human behavior, you’ll also develop communication, analytical, and problem solving skills to help businesses, organizations, and communities thrive in a changing world.

Learning Outcomes

When you major in economics at John Carroll, you will gain:

  • knowledge of microeconomic theory, macroeconomic theory, and market failure, and the ability to apply them to domestic and global economic issues.
  • the skills necessary to identify and analyze the economic dimensions of individual, firm, and social problems.
  • the ability to use an economic way of thinking to identify solutions to problems that are unfamiliar.
  • the ability to recognize the limitations of proposed solutions to individual, firm, and social problems and situations.

Bachelor of Arts (B.A.) Option

You can choose to earn your economics degree through the College of Arts and Sciences. This is an ideal option for students looking to add economics as their second major.

  • Major Required Courses

    Soc: Principles Of Economics I

    3 Credits

    EC2201

    This course covers a variety of fundamental microeconomic concepts and tools. These concepts, theories, and tools are designed to provide the foundational microeconomic knowledge necessary for early-stage business professionals. Course topics include: markets - supply and demand, elasticity, efficiency and equity, trade, externalities, firm behavior, market structure, and labor markets. Algebra is used throughout this course.

    Soc: Principles Of Economics Ii

    3 Credits

    EC2202

    This course covers a variety of fundamental macroeconomic concepts, theories, and tools designed to provide the foundational macroeconomic knowledge necessary for early-stage business professionals. Course topics include: interdependence; national income; GDP; cost of living and indexes; production and growth; savings; investment; unemployment; the monetary system; inflation; open-economy concepts; aggregate supply and aggregate demand; and monetary and fiscal policy. Algebra is used throughout this course. Prerequisite: EC 2201 (EC 201).

    Qa: Business Analytics And Statistics

    4 Credits

    EC2210

    Descriptive statistics, probability and probability distributions, sampling, and sampling distributions, hypothesis testing, chi-square analysis, analysis of variance, correlation, bivariate and multivariate regression analysis, and time series analysis.

    Microeconomics

    3 Credits

    EC3301

    This course provides further exploration of microeconomic concepts. Course topics include: analysis of the behavior of consuming and producing units; determination of prices and outputs through the market; resource allocation and distribution; and challenges of decision-making and planning. Prerequisites: EC 2201 (EC 201); EC 2202 (EC 202); MT 1300 (MT 130, MT 133, MT 134) or MT 1350 (MT 135) or permission of the department chair.

    Macroeconomics

    3 Credits

    EC3302

    This course explores the core concepts of macroeconomics. Course topics include theories specific to the determination of output, income, employment, and price level. This course provides particular emphasis on fiscal and monetary policy as well as long-run economic growth. Prerequisites: EC 2201 (EC 201); EC 2202 (EC 202); MT 1300 (MT 130, or MT 133 and MT 134) or MT 1350 (MT 135); or permission of the department chair.

    Individual Research Project In Economics

    3 Credits

    EC4499

    This is the capstone experience for the economics major. The course requires completion of a supervised research project that includes: writing, drafting, and multiple revisions of a report; graphical presentation of the results and highlights; and a summative oral presentation at the end of the semester. Prerequisites: EC 3301 (EC 301), EC 3302 (EC 302); economics major with senior status or permission of the department chair. Offered: Spring only.

  • Support Courses

    Applied Calculus

    MT1300

    Limits, derivatives, definite and indefinite integrals of polynomial, exponential, and logarithmic functions. Focus on concepts and applications, particularly those pertaining to business fields. Use of a computer algebra system to facilitate computation. Students who already have credit for MT 1350 or MT 135 may not earn credit for MT 1300. Offered: Fall, Spring.

    Sci: Calculus And Analytic Geometry I

    4 Credits

    MT1350

    Functions, limits, continuity, differentiation, differentiation rules, optimization, antiderivatives, definite integrals. Fundamental Theorem of Calculus, and improper integrals. Students who already have credit for MT 1300 or MT 130 must receive permission from the department chair before registering for MT 1350. Offered: Fall, Spring.

    Accounting Principles I

    3 Credits

    AC2201

    Elements of accounting theory, covering revenues, expenses, assets, liabilities, and equity; account classification; analysis and recording of transactions; sources of accounting data; corporation accounting; theory of accounting valuations; preparation of financial statements; manufacturing cost flows and analysis.

    Ac2202

    AC2202

    Elements of accounting theory, covering revenues, expenses, assets, liabilities, and equity; account classification; analysis and recording of transactions; sources of accounting data; corporation accounting; theory of accounting valuations; preparation of financial statements; manufacturing cost flows and analysis. Prerequisite: AC 201 or AC 2201.

    Sci: Calculus And Analytic Geometry Ii

    4 Credits

    MT1360

    Second course in a three-semester calculus sequence. Parametric curves, differentials, related rates, techniques of integration, additional applications of integrals, introduction to differential equations, polar coordinates, sequences, and series. Prerequisite: MT 135 or 1350. Offered: Spring

    Ec3310

    EC3310

    This course is designed to prepare students to handle big data, run quantitative analyses of economic models using computers, interpret regression analysis, and perform several empirical analyses on their own using real-life data. Topics covered include linear regression models, simultaneous-equations models, panel data analysis, discrete choice models, among others. Offered: Fall only. Prerequisites: EC 201 or EC 2201, EC 202 or EC 2202, EC 210 or EC 2210, EC 301 or EC 3301, EC 302 or EC 3302.

    Ec4420

    EC4420

    This course is designed to prepare students to take the Certified Business Economics and Data Analytics (CBE) exam. The course is a study support class provided by Economics department faculty and focuses primarily on economic measurement topics as well as additional topics of data analysis that include: time series analysis and forecasting; serial correlation and inference; heteroscedasticity and inference; simultaneous equations; limited dependent variable models; data analysis; and other topics. Offered Spring only. Prerequisite: EC 3310 (EC 310) or instructor permission.

  • Sample Electives

    Money And Banking

    3 Credits

    EC3311

    Money and credit; historical and institutional development of the U.S. financial system; monetary theory; policies of financial regulators. Prerequisites: (EC 201 or EC 2201) and (EC 202 or E 2202).

    Ec3312

    EC3312

    Theoretical and empirical analysis of public (government) expenditures and taxation. Topics include welfare economics, public goods, externalities, theories of distributive justice, income taxation, tax incidence, taxation and efficiency, and public choice theory. Prerequisites: (EC 201 or EC 2201) and (EC 202 or E 2202).

    Ec3315

    EC3315

    Designed to acquaint students with the analytical tools of environmental economics, including cost-benefit analysis, user charges, rationing of scarce resources, investment allocation criteria, and public expenditure criteria. Prerequisites: EC 2201 (EC 201) and EC 2202 (EC 202).

    Ec3318

    EC3318

    Overview and analysis of health care systems around the world, including the US. Topics include the determinants of health disparities, new global health policies, global interventions, and how health care policies impact the political-economic environments. Students will examine how health economic principles and economic incentives are used to address sustainability issues to enhance healthier lifestyles and accessibility to quality health care, to impacts on the behavior of stakeholders in the healthcare industry. Through case studies, students will learn how to evaluate health programs and the impact of social and economic problems on public health. Prerequisite: EC 2201 or EC 201. Recommended prerequisite: EC 2202 or EC 202.

    Ec3321

    EC3321

    Examines the organization, functioning, and outcomes of labor markets; the decisions of prospective and present labor market participants; and public policies that relate to the employment and payment of labor resources. Topics include determination of wages, prices, profits; individual human capital acquisition and labor supply decisions; labor unions and collective bargaining; labor law and public policy. Prerequisite: (EC 2201 or EC 201) and (EC 2202 or EC 202).

    Ec3326

    EC3326

    International Economics

    3 Credits

    EC3342

    International trade theory, commercial policy, and economic interdependence. Exchange rates and the foreign exchange market, the balance of payments, parity conditions, and the international monetary system. Prerequisite: (EC 2201 or EC 201) and (EC 2202 or EC 202).

    Economic Development

    3 Credits

    EC3343

    Theoretical and policy issues in economic growth and development with emphasis on specific country policies and experience; alternative development paths; problems of development planning; policies for achieving growth and development in emerging countries; and conditions necessary for continued growth in advanced countries. Prerequisite: (EC 2201 or EC 201) and (EC 2202 or EC 202).

    Ec3361

    EC3361

    Ec3370

    EC3370

    This course provides an overview of technology used in finance. Key areas explored include: the merging of technology with financial intermediation; the impact of decentralized finance through cryptocurrencies and blockchain; and the use of artificial intelligence (AI) and machine learning (ML) in financial data analysis. Students will learn key terms and concepts as well as use analytical tools to identify emerging trends in this growing industry. A variety of technological tools used in Fintech applications will be introduced, including coding languages such as Python and R. Offered: Fall. Prerequisites: EC 2201 (EC 201), EC 2202 (EC 202), and EC 2210 (EC 210).

    Ec3380

    EC3380

    This course further explores how organizations leverage machine learning (ML) and artificial intelligence (AI) technologies to drive strategic decision making and to enhance operational efficiencies. Students learn foundational principles of ML and AI using the popular coding language Python. A wide range of potential applications of ML and AI in business, economics, and finance are investigated using real-world data. Upon completion, students understand how to apply ML and AI techniques to a variety of datasets and develop approaches to answer important business questions. In addition, students learn various biases that arise with the use of AI and ML and gain a good understanding of the complete lifecycle of ML and AI algorithms. Offered: Spring. Prerequisite: EC 3370 or FN 3370.

Related Programs

Still deciding on your program of study at JCU or considering a second major? Here are some other academic areas to explore.

Complementary Minors

  • “John Carroll gave me the educational foundation to become an economist. Being able to interact one-on-one with professors and learning how to communicate professionally made it easy for me to do this in my career.”

    Monica Angelotti ’17 Economist, U.S. Bureau of Labor Statistics

Where Our Alumni Go

JCU economics alumni succeed in a variety of roles in industries of all kinds.

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