DFEG

Department
of
Economics & Geosciences

2354 Fairchild Dr
Suite 6K110
USAFA, CO 80840
(719) 333 - 3080
DSN 333 - 3080

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  Economics Core Courses

Click on the course number to see a detailed description

Course Number
Course Title
Econ 201 Introduction to Economics
Econ 240 Development of Economic Thought
Econ 301 Macroeconomics priciples of the U.S. and the World
Econ 332 Microeconomics Theory I
Econ 351 Comparative Economic Systems
Econ 355 Principles of Macroeconomics
Econ 356 Macroeconomic Theory
Econ 365 Analysis of Economic Data
Econ 374 Survey of International Economic Issues
Econ 377 Financial Markets
Econ 411 Introduction to Game Theory
Econ 422 Labor Economics
Econ 447 Quantitative Economic Methods
Econ 450 International Economics
Econ 454 Economies of Transition and Development
Econ 457 Economies of Asia
Econ 459 Economics of Latin America
Econ 465 Introduction to Econometrics
Econ 466 Forecasting and Model Building
Econ 473 Public Finance
Econ 475 Money, Banking, and Financial Institutions
Econ 478 Seminar in Defense Economics
Econ 495 Special Topics
Econ 499, A, B Independent Study

Course Descriptions

Econ 201. Introduction to Economics. 3(1). Introduces the economic way of thinking so that graduates can understand the world around them in economic terms and apply economic concepts to the challenges they will face as Air Force officers. The course focuses on using economic analysis to improve cadets’ critical thinking, decision making, and quantitative literacy skills to make them more effective leaders. Graduates can apply these skills to analyze economic policy, defense economics, engineering economics, and personal finance issues. Graduates will also develop literacy in the national and international economic environment in order to understand contemporary issues and public policy. Final exam. Prereq: Math 141. Sem hrs: 3 fall or spring.
In addition, this course/program is a primary contributor to the development and
assessment of the following USAFA outcomes:
Skills: Critical Thinking, Decision Making, Quantitative Literacy
Knowledge: Civic, Cultural and International Environments

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Econ 240. Development of Economic Thought. 3(1). Modern economic theory developed in response to a variety of economic forces beginning with the Industrial Revolution through the Great Depression and into today’s globalization of the world’s economy. This course links these forces with some of the great economic thinkers of the past such as Adam Smith, Karl Marx, Alfred Marshall, and John Maynard Keynes. Upon completion of this course, the student will have gained an appreciation of how today’s economic theories have been influenced by the economic conditions that their originators experienced. Final exam or final paper. Prereq/Coreq: Econ 201. Sem hrs: 3 spring.

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Econ 301. Macroeconomic Principles for the U.S. and the World. 3(1). Foundations of key macroeconomic principles for nonecon majors. Examination of a nation’s economy at the aggregate level. Analytical models are developed and applied to real world events explaining the functioning of the macroeconomy. The focus of the course is on developing tools that can be used to analyze the macroeconomic goals and performance of economies around the world. Topics include growth, national income, inflation and deflation, unemployment, fiscal policy, monetary policy, debt, deficits, currency, exchange rates, trade, and international finance. Final exam or final paper. Prereq/Coreq: Econ 201. Sem hrs: 3 fall

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Econ 332. Microeconomic Theory I. 3(1). The first course in a calculus based treatment of microeconomic theory. In depth analysis of market supply and demand, utility theory, consumer optimization, demand functions, income/substitution effects, and elasticity. Includes a treatment of choice under uncertainty, markets with asymmetric information, externalities, public goods, and other related topics. Prereq: Econ 201. Final exam. Sem hrs: 3 fall. Econ 333. Microeconomic Theory II. 3(1). The second course in a calculus based treatment of microeconomic theory. In depth analysis of production functions, long run and short run cost functions, and profit maximization. Also includes a study of market structures, game theory, and other related topics. Final exam. Prereq: Econ 332. Sem hrs: 3 spring.

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Econ 351.Comparative Economic Systems. 3(1). This course is an examination of the world's major economic systems including capitalism, market socialism, and planned socialism. These systems will be examined through a critical analysis of the theoretical literature and case studies. Areas of study include the United States, the European Union, China, the Middle East, and parts of the developing world. Both economic and noneconomic aspects of these countries’ systems will be examined to come to an understanding of how these countries work and why countries experience different results despite similarities in their systems. Final exam or final report. Prereq: Econ 201; Econ 301 or Econ 355 strongly recommended. Sem hrs: 3 fall.

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Econ 355.Principles of Macroeconomics. 3(1). Foundations of key macroeconomic principles. Analysis of the macroeconomics of a nation at an aggregate level. Analytical models are developed and used to analyze the impacts of alternative government economic policies. Topics include inflation, unemployment, national income, the banking system, fiscal and monetary policy, debt, deficits, and international finance and trade (including exchange rates and barriers to trade). Focuses on domestic and global economic environments of organizations and discusses current and historical issues in the macroeconomy relating to realworld events. Discusses the impact of macroeconomic policies on the defense sectors. Final exam or final paper. Prereq or Coreq: Econ 201 or  Econ 332 (concurrent enrollment allowed with department permission). Sem hrs: 3 fall.

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Econ 356. Macroeconomic Theory. 3(1). Analysis of national income, employment, price level determination, monetary, and fiscal policies. Contemporary macroeconomic issues are explored through the Economic Report of the President. Final exam or final project. Prereq: Econ 355. Sem hrs: 3 spring.

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Econ 365. Analysis of Economic Data. 3(1). Survey of economic data series available from the Economic Report of the President, Commerce Department, Bureau of Labor Statistics, Federal Reserve, and financial data. This course develops familiarity with macro, micro, and financial data series, what the series measure, accessing series via the internet, and basic analysis to include the use of software. Final exam or final project. Prereq: Math 300. Sem hrs: 3 spring.

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Econ 374. Survey of International Economic Issues. 3(1). Examination of current issues in the commercial relations among nations, including international trade, international finance, economic development, and the multinational enterprise. This course is designed for cadets who are not majoring in economics. Final exam or final project. Prereq: Econ 355 or Econ 301. Sem hrs: 3 spring.

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Econ 377. Financial Markets. 3(1). An introduction to and analysis of how the financial markets allocate personal and corporate resources in a modern capitalistic economy. Specific emphasis is placed on the characteristics, valuations, and functions of the various financial instruments traded in the financial markets. Also covered in some depth are the operational mechanisms of the financial markets, the relationship of government fiscal and monetary policies to finance market activity, the individual and corporate investment decision, and the understanding of financial press information. Final exam or project. Prereq: Econ 201, and either Econ 301 or Econ 355. Sem hrs: 3 fall.

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Econ 411. Introduction to Game Theory. 3(1). This course will introduce the concepts required to analyze strategic situations, or situations in which a player’s payoff depend on his choices and those of the other players. Topics will include zerosum and nonzerosum games, normal and extensive form games, the implications of informational asymmetries on these strategic situations, auctions, and bargaining models. Developing the ability to think strategically is valuable to everyone, but this course will be especially important for those studying any of the social sciences. Final exam or final project. Prereq: Econ 333. Sem hrs: 3 spring.

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Econ 422. Labor Economics. 3(1). This course examines how people make decisions regarding their participation in the labor market. Included in this course is the examination of government policies (such as social security, minimum wage, etc.) and their impacts of the supply and demand of labor. Wage determination for women and minorities will be discussed in light of the supply and demand forces in the influence of the human capital decisions made by individuals. Final exam or final paper. Prereq: Prereq: Econ 333. Sem hrs: 3 spring.

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Econ 447. Quantitative Economic Methods. 3(1). Analysis of economic problems through statistical and mathematical methods and the use of quantitative models. Final exam. Prereq: Econ 333 or department approval. Sem hrs: 3 fall.

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Econ 450. International Economics. 3(1).  This course covers several main concepts and methods of international economics, such as: the gains from and patterns of trade; motives, methods, and consequences of protectionism; and international finance.  Final exam, or final project. Prereq: Econ 333, and Econ 356 (or department permission). Sem hrs: 3 fall.

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Econ 454. Economics of Transition and Development. 3(1). This course studies the transition of centrally planned or state run economies to market based economies, as well as the problem of sustaining accelerated economic growth in less developed countries. The course will focus on price liberalization, stabilization efforts, and the economic restructuring necessary to move a centrally planned economy to a market based economy. Additionally, the course will cover economic growth, population growth, income inequality, trade, and investment. Case studies from Eastern Europe, Latin and South America, Asia, and Africa may be included. Prereq: Econ 201; Econ 301 or Econ 355 recommended. Final exam or final project. Sem hrs; 3 spring.

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Econ 457. Economies of Asia. 3(1). This course analyzes the major issues that define Asian economies today. Major topics include internal and external balance, growth and development strategies, currency regimes, economic integration, trade and globalization, among others. The role of Asia in the world economy is analyzed. The ‘Asian Miracle’ and the ‘Asian Crisis’ are examined as they pertain to the current economic situation. Final Paper or Final Exam. Prereq: Econ 201; Econ 301 or Econ 355 recommended. Sem hrs: 3 spring of even numbered years

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Econ 459. Economics of Latin America. 3(1). A broad overview of the major economic issues affecting U.S. relations with Latin America, including trade liberalization, foreign investment, economic integration, external debt problems, environmental protection and the impact of drug production and trafficking. Provides an appreciation of the rising importance of Latin American countries as trading partners of the United States and analysis of the region's unique economic and social problems. The course pays special attention to the prospects for further regional economic integration under NAFTA and other regional trade groups. Final exam or final paper. Prereq: Econ 201; Econ 301 or Econ 355 recommended. Sem hrs: 3 spring.

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Econ 465. Introduction to Econometrics. 3(1). Application of statistical tools to economic data, concentrating on methodology, econometric model building, and statistical inference. Final exam or final project. Prereq: Math 356 or Math 377. Sem hrs: 3 fall.

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Econ 466. Forecasting and Model Building. 3(1). Continues development of econometric techniques, with emphasis on time series forecasting procedures and on methods to make optimal use of sparse or deficient data in statistical model estimation. This course is recommended for those cadets planning to pursue graduate study. Final exam, final project or final paper. Prereq: Econ 465. Sem hrs: 3 spring.

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Econ 473. Public Finance. 3(1). Economics of the government sector, with emphasis on public goods, taxation, fiscal policy, and government regulation. Final exam or final report. Prereq: Econ 333 or department permission. Sem hrs: 3 fall.

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Econ 475. Money, Banking and Financial Institutions. 3(1). Advanced treatment of money and its role in the economy. Critical analysis of financial structure and institutions, the Federal Reserve System, and the increasing importance of the global financial arena. Special emphasis is placed on financial events and policy issues. Final exam or final project. Prereq: Econ 356 or department permission. Sem hrs: 3 spring.

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Econ 478. Seminar in Defense Economics. 3(2). This course applies macroeconomic and microeconomic theories to analyze a variety of defense policy issues. Examples of topics typically covered include: defense alliances, military personnel system and pay, the defense industrial base and acquisition. The course will meet for two hours every other lesson. Final exam or final report. Prereq: Econ 333 or Mgt 423. C1C standing or department permission. Sem hrs: 3 spring.

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Econ 495. Special Topics. 3(1). Selected topics in economics of either an advanced treatment or general interest orientation. Final exam or final report. Sem hrs: 3 fall or spring. Econ 499. Independent Study. 3(0). Tutorial investigation of a specific area of economics. Final report. Sem hrs: 3 fall or spring.

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Econ 499. Independent Study.
   • Econ 499A. Independent Study. 2(0). Sem hrs: 2 fall or spring.
   • Econ 499B. Independent Study. 1.5(0). Sem hrs: 1.5 fall or spring.

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