Associate Professor: Abdul Momen

Assistant Professors: Thomas Anderson, Louis Farina, Michael Fenollosa, Karen Perman, Sandra Rahman, Fahlino Sjuib, Beverly Soriano

All students must satisfy a general education requirement consisting of twelve (12) courses (see page 34).

Courses may have specified conditions for enrollment, such as prior completion of less advanced courses, permission of the instructor, or appropriate placement test scores. Students should refer to course descriptions in the department listings for prerequisite requirements.

The Department of Economics and Business Administration offers a B.A. in Economics and a B.S. in Business Administration.

12.480 Senior Economics Seminar

*Students with a score on the mathematics placement exam which allows them to take 43.200 Precalculus may substitute 43.117 Introduction to Statistics, 43.200 Precalculus or 43.215 Finite Mathematics; students with a score which qualifies them for calculus may substitute 43.219 Calculus I.

12.230 Urban Economics
12.260 Labor Economics
12.312 Comparative Economic Systems
12.320 Money and Banking
12.341 Public Choice and Expenditure
12.402 Industrial Organization
12.410 International Trade
12.450 History of Economic Thought

12.230 Urban Economics
12.260 Labor Economics
12.312 Comparative Economic Systems
12.320 Money and Banking
12.341 Public Choice and Expenditure
12.402 Industrial Organization
12.410 International Trade
12.411 International Finance
12.435 Managerial Economics
12.450 History of Economic Thought
12.470 Applied Econometrics for Economics and Business
34.210 Consumer Economics

B. Students choose five (5):

12.230 Urban Economics
12.260 Labor Economics
12.341 Public Choice and Expenditure
12.402 Industrial Organization 12.410 International Trade
12.411 International Finance
12.470 Applied Econometrics for Economics and Business
34.210 Consumer Economics
43.307 Intermediate Statistics

43.219 Calculus I
43.226 Linear Algebra with Applications

43.220 Calculus II
43.221 Calculus III
43.307 Intermediate Statistics

12.230 Urban Economics
12.260 Labor Economics
12.320 Money and Banking
12.341 Public Choice and Expenditure
12.402 Industrial Organization
12.410 International Trade
12.411 International Finance
12.435 Managerial Economics
12.470 Applied Econometrics for Economics and Business

12.121 Introduction to Managerial Accounting
12.320 Money and Banking
12.431 Managerial Finance II

12.305 Quantitative Methods in Business
12.411 International Finance
12.445 Investments

12.121 Introduction to Managerial Accounting
12.271 Marketing Principles
12.280 Applied Organizational Theory and Management

12.260 Labor Economics
12.305 Quantitative Methods in Business
12.215 Legal Environment of Business
12.320 Money and Banking
12.402 Industrial Organization
12.411 International Finance
12.412 International Business
12.428 Taxation
12.431 Managerial Finance II
12.435 Managerial Economics
12.445 Investments
12.470 Applied Econometrics for Economics and Business
12.485 Business Policy and Strategy

12.485 Business Policy and Strategy

12.121 Introduction to Managerial Accounting
12.208 Microcomputer Applications in Business
12.215 Legal Environment of Business
12.271 Marketing Principles
12.280 Applied Organizational Theory and Management

12.305 Quantitative Methods in Business
12.310 Marketing Research
12.313 Promotional Strategy
12.318 International Marketing
12.320 Money and Banking
12.326 Cost Accounting
12.371 Marketing Management
12.372 Operations Management
12.375 Sales Management
12.381 Human Resource Management
12.402 Industrial Organization
12.411 International Finance
12.412 International Business
12.428 Taxation
12.431 Managerial Finance II
12.435 Managerial Economics
12.445 Investments
12.470 Applied Econometrics for Economics and Business

12.321 Intermediate Accounting I
12.322 Intermediate Accounting II
12.326 Cost Accounting
12.428 Taxation

12.320 Money and Banking
12.431 Managerial Finance II
12.445 Investments

12.305 Quantitative Methods in Business
12.411 International Finance
12.474 Topics in Finance

Required courses:

12.410 International Trade
12.411 International Finance
12.412 International Business

12.312 Comparative Economic Systems
12.318 International Marketing
12.320 Money and Banking
12.326 Cost Accounting
12.372 Operations Management
12.402 Industrial Organization
12.435 Managerial Economics

12.372 Operations Management
12.381 Human Resource Management

Plus two (2) electives from:

12.326 Cost Accounting
12.371 Marketing Management
12.375 Sales Management
12.412 International Business
12.431 Managerial Finance II

12.310 Marketing Research
12.371 Marketing Management

12.313 Promotional Strategy
12.318 International Marketing
12.375 Sales Management
12.402 Industrial Organization
12.410 International Trade
12.412 International Business
12.435 Managerial Economics
12.470 Applied Econometrics for Economics and Business
42.207 Psychology of Communication
71.220 Principles of Mass Communication

Students majoring in Economics or Business Administration are encouraged but not required to select a minor in another discipline. A number of minors offered by other departments complement the Economics and Business Administration majors and enhance the students’ preparation for their individual employment or graduate school goals. Students should discuss these possibilities with their academic advisors.

Students must select five (5) courses from a minimum of four (4) of the areas listed below. At least one (1) of the courses must be from economics.

12.101 Principles of Macroeconomics (Gen.Ed. Goal 10)

The study of the U.S. free enterprise system and its place in the global economy. After a consideration of basic economy concepts, the student is introduced to the forces that determine national income, employment, recession, inflation, and economic growth. Monetary and fiscal policy options are analyzed with emphasis on the economic, social, and political consequences.

An introduction to the behavior of individual decision makers, particularly consumers and firms, who must make choices under conditions of economic scarcity. The course focuses on how markets work to allocate resources, how households maximize their satisfaction from consumer opportunities subject to an income constraint, and how firms organize production and measure costs in order to maximize profits. Related topics include comparative advantage and trade, competition and monopoly, government regulation, and labor markets.

An overview of the structure of the U.S. economy that provides an understanding of how it functions. Students are first introduced to the discipline of economics and to some of the basic theoretical tools which economists use to analyze economic activity, to understand how markets function, and how a market system allocates economic resources. These tools are then used to analyze the various parts of the U.S. economy: product, labor, and financial markets; the influence of international forces; the economic role of the government. During this process data are presented to give students an appreciation for the size of the economy and its sectors. Current economic issues are analyzed and discussed placing special emphasis on how social, political, geographic, and other forces impact those issues. This course does not satisfy any of the requirements for either the Business Administration or the Economics major.

A study of financial accounting and accounting systems starting with the accounting cycle and going through the preparation and interpretation of financial statements for all types of business entities. Topics covered include generally accepted accounting principles, the theory of accounts, and the theory of present value as it relates to financial accounting problems. Note: Credit will not be given for both this course and 12.220 Introduction to Financial Accounting.

A study of the essentials of managerial accounting focusing on the use of accounting information in the decision-making process. Topics covered include planning, budgeting, control, and valuation. Note: Credit will not be given for both this course and 12.221 Introduction to Managerial Accounting.

Prerequisite: 12.120 Introduction to Financinal Accounting

A survey of the mathematical skills needed for upper division courses in economics and business. Emphasis is placed on the use of mathematical models to describe relationships in business and economics. Topics covered include mathematical functions, cost functions, the consumption function, systems of equations, market models, the Keynesian income determination model, matrix algebra, input-output analysis, differential and integral calculus, marginal analysis, and profit and utility maximization.

Prerequisite: 12.101 Principles of Macroeconomics, 12.102 Principles of Microeconomics, 43.123 College Algebra, or permission of the instructor.

An introduction to the basic techniques of descriptive and inferential statistics as applied to the decision-making process in business and economics. Emphasis is placed on estimation and forecasting techniques. Topics covered include measures of central tendency and dispersion, index numbers, probability, regression analysis and economic forecasting.

Prerequisite: 12.201 Quantitative Economics and Business I.

Prerequisite: 63.120 Introduction to Information Technology or permission of the instructor.

A study of the interrelationships among business, government, and society as reflected in the legal system in which firms operate. In addition to examining specific laws and legal issues, such as business transactions, employer-employee relations, government regulation and consumer law, students become familiar with the way in which laws develop and change. Special emphasis is on the social and ethical issues which arise in business law.

An application of basic economic theory to the task of understanding the process of urbanization, the growth and decline of cities, and the spatial location of economic activity within metropolitan areas. Also examined are the specific urban problems of poverty, housing, local finance, and transportation.

Prerequisite: 12.101 Principles of Macroeconomics and 12.102 Principles of Microeconomics.

An analysis of the nature of the job market. Some topics considered include: unemployment, wages, occupational choice, changing role of women, hiring standards, and relevancy in education programs. Discussion focuses on how society educates and trains its human resources for their entry and re-entry into productive employment.

Prerequisite: 12.101 Principles of Macroeconomics and 12.102 Principles of Microeconomics.

An examination of marketing functions, the activities of producers, wholesalers, retailers and other middlemen, the channels of distribution, integration of the marketing functions, price policies and government regulation. Special emphasis is given to the aspect of marketing management.

Prerequisite: 12.101 Principles of Macroeconomics and 12.102 Principles of Microeconomics.

An introduction to the contemporary management of organizations with an emphasis on the fundamentals of organizational behavior. Topics include organizational structure, leadership, communication, motivation, group dynamics, decision -making, planning and controlling. Business ethics and the roles and functions of managers are integrated throughout all these topics. Note: Credit will not be given for both this course and 12.373 Management Principles. This course does not satisfy any of the requirements for either the Business Administration or the Economics major.

An in-depth study of the application of management theory to the behavior of individuals and groups in organizations. Topics in the course include: organizational structure and design, motivation, job design, leadership, communication and power in organizations.

Prerequisite: Sophomore standing.

Selected topics in an area of economics or business offered on occasion at the discretion of the department. Determination of where the course fits in the academic program will be made on a case-by-case basis.

Prerequisite: Case-by-case or permission of instructor.

An in-depth analysis of the static and dynamic theories of aggregate economic behavior; determinants of consumption, investment, the demand for money, and economic growth.

Prerequisite: 12.101 Principles of Macroroeconomics and 12.102 Principles of Microeconomics.

An in-depth analysis of the theory of consumer behavior, the firm and the industry, and the pricing of the factors of production; general equilibrium analysis, and an introduction to welfare economics.

Prerequisite: 12.101 Principles of Macroeconomics and 12.102 Principles of Microeconomics.

The application of quantitative techniques to solve organizational problems. Topics covered include decision theory and models, analysis of risk, network analysis, linear programming, and the application of these topics through the use of problems and case analysis.

Prerequisite: 12.202 Quantitative Economics and Business II, 12.271 Marketing Principles, and 12.280 Applied Organizational Theory and Management.

12.310 Marketing Research

A coverage of the fundamentals of the market research process and how marketing research is used to solve marketing problems. Topics include research design, data collection and analysis techniques, and interpretation and implementation of research findings.

Prerequisite: 12.271 Marketing Principles and 12.202 Quantitative Economics and Business II, or permission of the instructor.

A study of the different systems societies use to organize economic activity. The course covers the historical development of theories of capitalism, socialism, market socialism and communism, and compares these theoretical models. Considerable time is then spent analyzing how these systems work in practice by examining real-world examples of each. The relationship between the economic system and the social, cultural, historical and/or political forces in these nations is emphasized. Comparisons are made not only between nations that employ different systems, but also between nations that use variations of the same type of system. The course also examines the economics of transition from one type of system to another.

Prerequisites: 12.101 Principles of Macroeconomics and 12.102 Principles of Microeconomics.

12.313 Promotional Strategy

A focus on the development of effective marketing communication strategies. Various aspects of marketing communication are discussed, including advertising, sales promotion, personal selling, and public relations. Prerequisite: 12.271 Marketing Principles

12.318 International Marketing

An examination of the opportunities and challenges facing business organizations in international markets. Topics include the international marketing process, the importance of effective international marketing communication, and the formation and execution of international marketing strategies. Special emphasis is placed on cultural, social, legal, political, and organizational forces that influence international marketing operations.

Prerequisite: 12.271 Marketing Principles

A survey of the development of money and credit, monetary theories, monetary systems and an examination of the relationship between monetary policy and economic welfare.

Prerequisite: 12.101 Principles of Macroeconomics and 12.102 Principles of Microeconomics.

An intensive study of generally accepted accounting principles dealing with balance sheet evaluations and their effect on income determination. Topics include applications of present value techniques to accounting, valuation and reporting of cash, receivables, short-term investments, inventories, fixed assets and intangible assets.

Prerequisite: 12.121 Introduction to Managerial Accounting.

Additional topics in financial accounting, including an in-depth analysis of current and long-term liabilities, capital stock, options and warrants, earnings-per-share calculations, convertible securities, retained earnings and dividends, and statement of changes in financial position. Also studied are income-tax allocations, pension accounting, and accounting for lease transactions.

Prerequisite: 12.321 Intermediate Accounting I.

A treatment of presentation and analysis of data to facilitate decision-making in the organization. Topics covered include cost evaluation, forecasting, variance analysis, cost structures, cost behavior patterns, break-even analysis, and capital budgeting.

Prerequisite: 12.121 Introduction to Managerial Accounting.

The study of the relationship between the investment and financing decisions made by firms. Main topics include working capital and fixed asset management contained within a broad overview of the type of assets a company acquires, the reasons for acquiring them, and the sources and costs of financing the assets. Concepts are discussed primarily in accounting terms, and mathematical relationships are used as a focal point for discussion.

Prerequisite: 12.101 Principles of Macroeconomics, 12.102 Principles of Microeconomics, and 12.120 Introduction to Financial Accounting.

An introduction to the process of social choice and the translation of choice into public expenditure programs. Emphasis is placed upon the application of economic analysis in the appraisal of income redistribution, health, education, defense, social insurance, and environmental programs. Note: Credit will not be given for both this course and 12.340 Public Finance.

Prerequisite: 12.101 Principles of Macroeconomics and 12.102 Principles of Microeconomics.

12.371 Marketing Management

An introduction to market research and analysis. The course focuses on the design and implementation of marketing new products, product diversification, and the development of new markets.

Prerequisite: 12.271 Marketing Principles and 12.280 Applied Organizational Theory and Management.

12.372 Operations Management

An analysis of operations and production problems encountered by profit and non-profit organizations. Topics to be studied include production system design, production planning and control, quality control, prices and costs, and the technology of materials and equipment.

Prerequisite: 12.202 Quantitative Economics and Business II and 12.280 Applied Organizational Theory and Management.

12.375 Sales Management

An examination of the importance of personal selling and distribution. The course focuses on recruiting, organizing, and motivating the sales force; forecasting; budgeting; selling; control; and cooperation with distribution channel members.

Prerequisite 12.271 Marketing Principles.

12.381 Human Resource Management

A study of the personnel function within profit and non-profit organizations. The course covers the procurement, development, compensation, integration and maintenance of personnel.

Prerequisite: 12.280 Applied Organizational Theory and Management.

An introduction to the fundamental concepts used in the implementation of information systems in a business organization. Topics include systems concepts and thinking, business process analysis, and common business models for systems development life cycle, as well as additional topics, such as project management methodology and team approaches, and technology integration concerns.

Prerequisites: 63.376 Networking Technologies (or concurrent registration), 12.121 Introduction to Managerial Accounting, 12.280 Applied Organizational Theory and junior standing.

A survey of the market structure, conduct, and performance of American industry. Consideration is given to the rationale and effectiveness of anti-trust policy and related problems and issues.

Prerequisite: 12.302 Intermediate Microeconomic Theory.

An analysis of the foundations and principles of international trade. Specific topics include: comparative advantage, terms of trade, factor movements, tariffs and protectionism.

Prerequisite: 12.101 Principles of Macroeconomics and 12.102 Principles of Microeconomics.

An analysis of the monetary aspects of international trade and balance of payments adjustment mechanisms. Some specific topics include: the International Monetary Fund, multi-national corporations, foreign exchange transfers.

Prerequisite: 12.101 Principles of Macroeconomics and 12.102 Principles of Microeconomics.

A study of the complexity of managing an organization with international interests. Topics discussed include political, economic, and cultural environments; developing planning systems and strategies to ensure international competence in finance, marketing, human resources, production, and societal response in an international setting. Cases may be used to help develop skills in the above area.

Prerequisite: 12.271 Marketing Principles, 12.280 Applied Organizational Theory and Management, and 12.330 Managerial Finance I.

A broad introduction to federal income tax law and preparation. Covered in detail is the taxation of individuals including taxable income determinations, deductions, and gain or loss on exchange of property. The course also introduces taxation issues faced by corporations and partnerships.

Prerequisite: 12.121 Introduction to Managerial Accounting.

The study of the theory and application of the basic principles underlying the relationship between the long-run investment and financing decisions made by the firm. Included are the seminal theoretical foundations of Modigliani and Miller, as well as the use of CAPM and APT in capital budgeting and cost of capital. Application of the basic principles is accomplished using the case method.

Prerequisite: 12.330 Managerial Finance I.

An application of the analytical tools of microeconomics to solving business problems. Topics included are criteria for business decisions, pricing and promotion decisions; expenditure, cost, and production decisions; the estimation of production costs and consumer demand; and the estimation of the cost of capital and investment decisions.

Prerequisite: 12.101 Principles of Macroeconomics and 12.102 Principles of Microeconomics.

12.445 Investments

The study of the process whereby investors choose individual securities and combine them into portfolios. The major topics are the fundamentals of security analysis, including the instruments and the markets for securities, and the basics of portfolio analysis from Markowitz to APT. A discussion of derivative securities is also included. Mathematical descriptions of financial instruments and portfolios are widely employed.

Prerequisite: 12.330 Managerial Finance I.

The historical development of classical economics from its origin in the works of the schoolmen and Physiocracy to its culmination in A. Smith, and nineteenth century English liberalism. The criticism of classical tenets by writers like Malthus and Marx are evaluated. The neoclassical economics of Marshall and Pigou are developed from both Austrian and English marginalism. Keynesian Macroecoonomics is developed and evaluated in the context of contemporary economic developments.

Prerequisite: 12.301 Intermediate Macroeconomic Theory and 12.302 Intermediate Microeconomic Theory, or permission of the instructor.

A continuation of the material presented in Quantitative Economics and Business II, concentrating on the application of these tools to the analysis of economics and business data. The course covers classical linear regression techniques (both simple and multiple regression) with emphasis placed on the necessary modifications to these procedures for use in economic and business applications. Topics covered include heteroskedasticity, auto-correlation, non-linear estimation, errors in variables, multicollinearity, dummy variables, distributed lags and simultaneous equation systems. Students use the computer to apply these concepts to actual data.

Prerequisite: 12.202 Quantitative Economics and Business II or permission of the department chair.

An in-depth evaluation of the current trends and changes that are occurring in finance from the perspective of both the investor and the firm. The study involves student application of techniques derived from the evolutionary changes that are being made in financial management and investment analysis. The focus is on capital planning and asset portfolio formation. Case studies and projects outside the classroom are utilized.

Prerequisite: 12.431 Managerial Finance II.

An examination of the management issues related to the implementation, evaluation and control of information technology in business from planning and pre-sales to development, implementation and maintenance. The course focuses on application of project management procedures and common business models for evaluation and control. The course approach includes case studies and/or group projects done in collaboration with industry. Course topics include software and hardware evaluation, security and regulatory issues, and IT audits and assessment. Other topics may include strategic use of technology, technology-based alliances, ethical issues related to the Internet, project justification, ROI requirements and cost/benefit analysis, vendor relationships, service level agreements, licensing issues, project planning and control, outsourcing approaches, and IT maintenance.

Prerequisite: 12.385 Business Systems Analysis and Design and senior standing.

A seminar designed to afford advanced economics students an opportunity to integrate their studies in an open problem-solving format. The specific topics are developed according to the interests and needs of the participants.

Prerequisite: Permission of the instructor.

An examination of the formulation of corporate strategy in business enterprises with emphasis on the economic, political, and social influences on strategy. The course focuses on application of corporate planning tools and analysis of the general manager’s tasks as an implementor of corporate strategy. Problems which affect the character and success of the total enterprise are examined. Cases are drawn from companies of various sizes in various industries. This course is open only to senior Business Administration majors or to others by permission of the instructor.

Prerequisite: 12.121 Managerial Accounting, 12.271 Marketing Principles, 12.280 Applied Organizational Theory and Management, and 12.330 Managerial Finance I.

Under the direction of a faculty member, the student pursues reading and research on a selected topic in economics.

Prerequisite: Permission of the instructor.

A supervised practical experience in a public or private organization appropriate to the student’s program of study. Before registering for the internship the student must submit a proposal outlining the internship and showing how it integrates with the student’s academic program. The internship requires written documentation of the student’s experiences and a research project or critical evaluation of the experience. Students may earn up to four (4) course credits. The internship is not intended to satisfy or substitute for any of the courses required for the major.

Prerequisite: A minimum of 3.0 quality point average overall and 3.2 in department courses and approval of the internship supervisor. The grade point requirement may be waived at the discretion of the intern’s internship supervisor.

Selected current problems at the state and local levels. Students examine these problems under the direction of representatives from consumer organizations, such as the Massachusetts Consumer Association and the Consumer Protection Division of the Attorney General’s Office.

Prerequisite: 34.210 Consumer Economics.

Designed to make the student a more intelligent consumer, considering basic economic concepts as they relate to consumer decision making. Topics to be considered are consumerism, the dual role of the consumer in our economy, consumer problems, consumer demand, advertising, the budget, credit, saving, investing, insurance, housing, fraud and deception in the market place and consumer protection.