Economics (BA)

Chair: Mark P. Zaporowski, PhD

Introduction

Economics BA Program

The Economics Department provides courses designed to help all Canisius students understand the national and global economy. The major in the College of Arts and Sciences provides preparation for entry-level and advanced positions in a variety of career choices through its broad based study of economic activity. Potential career choices include sales, marketing, production, finance and banking, and at various levels of government such as municipalities, local development authorities, the Federal Reserve, the Department of Labor and the Department of Commerce. All of these employers value the critical thinking and analysis skills fostered in an economics curriculum.

The Economics program has also proven to be an excellent preparation for graduate schools. Some students choose to continue the study of economics in PhD and master’s programs. Other students use the strong analytical foundations of their economics training to pursue advanced degrees in business, health, public administration or law. For a more detailed description of the program including policies, faculty, facilities, academic and co-curricular opportunities please view the Economics program webpage. We also offer a BS in Business Economics, and we encourage students to discuss these options with their advisor.

Curriculum

An Ignatian Foundation

All undergraduate students must complete either the Canisius Core Curriculum or the All-College Honors Curriculum. Many schools refer to their college-wide undergraduate requirements as "general education" requirements. We believe that the core curriculum and the honors curriculum are more than a series of required classes; they provide the basis for a Jesuit education both with content and with required knowledge and skills attributes that are central to our mission.

Free Electives

Students may graduate with a bachelor's degree with more but not less than 120 credit hours. Free electives are courses in addition to the Canisius Core Curriculum or All-College Honors Curriculum and major requirements sufficient to reach the minimum number of credits required for graduation. The number of credits required to complete a bachelor's degree may vary depending on the student's major(s) and minor(s).

Major Requirements

Mathematics Requirement 14-6
Choose one of the following:
Finite Mathematics
and Calculus for the Non-Sciences
Calculus with Review I
Calculus for Business
Calculus I
Economics Courses
ECO 101Principles of Macroeconomics3
ECO 102Principles of Microeconomics3
ECO 205Intermediate Microeconomic Analysis3
ECO 206Intermediate Macroeconomic Analysis3
ECO 255Business Statistics3
ECO 256Business Analytics3
Economics Electives
Five courses at the 300 or 400 level15
BUS 101Explore Business1
BUS 201Explore Careers1
BUS 401Business in Action0
Total Credits39-41
1

MAT 115 is recommended, although students who are not well prepared in mathematics may wish to take MAT 105 and MAT 106 before moving on to more advanced math courses.  Additional mathematics courses are recommended if the student is preparing for a graduate program in economics or finance. Students should consult with a departmental adviser if they have questions about the most appropriate way to satisfy the mathematics requirement.

Economic Electives

Up to 2 of the following courses (with a minimum grade of C- in each) may be substituted for ECO elective credit: MAT 112, MAT 211, MAT 219, MAT 222, or ACC 300 or 400 level courses. All Finance courses serve as Economics electives. ECO 455 and additional Mathematics and Accounting courses are strongly recommended for graduate school and the business world.  

Additional Course Considerations

Economics majors may also focus their coursework in Finance by using Economics electives to take the following courses:

ECO 330Money, Banking and the Economy3
FIN 201Introduction to Corporate Finance3
FIN 312Investments3
FIN 414Portfolio Analysis3
Any FIN elective at the 300 or 400 level

This specialization is appropriate for students who wish to make a career in banking or finance.

Roadmap

Recommended Semester Schedule for Major Course Requirements

Freshman
FallSpring
FYS 101ENG 101
ECO 101ECO 102
Select one of the following math courses:PHI 101
MAT 105, MAT 109, MAT 111 or MAT 115MAT 106 (or Free Elective if MAT109, MAT 111 or MAT 115 was taken in the fall.)
RST 101Free Elective
Free Elective 
BUS 101 
Sophomore
FallSpring
ECO 205ECO 206
ECO 255ECO 256
Field of Knowledge 4ECO Elective
Free ElectiveFree Elective
Free ElectiveFree Elective
 BUS 201
Junior
FallSpring
ECO ElectiveECO Elective
Field of Knowledge 1Field of Knowledge 2
Field of Knowledge 3Free Elective
Field of Knowledge 6Free Elective
Free ElectiveFree Elective
Senior
FallSpring
ECO ElectiveECO Elective
Core CapstoneFree Elective
Free ElectiveFree Elective
Free ElectiveFree Elective
Free ElectiveFree Elective

Learning Goals & Objectives

Goal 1: Economics majors will be able to critically assess economic agruments.

Students will : 

  • Objective A: Be able to analyze economic arguments using economic models.
  • Objective B: Be able to apply statistical tools in the analysis of economic arguments.

Goal 2: Economics majors will be able to apply macroeconomic theory in analysis of economic growth and the problems of unemployment and inflation.

Students will: 

  • Objective A: Display an understanding of the determinants of macroeconomic equilibrium.
  • Objective B: Analyze the impact of exogenous shocks and various fiscal and monetary policies on macroeconomic equilibrium.

Goal 3: Economics majors will be able to apply microeconomic theory to explain behavior of consumers and firms in a market economy.

Students will: 

  • Objective A: Display an understanding of the determinants of consumer choice given the constraints of limited household income and market prices.
  • Objective B: Display an understanding of firm behavior under alternative market structures. 

Courses

ECO 101 Principles of Macroeconomics 3 Credits

Explanation of market system through supply and demand analysis. Measurement of macroeconomic variables and development of economic models to analyze problems of unemployment, inflation and economic growth. Various fiscal and monetary policies will be discussed.

Fulfills College Core: Field 5 (Social Sciences)

ECO 102 Principles of Microeconomics 3 Credits

Explanation of how the market system operates in the context of limited resources. Emphasis on the manner in which consumers and firms determine what to produce, how to produce and for whom to produce.

Offered: every fall & spring.

ECO 205 Intermediate Microeconomic Analysis 3 Credits

Analysis of demand and supply under various market structures. Cost and production theory, factor pricing, and welfare economics.

Prerequisite: ECO 101 & ECO 102.

Offered: fall & spring

ECO 206 Intermediate Macroeconomic Analysis 3 Credits

The determination of national income and product in the short run and long run. Unemployment, inflation, fiscal and monetary policy will be examined in the context of static and dynamic macroeconomic models.

Prerequisite: ECO 101 & ECO 102.

Offered: fall & spring

ECO 255 Business Statistics 3 Credits

Fundamental concepts of probability and statistics with emphasis on business and economic applications. Organizing and describing data, probability theory, sampling, estimation and hypothesis testing.

Offered: occasionally.

ECO 256 Business Analytics 3 Credits

Hypothesis testing, regression analysis, goodness of fit, contingency tables, analysis of variance, time series analysis and forecasting.

Prerequisite: ECO 255.

Offered: every fall & spring.

ECO 310 Introduction to Geographic Information Systems 3 Credits

An applied introduction to Geographic Information Systems (GIS), a mapping and spatial analysis tool that is widely used in education, government, and industry to solve spatial problems. This course combines lectures and hands-on exercises and provides students the opportunity to use ArcGIS software.

Offered: occasionally.

ECO 311 Metropolitan Economic Development and GIS 3 Credits

Economic development is an essential component of local policy and governing, and a perceived driver of success and vitality for cities, metropolitan areas and regions. This applied course will introduce students to basic economic development theory and commonly used economic performance measures within a Geographic Information Systems (GIS) environment.

Prerequisite: ECO 101 & ECO 102.

Offered: fall

ECO 321 Economic Impact Analysis 3 Credits

Estimation of the impact of investment, public spending, and changes in taxation or regulatory policy on a regional economy. The impact of a new project on sales, income and employment will be projected. Case studies and hands-on experience using multiple software packages will be used to conduct analysis.

Prerequisite: ECO 101, ECO 102 & ECO 255.

Offered: spring

ECO 330 Money, Banking and the Economy 3 Credits

The connection between financial markets, the economy and the Federal Reserve. Examination of the nature of financial markets, the determination of interest rates, bank management and regulation, money and monetary policy. Emphasis on the impact of monetary policy on the macro economy. This course also serves as a Finance elective.

Prerequisite: ECO 101 & ECO 102.

Offered: fall

ECO 401 Public Economics 3 Credits

A microeconomic analysis of the role of the public sector in resource allocation. Topics include the theory of market failures, alternative corrective measures for market failures, efficiency/equity analysis of taxes and public expenditure programs.

Prerequisite: ECO 101, ECO 102. Offered occasionally.

Fulfills College Core: Justice

ECO 410 Economic Research Methodology 3 Credits

Economic Research Methodology is a course where the tools of microeconomics, macroeconomics and statistics are applied to analysis of economic data at both the national and local levels. The course will focus on Bureau of the Census and Bureau of Labor Statistics data in the analysis of labor markets and other behavioral economic issues.

Prerequisite: ECO 101, ECO 102, ECO 256.

Offered: occasionally.

ECO 411 State and Local Finance 3 Credits

Municipal credit risk and municipal bonds analysis of revenue sources for state and local governments. Public/ private sector interaction in urban areas, city-suburban fiscal disparity and competition, state/local government structure, inter-governmental relations. This course also serves as a Finance elective.

Prerequisite: ECO 101, ECO 102, & ECO 256 (or equivalent).

Offered: every spring.

ECO 455 Econometrics 3 Credits

Estimation and analysis or linear and non-linear regression models using statistical inference. Topics include: multicollinearity, heteroskedastic and serially correlated errors, forecasting, dummy variables and simultaneous equation models. Emphasis on analysis of data using EViews econometric software. A good course for those contemplating graduate school.

Prerequisite: ECO 101 & ECO 102.

Offered: every spring.

ECO 497 Internship 3 Credits

Student must complete a WSB Internship Application Form. May be used for Economics elective credit. Pass/Fail only.

Prerequisite: student must complete a WSB Internship Application and obtain the approval of a faculty supervisor, department chair, & associate dean.

ECO 499 Independent Research 1-3 Credits

Students must work with a faculty mentor to develop their learning goals and complete a Wehle School of Business Independent Study Application Form.

Prerequisite: student must complete a WSB Independent Study Application Form and obtain the approval of a faculty supervisor, department chair, & the associate dean.

3+3 Accelerated BA/BS-JD program

Director: Robert Klump, Esq. at 716.888.2884

The 3+3 Accelerated BA/BS-JD program through the University at Buffalo School of Law is open to a variety of majors. By participating, you can:

  • Complete your undergraduate education and law degree in less time (and for less cost) than the 7 years typically required
  • Become fully eligible for scholarships and grants offered to qualified incoming students at the University at Buffalo School of Law
  • Upon successful completion of the first-year curriculum at UB Law School, a student's credits for the year will be transferred to Canisius to complete his or her bachelor's degree which will then be conferred by Canisius.

Eligibility

This unique program is open to pre-law students who:

*The LSAT score must be at or above the median LSAT score for the UB School of Law’s previous year’s enrolled class or the GRE score must be at or above the 70th percentile for Verbal Reasoning and the 40th percentile for Quantitative Reasoning.

For more information, contact the Raichle Center director.

3+3 Economics BA/JD Roadmap 

Freshman
FallSpring
ENG 111ENG 112
ECO 101 (Field 5)ECO 102
MAT 105, 115, or 111 (Field 7)MAT 106 (or Free Elective if MAT 115 or MAT 111)
RST 101PHI 101
BUS 101*Free Elective
Sophomore
FallSpring
ECO 205ECO 206
ECO 255ECO 256
History Field of Knowledge 4 ECO Elective
Free Elective or attribute if neededFree Elective or attribute if needed
Free Elective BUS 201*
 Free Elective
Junior
FallSpring
ECO Elective ECO elective
Religious Studies Field of Knowledge 1 with attributePhilosophy Field of Knowledge with attribute
Arts Field of Knowledge 3 with attributeECO elective
Science Field of Knowledge 6 Core capstone
ECO elective Free Elective with attribute if needed
 BUS 401*
Senior
FallSpring
UB LAW Year UB LAW YEAR
LAW 507: Property LAW 509: Torts
LAW 505: Criminal LawLAW 501: Civil Procedure
LAW 511: Constitutional LawLAW 503: Contracts
LAW 515: Legal Analysis, Writing and Research IILAW 515: Legal Analysis, Writing and Research I
ATTRIBUTES Can be fulfilled using a variety of courses including Field of Knowledge courses and electives with attribute designation
Justice
Ethics**
Diversity
Global Awareness
Advanced Writing Intensive Must be a the 200-level or above
Oral Communication Skills
*

BUS 101, 201, and 401 are required

**

Ethics is required of all students

Note: All students must complete a total of 60 hours of Arts and Science courses. We strongly recommend that all students run a Griff Audit to check for this and other additional requirements.