Economics
The international scope of 21st-century business requires professionals with knowledge and skills that are both broad and deep. The Business Department at Salem attracts motivated young women like you who want a high-quality liberal arts education, intensive and hands-on business training and opportunities to travel the world to apply your knowledge.
Your Programs
You may choose from among four majors within the Business and Economics Department:
Along with an individualized approach to learning, these programs are widely respected for their practical orientation, emphasis on leadership, study abroad opportunities and caring teachers who bring decades of professional experience in senior executive levels of business management.
Your Commitment
You belong in the Business and Economics programs if you are committed to hard work, aren't afraid to take risks and understand that, above all, it's about results. You will be highly motivated and usually go above and beyond what's simply required to complete an assignment or course. You'll be required to fulfill an internship as well as complete a research project before you graduate. You'll also explore learning opportunities and experiential education programs that may take you to Europe, Asia or South America.
Your Faculty
Professors in the department bring a combined 150 years of high-level experience in the academic and business world. Their professional savvy is matched only by their ability and passion for teaching young women like you in a professionally-oriented program. They take a highly personal approach to teaching, and as a result are able to readily address your individual needs.
Your Experience
When you graduate with a degree in business administration, accounting, economics or international business, you'll be equipped with the broad-based knowledge that comes from a liberal arts program as well as with specific business skills and experiences. As a result, you will have many options for how you use your degree. You may:
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Work for a corporation, the government or a not-for-profit institution
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Start your own business
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Enter one of the many fine management-training programs and graduate schools in the country that have accepted Salem students.
Economics Major (B.A.)
Knowledge of economics will provide the student with the tools to understand and analyze current events and trends, different market structures, governmental fiscal and monetary policy and consumer behavior in the marketplace. The development of decision-making, quantitative and analytical skills will prepare the student for active participation in business or government as well as for graduate study.
Economics Minor
For a minor in economics six courses are required. Four of the six courses must be taken at Salem.
Economics Courses (ECON)
100. Principles of Economics One course
Introduction to the basic economic concepts of supply and demand, price determination, decision-making by consumers, firms and institutions and the public sector. Examination of national income determination and distribution, inflation, unemployment, fiscal and monetary policy and international trade.
110. Introduction to Macroeconomics One course
The basic principles of supply and demand and the determination of the basic principles of income determination and distribution as well as policies that influence the national economic environment. Particular emphasis on current economic problems and policies.
120. Introduction to Microeconomics One course
The basic principles of supply and demand and the determination of price as they apply to individual decision making units such as consumers, firms and resource suppliers.
200. Independent Study in Economics One-quarter to one course
Independent study under the guidance of a faculty advisor. Independent study may take the form of assigned readings, research, conferences and projects. Independent study may be taken for a total of usually not more than two per term. Prerequisites: a 2.0 cumulative average, sufficient background in economics and permission of the department.
201. Money, Banking, and Monetary Policy One course
The role of money and credit in the global society. The relationship of central banks/currency boards, the activities of commercial banks and other financial institutions and monetary theory and policy will be examined. Prerequisite: ECON 100 or ECON 110.
205. Labor Economics One course
Analysis of labor markets to include: labor demand and supply, educational choices, determination of wages and productivity, theories of discrimination and technological issues facing the labor force. Prerequisite: ECON 100 or ECON 120.
210. Intermediate Macroeconomics One course
Modern and classical theories of employment, national income determination and governmental monetary and fiscal policy. Prerequisite: ECON 100 or ECON 110 and 120.
220. Intermediate Microeconomics One course
A rigorous study of the principles of microeconomics, to include applications and in-depth study of consumer behavior, the price system and resource allocation under various market conditions.Prerequisite: ECON 100 or ECON 110 and 120.
250. Mathematical Economics One course
Quantitative methods used in economics. Fundamental applications of algebra and calculus to macro- and microeconomics. Prerequisites: MATH 070 or 100; ECON 100 or ECON 110 and 120; or permission of the instructor.
260. International Trade and Business One course
The basic principles of international economic relations. Subjects covered include the theories of international trade and investment, international monetary relations and financial markets, the effect of the national and international policies on trade and managing in the international economic environment. Prerequisite: ECON 100 or ECON 110 and 120.
270. Internship in Economics One course
An opportunity to use the knowledge and skills the student has learned in coursework to solve problems in a real work setting; the apprenticeship aspect of the internship implies that the student has some base of knowledge and will increase her knowledge and skills by direct contact an experienced, knowledgeable mentor. Open to sophomores, juniors and seniors with a 2.0 minimum cumulative average; maximum credit per term is one course; admission by application only.
280. History of Economic Thought One course
A study of major economists and schools of economic thought from the classical through the contemporary period with special emphasis on their contributions to economic theory. Cross-listed as HIST 280. Prerequisite: ECON 100 or ECON 110 and 120.
290. Honors Independent Study in Economics One to two courses
Advanced independent study under the guidance of a faculty advisor. Normally open to juniors and seniors with a 3.5 average in economics, subject to the approval of the department chair. Honors work may be taken for a maximum of two courses.
310. Current Issues in Economics One course
Economic analysis of various public issues and policies. Possible topics include the energy crisis, pollution and the environment, welfare, crime and punishment and health care as well as current economic issues. Prerequisite: ECON 100 or ECON 110 or 120.
320. Econometrics One course
Statistical methods as the vehicle for examining the validity of the principles of economics. Topics covered include multiple regression techniques, problems associated with dummy and lagged variables, problems arising from multi-collinearity, heteroscedasticity, autocorrelation and the analysis of time series data. Prerequisites: MATH 070 or 100 and ECON 100 or ECON110 and 120.
370. Special Topics in Economics One course
A thorough examination of a special topic or issue in economics. The specific content and methods for study will be announced prior to the beginning of the course, as will any necessary prerequisite courses.
390. Senior Seminar One course
Intensive study of selected topics in economics with emphasis on current research. Students will be required to complete and present a major research paper. Required of all senior majors. Spring.
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