Economics
By: SAL Incorporated
Sean Hong, Adam Loux, Lauren Bielski
What is Economics?
Economics is the social study of production,
distribution, and consumption of goods and
services in human society. Economics is a very
broad subject but can be broken down into two
major parts, microeconomics and
macroeconomics.
What is an Economist?
Economists conduct research, collect data,
monitor economic trends, and develop
forecasts.
Major Concepts of
Microeconomics
A. Supply and
Demand
B. Productivity
C. Markets
Major Concepts of
Macroeconomics
A. Aggregate Supply
and Demand
B. Monetary Policy
C. Fiscal Policy
Careers In Economics
• 53% of economists are employed in
private industries, particularly in
scientific research and development
firms. The rest are employed in
government agencies.
• Employment is concentrated in large cities.
• The U.S. Department of labor,
agriculture, and state are the largest
federal employers of economists.
Salaries
• "Median annual wage and salary earnings of economists were
$68,550 in 2002. The middle 50 percent earned between $50,560
and $90,710. The lowest 10 percent earned less than $38,690, and
the highest 10 percent earned more than$120,440."
• It helps to have a masters or doctrine in economics. "The entrance
salary for economists having a bachelor’s degree was about $23,442
a year in 2003;however, those with superior academic records could
begin at $29,037. Those having a master’s degree could qualify for
positions at an annual salary of$35,519. Those with a Ph.D. could
begin at $42,976, while some individuals with experience and an
advanced degree could start at $51,508. Starting salaries were
slightly higher in selected areas where the prevailing local pay was
higher. The average annual salary for economists employed by the
FederalGovernment was $81,852 a year in 2003."
Current Issues
• Robots and Machines
• Environmental Issues
• War and Terrorism
Business Problems
• Scarcity
– Unlimited Wants
– Limited Resources
– Types of Commodity
– Economic Problems
• Opportunity Costs
• Economic Systems
– Market Economy
– Command Economy
– Mixed Economy
Business Decisions
Economic Indicators – statistics that indicate how well the
economy is doing and how well the economy is going to
do in the future.
U.S. Congress’s Economic Indicators
• Total Output, Income, and Spending
• Employment, Unemployment, and Wages
• Production and Business Activity
• Prices
• Money, Credit, and Security Markets
• Federal Finance
• International Statistics
Courses Involved In Economics
• Foundation Courses- These are the courses required for
any business major
• International Integration- Foreign language requirement
• General Education- These are classes that involve writing
and speaking; Health and Natural Sciences; Quantification;
Arts; Humanities; Social/Behavioral Sciences; and
International/Intercultural Competence
• Business Core- These four courses are all typically taken
in the junior year
• Major Courses- These are the courses required for that
specific major
Foundations Courses
• First Year Seminar
• English Composition
• Microeconomics
• Macroeconomics
• Legal Environment of Business
• Social and Ethical Environment
of Business
• Management Information
Systems
• Business Statistics
• Financial and Managerial
Accounting
• Computer Applications in
Business
• Calculus
International Integration
• There is a foreign language requirement
• 12 credit proficiency level is required
General Education
• Writing/ Speaking- 9 credits
• Quantification- 8 credits
• Natural Sciences- 9 credits
• Arts- 6 credits
• Humanities- 6 credits
• Social and Behavioral Sciences- 6 credits
• Health and Physical Activity- 3 credits
Business Core
• Finance
• Supply Chains
• Marketing
• Management and
Organization
Major Courses
• Intermediate Microeconomic Analysis
• Intermediate Macroeconomic Analysis
• International Economics
• Statistical Foundations for Econometrics
• Human Resource and Public Economics
• Macroeconomics, Money and Banking
• International, Development and Transition Economies
• Economics of Business and Law
• Introduction to Econometrics
• Current Economic Issues
• Theory and Quantitative Methods
Minors That Complement
Economics
• Finance
• History
• Marketing
• Mathematics
• Philosophy
• Political Science
• Sociology
• Statistics
How To Apply For A Minor
• Minors are generally applied for after the
fifth semester but before the 12th week
before the student’s final semester
• For a minor, a student needs to complete 18
credits with a C in their courses
How MIS Affects Economics
• Economic feasibility
determines whether a
project is an acceptable
financial risk and is worth
the time and money to
complete the project.
• Three ways to determine
economic feasibility
– Return on investment
– Net present value
– Breakeven analysis
Neutral Computing
• Application of artificial neutral network
technology
• Neutral computing helps determine
economic forecasts
Sources
• Undergraduate Degree Programs Bulletin (Blue
Course Book)
• http://stats.bls.gov
• economics.about.com/
Any Questions?