Averett University Undergraduate Catalog


Courses of Instruction in Economics

Number Title Credits Description
201 Principles of Microeconomics 3 A study of demand and supply analysis, demand and supply elasticity, production theory, cost theory, market structures, business decision on the price and output, shortcomings and remedies of market mechanism, factor income, and income distribution.
202 Principles of Macroeconomics 3 A study of topics such as basic functions of economics system, scarcity and choice, inflation and unemployment, national income accounting,  aggregate demand and aggregate supply, macroeconomic equilibrium, aggregate expenditures, income and expenditures equilibrium, fiscal policy, money and banking, monetary policy, international trade, income distribution, and economic growth.
210 Consumer Economics 3 A course designed as a practical elective which covers, in part, the consumer's function and responsibilities in the economy, budgets, consumer credit, business influence on consumers, tips on better buying, insurance, investments and aids for consumers.  Not open to first year students. 
300 Money and Banking 3

A study of functions of money, financial institutions and markets, interest rate theories, expectation theory and efficient market hypothesis, economic analysis of financial structure, banking industry and regulations, financial crises, the Fed and the effect of monetary policy change on economic stability and growth.  Prerequisites:  Business “pre-core” courses and BSA 222.

403 Applied Economics 3

The major purpose of this course is to study the application of microeconomic theory and the tools of decision science to examine how a business firm can achieve its objectives most efficiently.  The covered topics include: the scope of applied economics; optimization techniques; demand analysis, estimation, and forecasting; production and cost analysis; cost theory and estimation; market structures and pricing practices, and regulations. Pre-requisites: ECO201, ECO202, MTH160, and MTH171

404 International Trade 3

This course introduces major theories of international trade and uses them to address trade policy issues.  Topics covered include: specialization and gains from trade, the role of increased globalization on a nation’s competitiveness; gains from trade; trade and capital movements; welfare effects of growth and income transfers; economic integration; tariffs and non-tariff barriers to trade; political economy of tariffs; balance of payment problems; determinants of exchange rates; and exchange rate policies.  Pre-requisites: ECO201 and ECO202

The minor is comprised of the following courses:

Number Title Credits
ECO201 Principles of Microeconomics 3
ECO202 Principles of Macroeconomics 3
MTH160 Introduction to Statistics  3
MTH171 Applied Calculus or  
MTH201 Calculus I 3
ECO300 Money and Banking 3
ECO403 Applied Economics 3
ECO404 International Trade 3
  TOTAL 21