Learning Objectives

Undergraduate Economics Program

Learning objectives for the undergraduate economics programs in the Department of Economics and Finance are designed to ensure that students receive the skills necessary to begin to formulate the fundamentals for basic solutions to economic problems on the basis of economic theory and analysis. Students receive training in economic theory, quantitative analysis, and different economic fields in their undergraduate work. This training prepares students for beginning management training in business, pursuit of graduate training, or individual entrepreneurial activities. These learning objectives were formulated to capture the essence of the broad training students receive in the field of economics.

1 – Demonstrate a fundamental knowledge of existing micro and macro economic theory. Economic theory serves as the foundation for formulating methods to address economic problems. Students are expected to acquire a sound knowledge of the fundamentals economic theory and its applications. Most of this training is based on graphical analysis.

2 – Demonstrate intermediate knowledge of existing micro and macroeconomic theory. Intermediate theory requires the student to begin to formulate economic theory and its applications in a more mathematically-based format than the beginning micro and macro economic courses described in learning objective 1 above. Intermediate economic theory prepares students for the economic field courses they will be taking and advanced economic theory courses available to them as graduates. Much of this training is mathematically-based and may incorporate some calculus and game theory.

3 – Demonstrate basic analytical skills required to address economic questions. Students need to be at least at a beginning level in calculus to understand basic and applied economic theory. They also need an understanding of statistics that prepares them to use multivariable single regression models. Students should know how to apply these foundation techniques to address basic economic questions. Other analytical skills also enhance the student’s economic skill set and are taught in the appropriate field course.

4 – Demonstrate an ability to apply basic economic theory and analytical skills in selected economics field courses. Students will be expected to gain a degree of specialized knowledge in applying their fundamental economic theory and analytical skills. Students will acquire this through taking field courses that demonstrate how existing economic theory and analysis can be used to address real-world economic problems.

5 – Demonstrate an ability to effectively communicate how to use existing economic concepts and principles to address economic problems (especially current economic issues). Students will be expected to effectively communicate through written and oral communication that they are able to apply the skills they have acquired in learning objectives 1-4.

Course Learning Goals

The Department of Economics and Finance provides three Economics courses that are an integral and important part of the Huntsman School of Business core and the university’s general education requirements: Economics 1500 (Introduction to Economic Principles, History, and Institutions), Economics 2010 (Introduction to Microeconomics) and Economics 3400 (International Economics for Business). For these three courses, specific learning goals are as follows:

Econ 1500 Objectives. Students will understand the following:

Econ 2010 Objectives. Students will understand the following:

Econ 3400 Objectives. Students will understand the following:

Undergraduate Finance Program

Students in the undergraduate finance program are provided with the conceptual framework necessary to appreciate and understand the problems facing the financial manager in the business world today. Equipped with the background provided by outside reading, classroom lectures and class discussions, the student is asked to solve problems and analyze case situations. This work is designed to give them the basic tools needed by financial decision makers, such as the proprietor, bank-loan officer, or corporate financial manager.

Students are expected to build upon core course offerings in international business and corporate finance. They are provided an overview of all areas of international finance, with particular attention devoted to the impact of exchange rates on financial decisions.

Students learn how financial market interest rates are established. This goal is important in understanding how huge volumes of funds - measured in the trillions of dollars - flow through our economy.

Students learn how financial institutions such as banks and pension funds, operate in financial markets and how to analyze their management techniques, using the banking industry as a laboratory. In addition, students learn, from a customer perspective, to compare the services offered by different types of financial institutions. These objectives are particularly relevant for students who pursue careers in the financial services industry.

Students are expected to obtain a solid foundation in understanding the language of insurance contracts and their purposes and uses, especially in management of risk. Students learn about health, home, automobile, and commercial insurance. Students are also introduced to the legally-mandated fringe benefits offered by employers, including Social Security, Medicare, and workers' compensation.

Students will understand real estate as an investment. From the investor's viewpoint students learn the mathematics of the various types of mortgages that exist in the field of real estate finance and how to analyze real property based on the expected cash flows of the property and the financing used to obtain the property.

As much as is possible in an academic environment, students must develop a level of self-directed study while participating in hands-on finance practices. Student will learn to solve problems and understand the details and overall strategy of finance in the business world. Students must come to an understanding of the role of securities markets in a free enterprise society. It is impossible for students to cover every topic or every type of investment they may encounter in today's market. They should, however, understand the essential issues of investments such as market operations, risk and return. They should also be able to use general investment principles in stock, bond, option and futures analysis that may be applied to other specific investments.

Course Learning Goals

1. Firm Value – What is a business for? Students are provided with the conceptual framework necessary to appreciate and understand the problems facing the financial manager in the real world today. Equipped with the background provided by classroom lectures, discussions and outside reading, the student is asked to solve problems and analyze case situations which are intended to provide the basic tools needed by the financial decision maker, whether proprietor, bank loan officer, corporate financial manager, etc.
2. Firm Value – What is a business for? Students must develop a level of self-directed study while participating in the hands-on practice (as much as is possible in an academic environment) of finance. In so doing, students will develop the skills and ability to be a problem solver in working with both the details and overall strategy of finance in the business world.
3. Valuation Concepts. Students will understand the foundations of asset financial value. That is the financial value of an asset is the present value, at an appropriate discount rate, of the cash flows accruing to the owner of the asset.
4. Securities Markets and Valuation. In today's markets, students must come to an understanding of the place of securities markets in a free enterprise society. It is impossible for students to cover every topic or every investment that is available in today's market. They should, however, understand the essential issues of investments (market operations, risk and return) and develop general investment principles (stock, bond, option and futures analysis) that may be applied to other specific investments.
5. Real Estate and Valuation. Students will understand real estate as an investment. From the investor's viewpoint students learn the mathematics of the various types of mortgages that exist in the field of real estate finance and how to analyze real property based on the expected cash flows of the property and the financing used to obtain the property.
6. Financial Forecasting. Students are expected to develop skills in financial modeling that will allow them to function in the major areas of finance: financial management of the business, investments (both financial and real), and capital markets and institutions.
7. Management of Financial Institutions. Students learn how financial institutions (such as banks, pension funds, etc.) operate on financial markets and how to analyze their management techniques, using the banking industry as a "laboratory." In addition, students learn, from a customer perspective, to compare the services offered by different types of financial institutions. These objectives are particularly relevant for students who pursue careers in the financial services industry.
8. Foundations of International Finance. Students are expected to build upon "core" offerings in international business and corporate finance in the School of Business. Students are provided an overview of all areas of international finance, with particular attention devoted to the impact of exchange rates on financial decisions.
9. Level and Structure of Interest Rates. Students learn how interest rates are established on financial markets. This goal is important in understanding how large volumes of funds (measured in the trillions of dollars) flow through our economy.
10. Risk Management. Students are expected to obtain a solid foundation in understanding the language of insurance contracts and their purposes and uses, especially in management of risk. Students are exposed to life, health, home, automobile, and commercial insurances. Students are also introduced to the legally mandated fringe benefits offered by employers, including Social Security, Medicare, and workers' compensation.

FIN 3400 Corporate Finance

The objective of BA 3400 is to provide the student with the conceptual framework necessary to appreciate and understand the problems facing the financial manager in the real world today. Equipped with the background provided by outside reading, classroom lectures and class discussions, the student is asked to solve problems and analyze case situations which are intended to provide the basic tools needed by the financial decision maker, whether proprietor, bank loan officer, corporate financial manager, etc.

• While BA 3400 is not designed to dwell on the development of financial theories, the basic theoretical underpinnings of various topics in finance are a prerequisite to intelligent problem solving. Although the orientation of the course is managerial, a certain amount of "theory" is necessary to understand the methodologies used in generating solutions to the problems and cases.
• Topics include:
  • financial analysis and planning
  • working capital management
  • fixed asset management
  • risk adjustment
  • sources of financing
  • capital structure decisions
  • cost of capital
  • dividend policy