LOYOLA UNIVERSITY CHICAGO

2024-2025 CATALOG

The Academic Catalog is the official listing of courses, programs of study, academic policies and degree requirements for Loyola University Chicago. It is published every year in advance of the next academic year.

Economics (ECON)

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ECON 201  Principles of Microeconomics  (3 Credit Hours)  
Pre-requisites: ANTH 100, PLSC 102, PSYC 100, SOCL 101, WSGS 101, or equivalent; please check requirements for declared majors/minors for exceptions  
This course is an introduction to demand and supply, consumer choice, price analysis in alternative industrial organizations, and the distribution of income.
Knowledge Area: Tier 2 Societal Knowledge  
Course equivalencies: ECON201/201H/ACECO201/CPST243  
Students will be able to think critically about price formation in different market structures, and how prices, household incomes and income distribution in a diverse society are determined with interpretations based on the concepts of opportunity costs and decision making under uncertainty

Outcomes

Students will be able to think critically about price formation in different market structures, and how prices, household incomes and income distribution in a diverse society are determined with interpretations based on the concepts of opportunity costs and decision making under uncertainty
ECON 201H  Principles of Microeconomics - Honors  (3 Credit Hours)  
Requirement: ANTH 100, PLSC 102, PSYC 100 or SOCL 101 for students admitted to Loyola University for Fall 2012 or later. No requirement for students admitted to Loyola prior to Fall 2012 or those with a declared major or minor in the Department of Anthropology, Department of Criminal Justice, Department of Economics, Department of Psychology, Department of Political Science, the Department of Sociology, Human Services or the School of Nursing. Restricted to SBA honors students or Honors students. This course is an introduction to demand and supply, consumer choice, price analysis in alternative industrial organizations, and the distribution of income.
Knowledge Area: Tier 2 Societal Knowledge  
Course equivalencies: ECON201/201H/ACECO201/CPST243  
Students will be able to think critically about price formation in different market structures, and how prices, household incomes and income distribution in a diverse society are determined with interpretations based on the concepts of opportunity costs and decision making under uncertainty

Outcomes

Students will be able to think critically about price formation in different market structures, and how prices, household incomes and income distribution in a diverse society are determined with interpretations based on the concepts of opportunity costs and decision making under uncertainty
ECON 202  Principles of Macroeconomics  (3 Credit Hours)  
Pre-requisites: ANTH 100, PLSC 102, PSYC 100, SOCL 101, WSGS 101, or equivalent; please check requirements for declared majors/minors for exceptions  
This course is an introduction to national product, its components, money and the real sectors and business fluctuations.
Knowledge Area: Tier 2 Societal Knowledge  
Course equivalencies: ECON202/ECON202H/ACECO202/245  
The students will be able to think critically about the economic environment of the nation and to measure growth, unemployment, inflation, fiscal and monetary policies of the government, to ultimately understand economic stability and the welfare of the individual citizen

Outcomes

The students will be able to think critically about the economic environment of the nation and to measure growth, unemployment, inflation, fiscal and monetary policies of the government, to ultimately understand economic stability and the welfare of the individual citizen
ECON 202H  Principles of Macroeconomics - Honors  (3 Credit Hours)  
Restricted to SBA honors students or Honors students. This course is an introduction to national product, its components, money and the real sectors and business fluctuations.
Course equivalencies: ECON202/ECON202H/ACECO202/245  
The students will be able to think critically about the economic environment of the nation and to measure growth, unemployment, inflation, fiscal and monetary policies of the government, to ultimately understand economic stability and the welfare of the individual citizen

Outcomes

The students will be able to think critically about the economic environment of the nation and to measure growth, unemployment, inflation, fiscal and monetary policies of the government, to ultimately understand economic stability and the welfare of the individual citizen
ECON 303  Intermediate Microeconomics  (3 Credit Hours)  
Pre-requisites: Sophomore standing; minimum grade of C- in ECON 201 or 201H; ECON 202 or 202H; and one of the following: MATH 130, MATH 131, or MATH 161  
This course is a detailed study of consumer and firm behavior, market structures, and the elementary propositions concerning welfare economics.
Course equivalencies: ECON303/303H  
The students will develop analytical skills to understand and predict consumer and firm behavior, understand the underlying pinning of antitrust legislation and dynamic market strategies

Outcomes

The students will develop analytical skills to understand and predict consumer and firm behavior, understand the underlying pinning of antitrust legislation and dynamic market strategies
ECON 304  Intermediate Macroeconomics  (3 Credit Hours)  
Pre-requisites: Sophomore standing; minimum grade of C- in ECON 201 or ECON 201H; ECON 202 or ECON 202H; and one of the following: MATH 130, MATH 131, or MATH 161  
This course develops the framework used by economists in government, business and academia to analyze the key determinants of economic growth, the business cycle, unemployment, inflation, the level of interest and exchange rates, as well as explaining how all these variables are influenced by monetary and fiscal policy.
The students are able to understand and critically analyze business cycles, financial market fluctuations, and to study inflation and unemployment policies

Outcomes

The students are able to understand and critically analyze business cycles, financial market fluctuations, and to study inflation and unemployment policies
ECON 320  Urban Economics  (3 Credit Hours)  
Pre-requisites: Sophomore standing, minimum grade of "C-" in ECON 201 and 202  
This course analyzes the economic role and functioning of cities and examines urban issues such as real estate markets, transportation, economic development, and crime.
Interdisciplinary Option: Urban Studies  
Course equivalencies: X-ECON320/URB320  
Students will understand the economic forces that shape urban agglomerations; Students will understand the economic and ethical trade-offs of various urban economic policies; They will be able to think critically about the economic forces that make a city grow and contract over time

Outcomes

Students will understand the economic forces that shape urban agglomerations; Students will understand the economic and ethical trade-offs of various urban economic policies; They will be able to think critically about the economic forces that make a city grow and contract over time
ECON 323  International Economics  (3 Credit Hours)  
Pre-requisites: Sophomore standing, minimum grade of "C-" in ECON 201 and 202  
This course analyzes microeconomic and macroeconomic theories of global trade; balance of payments, adjustment problems and the international monetary system.
Interdisciplinary Option: Global Studies, International Business  
Course equivalencies: X-ECON323/INTS323  
Students will be able to demonstrate the ability to critically apply microeconomic and macroeconomic concepts to the understanding of international economic phenomena/problems; This course emphasizes the role of economic leadership to promote peace and justice in a global diverse world

Outcomes

Students will be able to demonstrate the ability to critically apply microeconomic and macroeconomic concepts to the understanding of international economic phenomena/problems; This course emphasizes the role of economic leadership to promote peace and justice in a global diverse world
ECON 324  International Monetary Relations  (3 Credit Hours)  
Pre-requisites: Sophomore standing, minimum grade of "C-" in ECON 201 and 202  
Examination of the operation of the international monetary system and an analysis of the determination of currency flows between countries, with topics of balance of payments statements, currency flows between countries, determination of exchange rates, and international liquidity problems.
Interdisciplinary Option: Global Studies, International Business  
Course equivalencies: X-ECON324/INTS324  
Student will be able to demonstrate an understanding of the operation of the international currency market and be able to analyze exchange rates with an emphasis on international liquidity and currency problems, and risk management of currency fluctuations

Outcomes

Student will be able to demonstrate an understanding of the operation of the international currency market and be able to analyze exchange rates with an emphasis on international liquidity and currency problems, and risk management of currency fluctuations
ECON 325  Economics of Growth & Development  (3 Credit Hours)  
Pre-requisites: Sophomore standing, minimum grade of "C-" in ECON 201 and 202  
This course describes and analyzes the problems and policy issues facing developing countries and the third world with respect to their economic and social policies and programs.
Interdisciplinary Option: Global Studies, International Business  
Course equivalencies: X-ECON325/INTS325  
The students are trained to evaluate the economic conditions that are conducive to economic growth and critically assess ethical arguments as they relate to growth, trade, and poverty in emerging countries; The role of leadership is emphasized

Outcomes

The students are trained to evaluate the economic conditions that are conducive to economic growth and critically assess ethical arguments as they relate to growth, trade, and poverty in emerging countries; The role of leadership is emphasized
ECON 327  American Economic & Business History  (3 Credit Hours)  
Pre-requisites: Sophomore standing, minimum grade of "C-" in ECON 201 and 202  
This course emphasizes the evolution and the role of past business leaders of the American economy from the colonial times to the present, emphasizing the entrepreneurs and the environments in which they operated. Economic and business change in the period 1865-1914 receives particular attention, as do the enterprises of Chicago-area entrepreneurs.
Students learn the skills required of entrepreneurs and business leaders and their contribution to society; Students will develop an awareness of the historical dynamics that produced the current economy, and how its institutions evolved and the importance of markets in allocating resources

Outcomes

Students learn the skills required of entrepreneurs and business leaders and their contribution to society; Students will develop an awareness of the historical dynamics that produced the current economy, and how its institutions evolved and the importance of markets in allocating resources
ECON 328  Environmental Economics  (3 Credit Hours)  
Pre-requisites: Sophomore standing, minimum grade of "C-" in ECON 201  
This course applies economic theory to environmental and natural resource problems and policies, investigates the role economic incentives play, and discusses externalities, property rights, common property problems, pollution and pollution control, and renewable and non-renewable resource management.
Course equivalencies: X-ECON328/ESP 328  
Students will understand that environmental problems are fundamentally economic problems that come about because there is a market failure (eg, an externality or public good) and that environmental problems have economic solutions

Outcomes

Students will understand that environmental problems are fundamentally economic problems that come about because there is a market failure (eg, an externality or public good) and that environmental problems have economic solutions
ECON 329  Health Economics  (3 Credit Hours)  
Pre-requisites: Sophomore standing and a minimum grade of "C-" in ECON 201  
This course provides an understanding of the unique economic complexities of the health care industry and individual health behaviors. Relying on economic principles of scarcity, efficiency, productivity, and market behavior, demand and supply of health care, the role of government in determining health care policy, and medical practices are explored.
ECON 334  Economics of Government Expenditures & Taxation  (3 Credit Hours)  
Pre-requisites: Sophomore standing, minimum grade of "C-" in ECON 303 and 304  
This course is an analysis of taxation and expenditure, instruments and policies as they relate to the allocative, distributive, and stabilization functions of government and society and ethical responsibilities of each.
The student are able to understand and analyze public policy issues, specifically as it relates to the voting process, size of government, tax policy debates, and long-term problems of transfer payments in an aging society

Outcomes

The student are able to understand and analyze public policy issues, specifically as it relates to the voting process, size of government, tax policy debates, and long-term problems of transfer payments in an aging society
ECON 336  Monetary and Fiscal Policy  (3 Credit Hours)  
Pre-requisites: Sophomore standing, minimum grade of "C-" in ECON 201, 202 and 304  
This course uses macroeconomics to critically analyze the evolution of monetary and fiscal policy from the late 19th century to the present as well as current trends and topics relating to monetary and fiscal policy.
Students will develop critical economic thinking skills as they apply macroeconomic theory to historical events and discuss the potential future paths of the world economy and for assessing the leadership role of the government and Federal Reserve System in stabilizing the domestic and world economy

Outcomes

Students will develop critical economic thinking skills as they apply macroeconomic theory to historical events and discuss the potential future paths of the world economy and for assessing the leadership role of the government and Federal Reserve System in stabilizing the domestic and world economy
ECON 346  Econometrics  (3 Credit Hours)  
Pre-requisites: Sophomore standing; minimum grade of "C-" in ISSCM 241 or ISSCM 241H or STAT 103; ECON 202; ECON 303; and MATH 130 or MATH 131 or MATH 161  
This course teaches students how to use statistical tools to evaluate hypotheses about economic models.
This course satisfies the Engaged Learning requirement.  
Students will be able to interpret and critically analyze quantitative information related to economics; Students will understand regression analysis and understand how to use it to test economic models and to measure important economic parameters, and to predict economic relationships

Outcomes

Students will be able to interpret and critically analyze quantitative information related to economics; Students will understand regression analysis and understand how to use it to test economic models and to measure important economic parameters, and to predict economic relationships
ECON 360  Labor Economics  (3 Credit Hours)  
Pre-requisites: Sophomore standing, minimum grade of "C-" in ECON 303  
This course is an intensive examination of the market for labor services, and discusses wage determination, occupational and earnings differentials, diversity, investments in education, collective bargaining, and the ethical implications of labor market inequality.
Students will gain a broad understanding of how economists study labor market issues and outcomes, and be able to use critical economic reasoning to better appreciate such issues as labor force participation decisions, human capital, and the variation in wages across individuals

Outcomes

Students will gain a broad understanding of how economists study labor market issues and outcomes, and be able to use critical economic reasoning to better appreciate such issues as labor force participation decisions, human capital, and the variation in wages across individuals
ECON 370  Pricing & Industrial Organization  (3 Credit Hours)  
Pre-requisites: Sophomore standing, minimum grade of "C-" in ECON 303  
This course investigates firm behavior, strategies and market outcomes in settings of less than perfect competition.
Students learn to evaluate various strategies both in terms of firm profitability as well as consumer surplus

Outcomes

Students learn to evaluate various strategies both in terms of firm profitability as well as consumer surplus
ECON 395  Independent Study in Economics  (1-3 Credit Hours)  
Pre-requisites: Sophomore standing, instructor and dean permission required  
Student will conduct in-depth research or reading, initiated by the student and jointly developed with a faculty member, into a specialized area of Economics not otherwise covered by department course offerings.
Students will be able to demonstrate in-depth understanding of a specialized area or topic in Economics

Outcomes

Students will be able to demonstrate in-depth understanding of a specialized area or topic in Economics
ECON 399  Special Topics in Economics  (1-3 Credit Hours)  
Pre-requisites: Sophomore standing  
Scheduled classes are offered on an ad hoc basis. Specific titles, prerequisites and content will vary.
Students will be able to demonstrate understanding of specialized topics not otherwise covered by department regular course offerings

Outcomes

Students will be able to demonstrate understanding of specialized topics not otherwise covered by department regular course offerings
ECON 420  Managerial Economics  (3 Credit Hours)  
Pre-requisites: ISSCM 400 OR ISSCM 400N  
This course uses tools of economic analysis to understand demand, supply, profits, production, competition, pricing policies, business criteria for investment, output, and marketing decisions.
Students are able to do critical managerial decisions with respect to output and pricing policies in different business and industrial environments

Outcomes

Students are able to do critical managerial decisions with respect to output and pricing policies in different business and industrial environments
ECON 420B  Managerial Economics  (3 Credit Hours)  
Pre-requisites: ISSCM 400 or ISSCM 400N  
This course uses tools of economic analysis to understand demand, supply, profits, production, competition, pricing policies, business criteria for investment, output, and marketing decisions. Restricted to students in the Baumhart Scholars Program.
Students are able to do critical managerial decisions with respect to output and pricing policies in different business and industrial environments

Outcomes

Students are able to do critical managerial decisions with respect to output and pricing policies in different business and industrial environments
ECON 420E  Managers, Markets and Decision Making  (3 Credit Hours)  
Enrollment is restricted to students in the Executive MBA Program. The purpose of this course is to guide students in recognizing, analyzing, and solving managerial problems related to firms and markets under conditions of uncertainty. The course uses economic analysis to understand demand, supply, profit, production, competition, pricing policies and business criteria for investments. Strategic decisions using economic laws influenced by FED will also be examined.
Course equivalencies: ECON 420E/ECON600E  
ECON 421  Business Fluctuations  (3 Credit Hours)  
Pre-requisites: ECON 420  
This course studies the economic environment's impact on the firm where topics include national income accounting, factors in economic fluctuations and growth, fiscal and monetary policies, economic forecasting, the relationship of foreign trade and balance of payments on economic activities, economic indicators and measures, and problems of public policy.
Students learn to recognize the macro environment and the business cycles in which to operate in and to make learned forecasts

Outcomes

Students learn to recognize the macro environment and the business cycles in which to operate in and to make learned forecasts
ECON 424  International Business Economics  (3 Credit Hours)  
Pre-requisites: ECON 420  
This course analyzes topics in international economics, specialization and comparative advantage, balance of payments and foreign exchange, elements of commercial policy, and international investment.
The students develop skills in this course in analytical and creative thinking, Communication and team-work in evaluating trade policies and opportunities, comparative advantage, exchange rate dynamics and fluctuations and risk management

Outcomes

The students develop skills in this course in analytical and creative thinking, Communication and team-work in evaluating trade policies and opportunities, comparative advantage, exchange rate dynamics and fluctuations and risk management
ECON 424E  Global Issues in Economics  (1.5 Credit Hours)  
Enrollment is restricted to students in the Executive MBA Program. Examines the role of prices, incomes, interest rates, exchange rates, trade policy, and the global monetary system in determining the movement of outputs and inputs across national boundaries. The gains from trade and the conflicts created by the manner in which those gains are distributed provide a foundation for examining current issues.
Course equivalencies: ECON 424E/ECON 602E  
ECON 429  Independent Study in Business Economics  (3 Credit Hours)  
Student will conduct in-depth research or reading, initiated by the student and jointly developed with a faculty member, into a specialized area of economics not otherwise covered by department course offerings.
Students will be able to demonstrate in-depth understanding of a specialized area or topic in economics

Outcomes

Students will be able to demonstrate in-depth understanding of a specialized area or topic in economics
ECON 522  Game Theory & Strategy  (3 Credit Hours)  
Pre-requisites: ECON 420  
This course studies cooperative and non-cooperative games and winning strategies and discusses prisoners dilemma, tragedies of common resources, executive compensation and auctions as applied to mergers and acquisitions.
Students learn to think systematically to set strategy for the modern corporate firm in both cooperative and non-cooperative situations and to solve conflicts arising from principal agent problems

Outcomes

Students learn to think systematically to set strategy for the modern corporate firm in both cooperative and non-cooperative situations and to solve conflicts arising from principal agent problems
ECON 599  Special Topics  (3 Credit Hours)  
Pre-requisites: ECON 420; Restricted to Graduate School of Business students  
Scheduled classes are offered on an ad hoc basis. Specific titles, prerequisites and content will vary.
Students will be able to demonstrate understanding of specialized topics not otherwise covered by department regular course offerings

Outcomes

Students will be able to demonstrate understanding of specialized topics not otherwise covered by department regular course offerings
ECON 602E  Global Issues in Economics  (1.5 Credit Hours)  
Examines the role of prices, incomes, interest rates, exchange rates, trade policy, and the global monetary system in determining the movement of outputs and inputs across national boundaries. The gains from trade and the conflicts created by the manner in which those gains are distributed provide a foundation for examining current issues.
Course equivalencies: ECON 424E/ECON 602E  
ECON 622  Derivative Securities  (3 Credit Hours)  
Pre-requisites: FINC 450  
This course is a comprehensive introduction to the theory, use, and valuation of derivative securities, with particular emphasis on options and forward/futures contracts. A sound understanding of the intuition underlying option pricing is critical to a thorough understanding of modern finance and financial risk management. We may also look at other types of derivatives as well as some extensions of the most fundamental models.
ECON 625  Applied Econometrics  (3 Credit Hours)  
Pre-requisites: ECON 420 and ISSCM 491  
The purpose of this course is to help students understand feasible econometric techniques in order to mine information to understand economic and financial patterns and to forecast. A rigorous exposition of the theory behind econometric techniques will help students understand the issues raised in different published papers. Topics of econometric techniques covered in this course include panel data analysis, time-series models, discrete choice models, and methods to identify causality between variables. Practical applications will prepare students to use these methods in their own projects.
Course equivalencies: X-ECON625/FINC625