An introductory course intended to help students explore the various fields of economics. Presents brief introductions to various faculty members within the Department of Economics at Illinois and an overview of their respective fields. Enrollment limited to undergraduate Economics majors only.
Concept of International Economics: International economics refers to a study of international forces that influence the domestic conditions of an economy and shape the economic relationship between countries. In other words, it studies the economic interdependence between countries and its effects on economy.
This course provides a non-technical introduction to the basic concepts in economics, with a focus on the United States. Using a small number of fundamental economic concepts, this course provides a foundation for informed decision making regarding current economic debates.
Among aforementioned concepts, such as globalization, gains from trade, pattern of trade, balance of payments, and FDI, globalization forms the major part to be learned in international economics. Theories of Economic Growth – Discussed!
This course provides an analysis of the economic relationships between countries, covering both trade and monetary issues. The first half of the course deals with international trade theory and policy.
International economists study and analyse data to provide solutions or gain insight into different economic issues around the world. Further, the subject matter of International Economics is centrally international trade policies, laws and theory as well as foreign exchange markets and open economy.
Economics affects the world we live in. Understanding domestic and international perspectives – historic and current – can provide a useful insight into how different cultures and societies interact. For international corporations, understanding the world economy is key to driving success.
The following topics are a sample of those considered in the field of international economics: Exchange rates and flows of money between countries. Free trade and trade disputes, such as the softwood lumber dispute. Immigration and migration between countries. The role regulations and shipping costs play on trade flows.
Economists also work for international organizations, research firms, and think tanks, where they study and analyze a variety of economic issues....Duties.Federal government, excluding postal service22%Scientific research and development services19Management, scientific, and technical consulting services132 more rows
International economics is a field of study that assesses the implications of international trade, international investment, and international borrowing and lending. There are two broad subfields within the discipline: international trade and international finance.
International economics deals with the economic activities of various countries and their consequences. In other words, international economics is a field concerned with economic interactions of countries and effect of international issues on the world economic activity.
International Economics deals with international trade theory, international trade policy, balance of payments and foreign exchange markets and open- economy macro economics. receipts from and the total payments to the rest of the world. deals with the mechanisms of adjustment in balance of payments disequilibria.
Concept of International Economics: International economics refers to a study of international forces that influence the domestic conditions of an economy and shape the economic relationship between countries. In other words, it studies the economic interdependence between countries and its effects on economy.
Apart from this, it describes the functioning of different international economic institutions, such as World Trade Organization (WTO), International Monetary Fund (IMF), and United Nations Conference on Trade and Development (UNCTAD).
The monetary theory of international economics is concerned with issues related to balance of payments and international monetary system. It studies causes of disequilibrium between payments and international monetary system and international liquidity.
International trade and finance became possible across nations only due to the emergence of globalization. Globalization can be defined as an integration of economics all over the world. It involves an exchange of technological, economic, and political factors across nations due to advancement in communication, transportation, ...
International trade involves the exchange of goods or services and other factors of production, such as labor and capital, across international borders. On the other hand, international finance studies the flow of financial assets or investment across borders.
The impact of various government restrictions on production, trade, consumption, and distribution of income are covered in the study of internal economics. Thus, it is important to study the international economics as a special field of economics. International economics is divided into two parts, namely, theoretical and descriptive.
International economics is concerned with the effects upon economic activity from international differences in productive resources and consumer preferences and the international institutions that affect them. It seeks to explain the patterns and consequences of transactions and interactions between the inhabitants of different countries, including trade, investment and transaction.
International political economy, a sub-category of international relations, studies issues and impacts from for example international conflicts, international negotiations, and international sanctions; national security and economic nationalism ; and international agreements and observance.
The term globalization has acquired a variety of meanings, but in economic terms it refers to the move that is taking place in the direction of complete mobility of capital and labour and their products, so that the world's economies are on the way to becoming totally integrated.
Samuelson's factor price equalisation theorem indicates that, if productivity were the same in both countries, the effect of trade would be to bring about equality in wage rates .
The practice of international finance tends to involve greater uncertainties and risks because the assets that are traded are claims to flows of returns that often extend many years into the future. Markets in financial assets tend to be more volatile than markets in goods and services because decisions are more often revised and more rapidly put into effect. There is the share presumption that a transaction that is freely undertaken will benefit both parties, but there is a much greater danger that it will be harmful to others.
The economic theory of international trade differs from the remainder of economic theory mainly because of the comparatively limited international mobility of the capital and labour. In that respect, it would appear to differ in degree rather than in principle from the trade between remote regions in one country. Thus the methodology of international trade economics differs little from that of the remainder of economics. However, the direction of academic research on the subject has been influenced by the fact that governments have often sought to impose restrictions upon international trade, and the motive for the development of trade theory has often been a wish to determine the consequences of such restrictions.
Elementary considerations lead to a presumption that international migration results in a net gain in economic welfare. Wage differences between developed and developing countries have been found to be mainly due to productivity differences which may be assumed to arise mostly from differences in the availability of physical, social and human capital. And economic theory indicates that the move of a skilled worker from a place where the returns to skill are relatively low to a place where they are relatively high should produce a net gain (but that it would tend to depress the wages of skilled workers in the recipient country).
Using a small number of fundamental economic concepts, this course provides a foundation for informed decision making regarding current economic debates . The course is intended for non-majors and does not count for the economics major. It is not open to students who have already taken ECON 119 - Principles of Economics.
Topics include measurement and trends of poverty and inequality, labor markets, education, discrimination, residential segregation, and immigration. The course also investigates the role of public policy in fighting poverty and inequality. There is a required service learning component in this course.
An introduction to the basic tools of micro- and macroeconomic analysis in a math intensive way. Microeconomics deals with consumers, firms, markets and income distribution. Macroeconomics deals with national income, employment, inflation and money. Compared to ECON 119, this class requires calculus to learn economic models and conduct economic analysis, although the two classes cover the same economic concepts and theories. This course counts as a Group E elective.
ECON 235 - Climate Change: Science, Economics, and Policy. Combustion of fossil fuels produces carbon dioxide, which traps energy near Earth's surface and leads to warmer average global temperatures. Combustion of fossil fuels also forms the backbone of the modern economy.
In particular, students will use microeconomics and game theory to study models of imperfect competition and understand the implications for consumer welfare. We will analyze firm behavior and strategic interactions such as price discrimination, predatory pricing, limit pricing and investment under different market structures. We will also discuss various public policies that affect the structure of markets and the behavior of firms, specifically regulation, deregulation and antitrust laws. This course counts as a Group E elective. It is a capstone course.
Business Negotiations will cover frameworks useful in negotiating business agreements , but the negotiating skills learned can be helpful in many settings. Starting with the classic text "Getting to Yes", students in this course will learn to implement a principled approach to negotiating by focusing on the true interests of the negotiating parties, brainstorming to find ways to improve the outcome of all parties, and identifying and defusing the most common "dirty tricks" of unprincipled negotiators. In class, students will practice negotiating each week, in a series of one-on-one and multi-party negotiating exercises. Case studies will be discussed and alumni will be invited to share negotiating experiences. This course counts as a Group B elective.
Students in Deals are evaluated in four ways, 1) by class participation, including class lunches or dinners with guest speakers, 2) by short write-ups of the guest speaker presentations, 3) by an exam, and, 4) by a research paper related to a topic raised by a guest speaker. This course counts as a Group B elective.
Covers topics regarding the inter-relationships between economic development and migration. After introducing the basic concepts of poverty and inequality - between as well as within countries - this course focuses on the role that migration and population growth play in the process of economic development. The causes of migration and its consequences are examined at national and international levels together with their policy implications, including those related to urbanization, brain drain, and labor market impacts of immigration. A range of migration forms is discussed, including international and internal migration, permanent and temporary migration, legal and illegal migration, as well as forced migration and refugees. 3 undergraduate hours. 4 graduate hours. Prerequisite: ECON 202; ECON 302; MATH 220 /221 or other Calculus course.
Topics include: detection of anticompetitive behavior; estimation techniques that allow for product differentiation, endogenous entry and intertemporal decision-making; estimation and testing of auctions and other asymmetric information models.
Continuation of ECON 202. Builds upon point and interval estimation as well as hypothesis testing skills first introduced in ECON 202. Utilizes a practical project format to extend the student skill set to include simple and multiple linear regression and time series techniques. Students will: Understand the relevance of statistics in their future course-work and professions; Be trained to identify the proper statistical technique to apply to a problem; Be adept at finding the answers to statistical queries using excel; Be able to properly interpret the results of their analysis. Students must have completed a course on probability and statistical analysis before taking ECON 203. The best course to meet this requirement is ECON 202 at the University of Illinois. Prerequisite: ECON 202; one of MATH 220, MATH 221, or MATH 234.
Microeconomic analysis of political decision making processes. Includes social choice, models of political competition, game-theoretic analysis of political institutions and lobbying. Same as PS 548. Prerequisite: ECON 530 or equivalent, or instructor's consent.
The first half of course, international trade, covers such topics as comparative advantage, protectionism (tariff and nontariff), impact on income distribution, and industrial policies.
The Innate Assessment sets you up for success by pairing you with majors, colleges and careers that fit your unique skills and abilities.
Students in an economics major learn how to analyze human decision-making and interaction. Economic concepts apply to topics that range in scale from individual choices to international relations. Majoring in economics can provide students with exposure to research techniques, policymaking methods, quantitative analysis and more.
An economics major examines resource allocation, incentives and wealth in fields like business management, law and public affairs. Students in an economics major learn how to analyze human decision-making and interaction. Economic concepts apply to topics that range in scale from individual choices to international relations.
Economics education, at all levels, aims to offer an overview of different models and how to apply them. But understanding the models takes hard work and often some math, which can be abstract and unpleasant. This is precisely why an economics education is so valuable.
Behavioral economics gained momentum after the crisis because it explores how human decision making is not always as rational as traditional models predict. But it does not require throwing out old models; economists often merely tweak existing ones to accommodate a range of human behaviors.