Courses in Economics (Division 358: arranged by groups)

A. Introductory Courses

201. Principles of Economics I. No credit granted to those who have completed 400. (4). (SS).

Economics 201 concentrates on the microeconomics of the modern economy: how markets function under competitive conditions as well as with various other types of market organization; the distribution of income and wealth; the public sector; socialism; and related topics of current interest. The course format consists of three one-hour lectures per week (either Section 100, 200, 300) taught by the professor and one and a half hours of discussion per week (Section 101-117, 201-217, 301-317) taught by a teaching assistant. Grades are based largely on course-wide hour tests and the final exam, but there will be quizzes in the sections. Economics 201 is the first part of the two-term introduction to economics. Both 201 and 202 are required as prerequisites to the concentration and to upper level courses in economics.

CSP sections available. See Comprehensive Studies (CSP) section in this GUIDE.

202. Principles of Economics II. Econ. 201. No credit granted to those who have completed Econ. 400. (4). (SS).

Economics 201 and 202 are required as prerequisites to the concentration and to upper-level courses in Economics. In Economics 202, the fundamental concepts and theories of macroeconomics are developed and used to analyze problems of current interest. The major concerns of this course are the determinants of GNP, unemployment, inflation, international trade, and economic growth. The course format consists of three one-hour lectures per week (either 100 or 200) by the professor and one and a half hours of section meetings (101-115 or 201-215) each week by a teaching assistant. The section meetings are limited to 35 students. (Section 100: Gramlich; Section 200: Weisskopf)

400. Modern Economic Society. For upperclass and graduate students without prior credit for principles of economics. (4). (SS).

A one-term course which covers the basic principles of economics, including both microeconomic and macroeconomic analysis, the theory of production and cost, industrial organization, and input markets. Macroeconomic topics include the determination of national income, inflation and unemployment, money and banking, and stabilization policy. The course is aimed at upperclass and graduate students who are not concentrating in economics. Students who wish to retain the options of further courses in economics or of economics as a possible concentration should take the two-term introductory course, Economics 201 and 202.

B. Economic Theory and Statistics

401. Intermediate Microeconomic Theory. Econ. 201 and 202, and Math. 115. (4). (SS).

This course deals with the theoretical analysis of consumers, firms, markets, and price determination. The analysis is rigorous, using the tools of algebra, geometry, and elementary calculus in constructing models. Prerequisites include one term of calculus. Economics 401 is a prerequisite for many other courses offered in Economics. Concentrators are required to elect this course and are encouraged to complete it early in their concentration program. It is not recommended that 401 and 402 be taken in the same term. Main lecture will meet twice a week. Sections will meet once a week. (Bergstrom)

402. Intermediate Macroeconomic Theory. Econ. 201 and 202, and Math. 115. (3). (SS).

This course in macroeconomics deals with the theory of broad economic aggregates such as national income, employment, the price level, and the balance of payments. Rigorous analysis is used to understand the forces that determine these economic variables, and how they are affected by public policies. It is predominantly a lecture course, with grades based on hour test(s) and final exam. Prerequisites include one term of calculus. Economics 402 is a prerequisite for many other courses offered in Economics. Concentrators are required to elect this course and are encouraged to complete it early in their concentration program. It is strongly recommended that students take Economics 401 before 402. (001 Johnson; 006 Howrey)

404. Statistics for Economists. Econ. 201 and 202; or permission of instructor. No credit granted to those with credit for Econ. 405. (4). (Excl).

SECTION 001. This course is designed to enable students to read critically empirical literature in economics and other social sciences. Topics covered include descriptive statistics, elementary probability theory, statistical inference, and regression theory. Data analysis and interpretation of quantitative results will be emphasized. There are two lectures and one problem session per week. Grades are based on problem sets and exams. The course, which is self-contained, does not serve as a prerequisite to Economics 406. [Cost:2-3] [WL:1] (Howrey)

SECTION 004. This course is designed to enable students to read critically empirical literature in economics and other social sciences. Topics covered include descriptive statistics, regression theory, elementary probability theory, and statistical inference. This course will emphasize data analysis and interpretation of quantitative results. There are two lectures and one problem session per week. Grades are based on problem sets and exams. The course, which is self-contained, does not serve as a prerequisite to Economics 406. (Genius)

405/Statistics 405. Introduction to Statistics. Math. 115 or permission of instructor. Juniors and seniors may elect this course concurrently with Econ. 201 or 202. No credit granted to those who have completed 404. (4). (Excl).

This course has originally been designed for economics concentrators but the discussion is sufficiently general to serve noneconomics concentrators as well. The emphasis is on understanding rather than on "cookbook" applications. Students are expected to know basic algebra and basic calculus. Since the content of the course does not extend much beyond establishing the foundations of statistical inference, it is recommended that after finishing the course students elect to take Economics 406 or a similar course in the Statistics Department to learn some applications and to get some experience with computer work. This course is designed for quantitatively oriented students who are comfortable with abstract concepts. Students who prefer a broader, less rigorous approach to statistics should elect Econ. 404. Evaluation of students in the course is based on two midterm tests and one final examination, and on weekly assignments. There are 3 hours of lectures and 1 hour of discussion per week. [Cost:2] [WL:3] (Kmenta)

406. Introduction to Econometrics. Econ. 405 or the equivalent. (4). (Excl).

Economics 406 is an introduction to the statistical analysis of economic relationships. Most of the course focuses on the theory and application of regression analysis. Students are expected to be familiar with elementary calculus. The course work includes examinations and assignments including computer exercises involving analysis of economic data. Previous computer experience is NOT a prerequisite. (Bound)

409. Game Theory. Math. 115 and 217, or permission of instructor. (3). (Excl).

This course will consist of an introduction to the subject of game theory. Game theory has become an important technique for studying competitive and cooperative phenomena in economics and the social sciences. Traditional economics emphasizes the two extremes of economic decision-making: perfect competition, in which no firm can affect market prices, and pure monopoly, in which one firm has complete price-setting power. Game theory is a technique which allows intermediate situations to be analyzed: for example those that arise during wage negotiations or in price wars between two large firms. The same principles that govern the strategic interaction of players in parlor games like Chess or Poker turn out to be widely applicable to a whole range of such phenomena in economics, biology, and political science. The current course will explore the beginnings of the subject using simple illustrative examples. Some calculus and matrix algebra will be needed, but the mathematical requirement is more for some sophistication in methods of argumentation rather than for specific techniques. (If in doubt about your mathematical background, consult Prof. Binmore.) A final examination will count 50%. The remaining 50% will based on weekly homework assignments. [Cost:1] [WL:4] (Binmore)

501. Microeconomic Theory. Econ. 401 or permission of instructor. (3) (Excl).

This is a course in applied microeconomic theory, and the course content is focused in a series of applied cases. The cases will be supplemented by short weekly student papers which are not graded. Topics studied will include: theory of taxation; risk management; public investment policy; various public policies relating to wages, taxes, and prices. Course grade: 20% for a midterm exam; 35% for the final examination; 45% for a course paper. There will be a course pack and supplementary text. Office hours by appointment. [Cost:3] [WL:3] (Cross)

C. Economic Stability and Growth

411. Money and Banking. Econ. 402. No credit granted to those who have completed or are enrolled in 310. (3). (Excl).

Economics 411 focuses on modern financial markets and the role of monetary policy in influencing asset prices and the economy. Monetary and financial economics are developed at a formal level. Topics covered include financial institutions and markets, interest rate determination, portfolio theory, capital markets, the regulation of financial institutions, the money supply process, money demand, and monetary policy. Evaluation will be based on homework assignments, two midterms, and the final exam. Method of instruction is lecture and discussion. Econ 411 is one of two courses in a departmental sequence; the other course in the sequence is Econ 412. The required prerequisite is Econ 402, Intermediate Macroeconomics. Additional recommended prerequisites are Statistics (Econ 404 or 405) and Econ 401, Intermediate Microeconomics. [WL:1]

412. Stabilization Policy. Econ. 402. No credit granted to those who have completed or are enrolled in 310. (3). (Excl).

This course will consist of an intensive examination of several puzzling empirical phenomena involving interest rates, stock yields, commodity prices, and money. Many of the puzzles are classic problems in monetary theory, although a few are of recent vintage. For each of the phenomena we will ask: (a) Why is this puzzling from the point of view of standard monetary theory? (b) What theoretical explanations have been advanced? and (c) Which implications of each of these theories are or are not borne out by the data? We will begin with the classic Gibson Paradox, made famous by Keynes the observation that the nominal interest rate and the level (not the rate of change) of prices were correlated over long periods of economic history. The mirror image of the Gibson Paradox is the apparent failure of nominal rates to adjust for inflation during the same periods, and we turn our attention to this puzzle next. From here we move naturally to the coexistence of negative real interest rates on bonds with very low stock prices (and high dividend and earnings yields) in the 1970's. The remainder of the course will concentrate on the central problem in monetary theory why is it that changes in the nominal money stock appear to have potent effects on the real economy. The course prerequisite is Economics 402, although it will be very helpful to have had 401 and at least one other 400 level course. There will probably be one or two examinations, and a term paper which must be brief but which should include a small bit of original research.

D. Labor Economics

325/Poli. Sci. 439/Amer. Inst. 439. Inequality in the United States. Econ. 201 or Poli. Sci. 111. (3). (Excl).

This course deals with economic inequality in the U.S. We begin by asking whether the goal of equality competes with other societal goals such as liberty and efficiency. Next we examine the sources of economic inequality. We investigate how and whether the family, neighborhoods, schools, and labor markets exacerbate and/or reduce economic inequality. This is followed by an examination of domestic social policies directed toward economic inequality. The policies examined will include taxes, charity, neighborhood reorganization, and equal opportunity. We will ask whether these policies can be altered to be more effective. This course requires nine short papers and one in-class presentation. [Cost:3] [WL:1] (Courant and Corcoran)

421 Labor Economics I. Econ. 401. No credit granted to those who have completed or are enrolled in 320 or 326. (3). (Excl).

This course deals with the economics of labor supply and demand, wage and employment determination, investment in education and training, and unemployment. The course develops microeconomic models of the labor market, presents relevant empirical evidence, and discusses applications to such policy issues as the work incentive effects of income maintenance programs and the employment effects of minimum wage legislation. Grades are based on midterm and final examinations. [Cost:2] [WL:1] (Solon)

E. Industrial Organization and Public Control

333 /Am. Inst. 433. Economic Analysis of Industrial Policy. Econ. 201 and 202. (3). (Excl).

This course examines the changing, and developing, international economy, its consequences for the United States economy, and the demands for an "Industrial Policy" to address these consequences. Topics include: macroeconomic fluctuations and trade patterns, trade and proposed barriers to trade, anti-trust in international markets, labor market dislocations and adjustments, automation and research and development, theories of organization and control of firms. Emphasis is placed on the interacting economic and political dimensions of these topics. Writing or debate presentation required as well as a midterm, final, and occasional problem sets. [Cost:2] [WL:1] (Stafford)

431. Industrial Organization and Performance. Econ. 401. No credit granted to those who have completed or are enrolled in 330. (3). (Excl).

Analysis of non-competitive behavior. This course develops at an elementary level those ideas in noncooperative game theory which have recently transformed the field of industrial organization and then applies them to various traditional topics in IO. Topics include price discrimination, entry deterrence, tacit and overt collusion and the behavior of cartels. The course has a midterm, final, and a series of problem sets. (Salant)

432. Government Regulation of Industry. Econ. 401. No credit granted to those who have completed or are enrolled in 330. (3). (Excl).

SECTION 001 This course studies government policies toward business. Government intervention in private business takes three forms in the U.S.: antitrust laws, direct regulation of prices, outputs, and entry, and safety and information regulation. In antitrust, we look at the laws and their enforcement on issues of monopolization, price fixing, mergers and other market restrictions. Direct economic regulation of specific industries is then examined. We will study the electric power, airline, natural gas, and telecommunication industries. Finally, we look at issues of unfair or deceptive advertising, health and safety standards for products and work places, and environmental protection. (O'Brien))

SECTION 002. Description and analysis of public policy treatments of market power. Topics include monopolistic market dominance, oligopolistic cooperation, vertical and lateral integration, and merger. Emphasis is placed on American policies, especially antitrust law and regulation by administrative commission. Econ 431 is not required, but knowledge of certain material it covers will be presumed. Students should be prepared to participate frequently in class discussions. [Cost:2] [WL:1] (Adams)

435. Financial Economics. Econ. 401 and 405, or equivalent. (3). (Excl).

A Collegiate Fellows course; see page 3 of this COURSE GUIDE for a complete list of Collegiate Fellows courses. The course will introduce the economic analysis of financial markets and financial decision making. Topics covered will include asset pricing theory, net present value analysis, arbitrage strategies, portfolio management, and financial market behavior. The course will develop a capacity to understand and analyze policy issues relating to financial markets. There will be substantial emphasis on creative use of economic methods to think critically and constructively, through case studies of currently relevant policy problems as regulation of mergers and takeovers and government loan guarantees. Students will work with spreadsheet and financial analysis programs, will experience the feel of the "pit" through experimental computer markets and guest lectures from market professionals, and will keep up with current finance news through daily reading of The Wall Street Journal. There will be a midterm and a final exam. (MacKie-Mason)

438/HSMP 661 (Public Health). Economics of Health Services. Econ. 401 or permission of instructor. (3). (Excl).

This course provides an analysis of the medical sector in the U.S. It starts with an examination of medical services as one input in a production function for health. It then examines the efficiency with which medical services are produced, public policies, and the financing of medical services. Other topics include the demand for medical care, hospitals, and medical manpower and regulatory and competitive strategies to improve efficiency. Lecture format. Three exams. [Cost:3] [WL:4] (Berki)

F. International Economics

441. International Trade Theory. Econ. 401 or the equivalent. No credit granted to those who have completed or are enrolled in 340. (3). (Excl).

Static and dynamic determinants of comparative advantage; trade policy and economic welfare; selected topics.

442. International Finance. Econ. 402 or the equivalent. No credit granted to those who have completed or are enrolled in 340. (3). (Excl).

The course deals with macroeconomic analysis and issues for an open economy. Topics include: the foreign exchange market and the balance of payments; the income-absorption and monetary-asset market approaches to national income determination and the balance of payments; macro-stabilization policies and central bank intervention under fixed and floating exchange rates; Eurocurrency markets; monetary integration; and reform of the international monetary system. Grading will be based on two midterms and a final exam. There will be optional homework assignments. Economics 441, the other half of the international sequence, is not a prerequisite. [WL:1]

G. Comparative Economic Systems

350. Comparative Economic Systems. Econ. 201 and 202. No credit granted to those who have completed or are enrolled in 451. (3). (Excl).

Theoretical models and case studies of selected aspects of different economic systems, including (1) capitalist regulated market economies, (2) socialist regulated market economies, and (3) socialist centrally planned economies. Assigned readings and lectures. Two examinations. NOT in departmental concentration sequence in Comparative Economic Systems. [Cost:2] [WL:1]

451. Comparative Analysis of Economic Systems. Econ. 401. No credit granted to those who have completed or are enrolled in 350. (3). (Excl).

Designed for students with a background in intermediate microeconomic theory. Covers: (1) methods and criteria for analyzing and comparing economic systems; (2) theoretical models and case studies of a capitalistic market economy, a socialist market economy (with and without workers' management of firms), and a centrally planned economy; (3) Comparative analysis of selected economies' policies and performance; and (4) analysis of current reforms in socialist economies. Reading assignments in various sources; lectures. Two examinations. No papers. In departmental sequence in Comparative Economic Systems. [Cost:2] [WL:1] (Dernberger)

453. The European Economy. Econ. 401 and 402; or permission of instructor. (3). (Excl).

The structure and performance of the Western European economies since World War II. Material is organized to illuminate the impact of governmental policies on the function of product, capital, and labor markets. Substantial attention is devoted to the European Community's Project 1992. Students should be prepared to participate frequently in class discussions. [Cost:2] [WL:1] (Adams)

454. Economics of Japan. Econ. 201 and 202. (3). (Excl).

Analysis of Japan's economic organization, structure and performance. Special emphasis is placed on the character of Japanese economic planning, the behavior of Japanese enterprises, the Japanese labor force, and the Japanese household. There will also be ample discussion of Japan's international economic relations. Attention will be given to bilateral and multilateral conflicts in overseas product, financial and technology markets. The class has a lecture format, but questions are welcomed. Course grade will be determined by two one hour exams and a final. Can be used with Economics 451, 453, 455, 456, 491, 492 and 493 to meet requirements of Economics concentrators for two course sequence in a field. [Cost:4] (Saxonhouse)

456. The Soviet Economy. Econ. 201 and 202. (3). (Excl).

A comprehensive and intensive analysis of the Soviet economy, including aspects of (1) economic history; (2) operation and problems in regard to planning, pricing, finance, management, labor, agriculture, and foreign economic relations; (3) assessment of economic performance; and (4) economic reform. Assigned readings and lectures. Two examinations. May be used (along with Econ 451) for departmental concentration sequence in Comparative Economic Systems. [Cost:2] [WL:1]

H. Economic Development and National Economies

461. The Economics of Development I. Econ. 402 or permission of instructor. No credit granted to those who have completed or are enrolled in 360. (3). (Excl).

This is the first of a two-course sequence (461-462) on the economic development of Third World countries. It is intended for upper-division undergraduates in economics and for graduate students from outside economics (but with the economic prerequisite). Enrollment is limited to 40; and no overrides will be written. Economics 461 is a basic textbook introduction to the subject, with theoretical, empirical, institutional, and historical perspectives on the twentieth-century growth problems of the less developed countries (LDCs). Students who believe the world extends westward to Japan and eastward to Europe are warned that the material of the course is outside their interests. The topics will include human resources, agricultural change, industrialization, foreign trade, income distribution, fiscal and financial policy, foreign aid, and international indebtedness. The format (for all but the final classes) is lecture-with-interruption, and ample time will be reserved for questions and discussions. Students must acquire: a textbook (Gillis, Perkins, Roemer, and Snodgrass, ECONOMICS OF DEVELOPMENT, Second Edition); a study guide (Bolnick, for the above text); and a course pack ($Bill) that provides extensive real-world illustrations of the issues. Overall, there is a heavy volume of reading, and exercises from the study guide will be regularly assigned, collected in class, and graded. There will be seven, twenty-minute, essay-type quizzes during the term, the best six of which will count toward the grade (i.e., one bad day or absence is costless); style, grammar, and spelling will count in the grading of these quizzes. Students will form groups of four to prepare a half-hour report on a particular policy in a particular LDC for oral presentation in the final weeks of the term (and each of the four will receive the same grade, which will be based on my evaluation of its interest, effort, and competence). There will be no papers, no hour tests, and no final exam. The overall course grade will be based on homework exercises (20%), quizzes (60%), the oral report (15%), and contribution to the classroom (5%). Class attendance obviously counts since each of the four elements in the grade involves such attendance. [Cost:2] [WL: 5, NO OVERRIDES WILL BE WRITTEN] (Porter)

467. Economic Development in the Middle East. Econ. 201 and 202. (3). (Excl).

This course combines an analysis of the structure and performance of contemporary Middle Eastern economies with discussions of development issues of general interest. Issues considered in recent versions of the course include population problems, the oil industry, economic aspects of Islam, agricultural development, international migration, and trade theories. Each issue is discussed both in general terms and in the institutional context of a specific Middle Eastern economy. May NOT be elected for credit more than once. (Barlow)

I. Urban and Environmental Economics

472/Nat. Res. 583. Intermediate Natural Resource Economics. Econ. 401 or Nat. Res. 570. No credit granted to those who have completed or are enrolled in Econ. 370. (3). (Excl).

This course is an introduction to the economics of natural resources. Both replenishable resources (such as water, trees, fish, whales, wildlife, and agricultural products) and nonreplenishable resources (such as oil and minerals) will be considered. The defining characteristic of such resources is that increased consumption today has future consequences. The course therefore emphasizes intertemporal choice. Comparisons will be made between the market outcome when self-interested agents interact over time and efficient intertemporal exploitation of the resource. Policies to correct externalism will be discussed with emphasis on enforcement and information problems of environmental regulators. The course presumes familiarity with elementary probability, calculus, and static microtheory at the level of Economics 401 or equivalent. Grades will be based on hour test(s), problem sets, and a final exam. (Salant)

J. Public Finance

481. Government Expenditures. Econ. 401. No credit granted to those who have completed or are enrolled in 380. (3). (Excl).

This course, together with Economics 482, Government Revenues, constitutes the undergraduate sequence in the field of public economics. The two courses may also be taken independently. Economics 481 studies the productive and allocative role of government and of other aggregations of individuals, as well as interactions among politics, economics, and ethics. Topics covered include welfare economics, the theory of public goods, collective choice, problems of group decision making, externalities and common pool problems, cost-benefit analysis, intergovernmental public finance, and the major expenditure programs of governments in the United States. Depending upon the time available, we may also consider in detail public policies in one or two specific areas, such as income redistribution. [Cost:3] (Courant)

K. Economic History

493/Hist. 493. European Economic History. Econ. 201 and 202. (3). (Excl).

This course covers European Economic History from the Middle Ages to the twentieth century. The course focuses on the causes of economic development in Europe, and the economic forces shaping social institutions in various periods. The first third examines pre-industrial Europe, the next third looks at the Industrial Revolution in Britain and its aftermath, and the final third considers the character and problems of European economies since World War I. [Cost:2] [WL:1] (Clark)

496. History of Economic Thought. Economics 201 and 202. (3). (Excl).

The intent is to give historical perspectives to the theoretical and philosophical approach of contemporary neo-classical economists. Those students well versed in modern economic thinking will, I hope, benefit most. We will focus on a few economists' writing roughly half the total class time and reading will be devoted to Adam Smith and Karl Marx, and much of the rest will be spent with J.M. Keynes and J.A. Schumpeter. Enrollment is limited to 40 students; no overrides will be written. Every enrolled student will develop during the term an outline, a first draft, and a term paper (of 10-15, double-spaced, word-processed pages) dealing with some author, issue, or episode mentioned by one of the four main economists we study. The format is lecture-with-interruption, and ample time will be reserved for questions and discussions. Students must acquire: Heilbroner, WORLDLY PHILOSOPHERS, Sixth Edition; Smith, WEALTH OF NATIONS, Modern Library Edition; Tucker (ed.), MARX-ENGELS READER, Second Edition; Keynes, GENERAL THEORY; Schumpeter, CAPITALISM, SOCIALISM, AND DEMOCRACY; and a modest course pack. ($Bill). In all, the reading is VERY lengthy and on occasion in the past has proven insufferably archaic and dull to some University of Michigan students - a preliminary Library browse of some of the readings is urged upon those tempted to enroll. There will be seven, twenty-minute, essay-type quizzes during the term, the best six of which will count toward the grade (i.e., one bad day or absence is costless); style, grammar, and spelling will count in the grading of these quizzes (as well as the term paper). There will be no hour tests and no final exam. The overall course grade will be based on quizzes (60%), paper outline (5%), first draft (5%), term paper (25%), and contribution to the classroom (5%). [Cost:3] [WL:5, NO OVERRIDES WILL BE WRITTEN] (Porter)

L. Honors Program, Seminars, and Independent Research

498. Senior Honors Seminar. Open only to seniors admitted to Honors concentration in economics. (3). (Excl). (INDEPENDENT).

This is the second term of a two course sequence. The first course is Economics 497, the Junior Honors Seminar offered in the winter term of the preceding year. The Senior Honors Seminar is for senior undergraduates writing senior Honors theses. Class meetings are primarily devoted to student presentations of their thesis research in progress. Students are expected to submit their finished thesis by the last day of classes. Each student's grade for the course and levels of Honors achieved will depend entirely on the quality of the thesis, as evaluated by the course instructor and one other thesis advisor with whom the student has arranged to work. [Cost:1] (Saxonhouse)

M. Institute of Public Policy Studies Courses

555/IPPS 555. Microeconomics. Permission of instructor. (4). (Excl).

This course deals with the application of basic microeconomic analysis to public policy issues. The principal goal is to teach students the process of economic reasoning and how to apply that reasoning to policy issues in the real world. The course covers the basic topics in microeconomic theory: consumer theory, production theory, market models of perfect competition, monopoly, and oligopoly. Some calculus will be used without apology along with a great deal of algebra and graphical analysis. (Levinsohn)

N. Interdisciplinary Survey Courses

395/Hist. 332/Pol. Sci. 395/REES 395/Slavic 395/Soc. 392. Survey of the Soviet Union. May not be included in the minimum 24 credits required for a concentration in economics. (4). (SS).

See REES 395. (Szporluk)

O. Accounting

271/Accounting 271 (Business Administration). Accounting. Not open to freshmen. May not be included in the minimum 24 credits required for a concentration in economics. (3). (Excl).

This course covers basic financial accounting principles for a business enterprise. Topics include the accounting cycle, merchandising accounts, asset valuation, income measurement, partnership accounting, and corporation accounting. [Cost:3] [WL:5, Wait until classes start and then attend the first discussion section which meets before the first lecture. Policies and procedures for issuing overrides will be explained there.

CSP section available. See the Comprehensive Studies Program (CSP) section in this GUIDE.

272/Accounting 272 (Business Administration). Accounting. Economics 271. Not open to freshmen. May not be included in the minimum 24 credits required for a concentration in economics. (3). (Excl).

This course completes the coverage of financial accounting principles and provides an introduction to management accounting. Topics include investments, long-term liabilities, the statement of changes in financial position, consolidated statements, job-order and process cost accounting, special analysis for management, and standard costs. [Cost: 2] [WL: 2]


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