Economics and Management

Faculty

John B. Bedient, Chair and associate professor.
B.A., Alma College; M.B.A., Indiana University; C.P.A.. Appointed 1985.

Vicki L. Baker, professor.
B.A., Indiana University of Pennsylvania; M.B.A., Clarion University; M.S., Ph.D., Pennsylvania State University. Appointed 2007.

John M. Carlson, associate professor.
B.S., Ball State University; C.P.A., C.M.A.; M.B.A.; Ph.D., University of Cincinnati. Appointed 2012.

Jon A. Hooks, professor.
B.S., Cameron University; M.A., University of Texas, Dallas; M.A., Ph.D., Michigan State University; C.F.A. Appointed 1989.

Daniel H. Jaqua, assistant professor.
B.S., B.A., Rice University; Ph.D., University of Michigan. Appointed 2015.

Zhen Li, professor, holder of E. Maynard Aris endowed chair.
B.A., Peking University; M.A.; Ph.D., Princeton University. Appointed 2004.

Gregory M. Saltzman, professor.
S.B., S.M., Massachusetts Institute of Technology; M.A., Ph.D., University of Wisconsin. Appointed 1986.

Introduction

The Economics and Management Department provides students with an understanding of economic and management principles that will be useful throughout their careers. We address both the immediate application of problem-solving techniques and the conceptual basis for those techniques. The department offers an 8-unit major in economics and management, a 9.5-10 unit major in accounting (corporate track or C.P.A. track), a 10-unit major in business, a 10-unit major in economics and management with emphasis (emphases in economics, general business, human resources, or international business and international economics), a 10-unit major in finance and an 8-unit major in marketing management. We offer five minors: accounting, economics. finance, and management and marketing management. The department also supports the interdepartmental majors in mathematics/economics, public policy, and social studies.

Economics and Management Department Website

Career Opportunities

Graduates in economics and management have professional opportunities in many aspects of business, including accounting, banking, finance, human resources, international business, marketing and sales, and retailing. The program also provides a strong background for graduate study in law, business, economics, public policy studies and related areas. Albion offers all the courses needed to meet the 150-hour requirement for becoming a certified public accountant.

Special Features

The department spans the worlds of theory and practice. We teach students how to analyze problems faced by businesses, government, or nonprofit organizations; make decisions; and lead. The department maintains a close relationship with the business world, which aids in the placement of graduates.

Departmental Policy on Advanced Placement Credit

Students who earn a 5 on the Advanced Placement (AP) exam in microeconomics will receive one unit of credit for E&M 101 . Students who earn a 4 will receive one unit of credit for E&M 191. E&M 191 will not meet the E&M 101 requirement for the E&M major but will count toward the 32 units for graduation.

Students who earn a 5 on the Advanced Placement (AP) exam in macroeconomics will receive one unit of credit for E&M 102 . Students who earn a 4 will receive one unit of credit for E&M 192. E&M 192 will not meet the E&M 102 requirement for the E&M major but will count toward the 32 units for graduation.

Student Learning Outcomes

Accounting Major CPA Emphasis

	After completing the Accounting Major CPA Emphasis, graduates should be able to:
1.	Describe and explain, fundamental concepts underlying accounting.
2.	Use accunting information to support business processes and practices,
		such as problem analysis and decision making
3.	Apply quantitative skills to help analyze and solve business problems
4.	Apply oral and written communication skills
5.	Describe and explain the ethical and social responsibilities of accountants
		in ensuring the integrity of financial information
6.	Demonstrate an understanding of internal control issues and the effects of the regulatory
		environment on financial reporting
7.	Explain fundamental assumptions underlying governmental and not-for-profit financial statements
8.	Apply knowledge of federal tax laws and procedures to individuals and businesses

Accounting Major Corporate Emphasis

After completing the Accounting Major Corporate Emphasis, graduates should be able to:

1.	Describe and explain, fundamental concepts underlying accounting.
2.	Use accunting information to support business processes and practices,
		such as problem analysis and decision making
3.	Apply quantitative skills to help analyze and solve business problems
4.	Apply oral and written communication skills
5.	Describe and explain the ethical and social responsibilities of accountants
		in ensuring the integrity of financial information
6.	Demonstrate an understanding of internal control issues and the effects of the regulatory
		environment on financial reporting

Accounting Minor Corporate Emphasis

After completing the Accounting Minor Corporate Emphasis, graduates should be able to:

1.	Describe and explain fundamental concepts underlying accounting through the intermediate level
2	Use information to support business processes and practices, such as problem analysis and decision making
3.	Apply knowledge of generally accepted accounting principles (GAAP) and managerial accounting
		theories to business organizations
4.	Complete electives, adding a moderate amount of specialization as each student finds
		suitable (tax, governmental, auditing, etc.)

Business Major

After completing the Business major, graduates should be able to:

1,	Demonstrate the ability to communicate effectively both orally and in writing.
2.	Demonstrate knowledge of the legal and ethical environment impacting business organizations and exhibit an understanding and appreciate of the ethical implications of decisions.
3.	Demonstrate an understanding of and appreciate for the importance of the impact of globalization and diversity in modern organizations.
4.	Demonstrate an ability to engage in critical thinking by analyzing situations and constructing and selecting viable solutions to solve problems.
5.	Demonstrate an ability to work effectively with others.
6.	Demonstrate knowledge of current information, theories and models, and techniques and practices in all of the major
		business disciplines including the general areas of Accounting and Finance, Management, Marketing, and Quantitative Analysis.
	Finance Specific Learning Objectives
1.	Describe, explain, and integrate fundamental concepts underlying accounting,
		finance, and economics
2.	Use information to support finances processes and practices,
		such as problem analysis and decision making
3.	Apply quantitative skills to help analyze and solve finance problems
4.	Apply oral and written communication skills,
	Management Specific Learning Objectives
1.	Communicate and assess the functions of management as they relate to organizations
2.	Demonstrate an understanding of the principles of effective leadership and be able to analyze and apply various leadership frameworks
3.	Demonstrate a systematic approach problem solving and demonstrate proficiency verbally and in writing
4.	Identify and assess the interplay between internal and external factors that influence management/leadership considerations at
		the individual, group/team, and organizational levels
	Marketing Specific Learning Objectives
1.	apply economic models to make predictions about the impact of prices and macroeconomic conditions on sales
2.	apply concepts from consumer psychology to promote existing products and to develop new products that meet customer needs
3.	interpret graphs, statistical results, and qualitative data used to evaluate marketing proposals
4.	describe current ethical, legal, and sociocultural trends that influence the effectiveness and social acceptability of marketing campaigns
5.	communicate effectively in written, spoken, and graphical form about specific marketing issues

Economics Major

After completing the Economics Major graduates should be able to:

1.	Apply microeconomic theory to analyze real-world situations, predicting market outcomes and effects of government policies (101, 201),
2.	Make predictions about how prices and incomes affect consumer behavior (101,202),
3.	Define and calculate GDP, inflation, and unemployment statistics (102, 202),
4.	Analyze the monetary system and the role of money in the economy (102,202),
5.	Graphically depict supply and demand models (101, 201, 102, 202)),
6.	Analyze the economy and various policy implications using the IS/LM, AD/AS and Phillips Curve models (202),
7.	Apply models of market structure to explain or predict firm behavior in markets characterized by competitive behavior,
	monopoly behavior, monopolistic competition (differentiated products), and oligopolistic competition (101,202),
8.	Explain the relationship between competitive markets and efficiency (101, 201),
9.	Check Subgame Perfect Nash Equilibria in infinitely repeated games (201).

Economics Minor

After completing the Economics Minor graduates should be able to:

1.	Apply microeconomic theory to analyze real-world situations, predicting market outcomes and effects of government policies (101, 201),
2.	Make predictions about how prices and incomes affect consumer behavior (101, 201),
3.	Graphically depict supply and demand models (101, 201, 102, 202)),
4.	Apply models of market structure to explain or predict firm behavior in markets characterized by competitive behavior,
	monopoly behavior, monopolistic competition (differentiated products), and oligopolistic competition (101,201),
5.	Explain the relationship between competitive markets and efficiency (101, 201),

Economics & Management Major

After completing the Economics & Management Major graduates should be able to:


1.	apply economic models to make predictions about market outcomes and effects of government policies
2.	interpret graphs, statistical results, and financial accounting data used to evaluate an economic or business argument
3.	apply concepts from disciplines typically represented in business schools, such as economics, accounting, finance, management, marketing, or statistics, to identify and solve business problems
4.	describe , in their chosen area of focus how business knowledge is applied to business decision making
5.	communicate effectively in written, spoken, and graphical form about specific economic or business issues
	Economics & Management Major, Human Resouces Emphasis
1.	Explain the concept of human resource management
2.	Describe the functions of human resource management
3.	Articulate the strategy behind human resources and create a corresponding human resources plan
4.	Map out people analytics and employment trends
5.	Develop and implement workforce plans that account for diversity (including knowledge of employment law)
	Economics & Management Major, International Business and International Economics Emphasis
1.	using a logical and analytical approach to make decisions and understand the decisions of other people, businesses and organizations
2.	mathematical and graphical representations of economic theory
3.	how economists think about public policy, individual choice and business decisions.
4.	problem solving skills to analyze complex economic situations and make informed decisions in increasingly multicultural and interdependent economies.
5.	making predictions about the economy, consumer behaviors, and business firms’ behaviors.
6.	macroeconomic models and apply them in explaining trade patterns between countries.

Finance Major

After completing the Finance Major graduates should be able to:

1.	Describe, explain, and integrate fundamental concepts underlying accounting,
		finance, and economics
2.	Use information to support finances processes and practices,
		such as problem analysis and decision making
3.	Apply quantitative skills to help analyze and solve finance problems
4.	Apply oral and written communication skills,
5.	Understand how economic variables impact financial decision making,
6.	Illustrate and explain how international factors affect U.S. financial markets,
7.	Understand the functioning of stock and bond markets,
8.	Explain the role of derivative markets,
9.	Understand the internal accounting and finance controls of a corporation

Finance Minor

After completing the Finance Minor graduates should be able to:

1.	Describe, explain, and integrate fundamental concepts underlying accounting,
	finance, and economics
2.	Use information to support finances processes and practices,
	such as problem analysis and decision making
3.	Apply quantitative skills to help analyze and solve finance problems
4.	Apply oral and written communication skills,
5.	Understand the functioning of stock and bond markets,

Management Minor

	After completing the Management Minor, graduates should be able to:
1.	Explain the basic concepts, principles, and processes of management and leadership
2.	Briefly describe major figures in the history of managerial thought and their associated management theories
3.	Briefly describe the role of organizational culture
4.	Briefly describe how management concepts to develop a better understanding of the ways in which gender, race, class, culture, and other contextual differences play out among people in the workplace.
5.	Briefly describe the complexity of managing in a global world.
6.	Briefly describe how management thought is used to develop a better understanding of employee motivation, productivity, and commitment.
7.	Briefly explain the importance of addressing moral and ethical dilemmas and make decisions using critical thinking.
8.	Briefly describe important models of leadership.
9.	Show an understanding of the importance of their continued development as team members

Marketing Management Major

	After completing the Marketing Management major, graduates should be able to:
1.	apply economic models to make predictions about the impact of prices and macroeconomic conditions on sales
2.	apply concepts from consumer psychology to promote existing products and to develop new products that meet customer needs
3.	interpret graphs, statistical results, and qualitative data used to evaluate marketing proposals
4.	design, implement, and analyze quantitative and qualitative marketing research
5.	describe current ethical, legal, and sociocultural trends that influence the effectiveness and social acceptability of marketing campaigns
6.	communicate effectively in written, spoken, and graphical form about specific marketing issues
7.	integrate tools from various fields of marketing to develop a profitable marketing strategy

Marketing Management Minor

	After completing the Marketing Management major, graduates should be able to:
1.	apply economic models to make predictions about the impact of prices and macroeconomic conditions on sales
2.	apply concepts from consumer psychology to promote existing products and to develop new products that meet customer needs
3.	interpret graphs, statistical results, and qualitative data used to evaluate marketing proposals
4.	describe current ethical, legal, and sociocultural trends that influence the effectiveness and social acceptability of marketing campaigns
5.	communicate effectively in written, spoken, and graphical form about specific marketing issues

Programs

Major

Minor