DOCSLIB.ORG

Glossary 623

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Glossary 623 Glossary 623 GGlloossssaarryy Access pricing A charges for access to a service. Comparative advantage Exists when the opportunity cost Accrual accounting Expenses and income are recorded of production of a good (in terms of other goods when they occur, not when they are paid. forgone) is lower in one country than in another. The Ad valorem tax A tax on the value of sales. concept applies generally to all economic agents. Additive utilitarian social welfare function Social welfare Compensated demand The demand for goods as a function expressed as the sum of individuals’ utilities. of price, while holding utility constant. Adverse selection A problem in insurance markets that Compensated labour supply The supply of labour as a occurs because those taking up insurance contracts are function of wages when the income effect of wage likely to be worse risks than those who do not take up changes is removed. insurance. Compensating variation The amount of money that Allocative efficiency Allocating resources so as to produce ensures an individual is as well off with a change as he the optimal mix of goods. or she is without it. Arrow’s Impossibility Theorem No collective decision- Computable general equilibrium model A model with making rule compiles fully with six generally accepted equations for demand and supply for all sectors of the ethical criteria for voting. economy. Asymmetric information A situation in which economic Concentration ratio A measure of the proportion of a agents do not have the same information. market taken up by the largest firms in it. Benchmarking Comparing an agency’s costs with the costs Consolidated revenue The government account into which of similar providers. all taxes are paid unless they are ear-marked for a special purpose. Benefit-cost ratio The ratio of the present value of net recurrent benefits to the present value of capital Constitution Defines the basic institutions and rules of the expenditure. state and the methods of appointment and powers of the head of state and government. Black economy Unreported commercial transactions that do not enter into gross domestic product calculations. Constant prices A common set of prices used to value economic variables at different points in time. Budget constraint The limit to expenditure. Consumer surplus The difference between the maximum Budget sector Government services that are financed out of amount that a consumer is willing to pay for a good and the annual government budget. the amount that he or she actually pays. Capital gain An increase in the value of an asset. Contestable market A market in which entry and exit are Capitalisation The process whereby future income or free. payments are incorporated into the price of an asset. Contingent valuation A survey method used to elicit Categorical income transfer A payment that depends on individual values for a non-market good, contingent on the recipient belonging to a specified category of it being available. person. Corrective tax A tax that corrects for market failure by Certainty equivalent The amount of income that an adjusting the marginal private cost of a good to individual would give up in exchange for an uncertain internalise a negative externality. prospect. Cost-benefit analysis An evaluation method that compares Coase theorem Private actions will correct for externalities. the total social costs and benefits of a proposal as far as Common property resources Non-excludable resources possible in money terms. available freely to anyone who wants to use them. Cost-effective analysis A technique for comparing the costs of alternative proposals to find the minimum cost solution which achieves the given objective. Copyright 2018 Peter Abelson, Applied Economics www.appliedeconomics.com.au 624 Glossary Cost function A function relating total cost to the level of Equivalent variation The amount of money that ensures an output. individual is at least as well off without a change as he Cross-sectional data Data for individuals, firms, regions or or she is with it. countries at a given point in time. Excess burden The loss of welfare that occurs due to the Current prices Using the prices prevailing or forecast for imposition of a tax, over and beyond the tax collected. each point in time to measure economic magnitudes at Excise tax A tax on consumption of a selected commodity. that time. Expenditure substitute A tax concession that substitutes Deadweight loss A loss for which there is no offsetting for direct government expenditure. benefit. Experimental studies Studies based on a sample of Depreciation The loss of value of a capital asset in any individuals randomly assigned to a treatment and a given period. control group. Destination taxes Income or consumption is taxed where Externality Any effect that market exchanges have on firms received or consumed at point of destination. or individuals who do not participate in those Direct democracy A public choice in which all adult exchanges. citizens are entitled to participate by voting. Factor tax A tax on a factor used in the production process, Direct tax A tax that is borne by the entity paying the tax. such as capital or labour. Discount rate The interest rate used to discount future sums Factor price equalisation theorem Given free trade and no to present sums. transport costs, prices of factors of production will be Earned income tax credit A tax credit per dollar of earned equalised across trading partners. income. Financial analysis An account of the cash flows of a project Economic incidence of taxation Indicates who actually for a specified agency. bears the tax. Fiscal illusion Occurs when an agent does not understand Economic (pure) profit The excess of a firm’s revenue the real impact of a fiscal change. over the opportunity cost of all inputs. cf: accounting Fixed cost Costs independent of the level of production. profit which is the return on equity invested. Flat-rate tax A tax where the marginal tax rate is constant Economic rent The return to any factor of production in across all levels of income. excess of its opportunity cost. For a firm, economic Free riding Occurs when someone enjoys the benefits of a rent is the same as economic profit. good that is provided by others. Effective tax rate Actual taxes paid divided by the taxable General equilibrium A model of an economy that portray s base. the operation of many markets simultaneously. Effective marginal tax rate The percentage of an extra General purpose grant A grant with no conditions dollar that an individual loses due to tax and loss of attached. grants. Generational accounting Measuring the effects of a policy Elasticity The percentage change in one variable brought on the members of each generation. about by a one per cent change in another variable. Gini coefficient Measures the degree of inequality as the Elasticity of (technical) substitution A measure of the ratio of the area between the Lorenz curve for a given responsiveness of input combinations, such as labour income distribution and the 45 degree line of equality and capital, to changes in their relative prices, holding and the total area under the line of equality. output constant. Globalisation The worldwide integration of markets. Equal marginal sacrifice rule Tax should be arranged so Goods and services tax An Australian tax that is levied on that all persons paying tax have an equal marginal the value added at each stage of production (see also sacrifice. value-added tax). Equilibrium Occurs when no economic agent has an Head count ratio The number of households below the incentive to change their behaviour. poverty line as a proportion of total households. Equity When used in welfare economics, a term that is Horizontal equity Individuals in similar positions should be synonymous with fairness. treated equally. Equivalent taxes Two or more sets of taxes with the same incidence. Copyright 2018 Peter Abelson, Applied Economics www.appliedeconomics.com.au Glossary 625 Horizontal fiscal imbalance Occurs when sub-national population or income recipients from the poorest to governments have unequal fiscal capacity to provide richest. public services. Low income tax offset An increase in the threshold at Horizontal tax competition Tax competition between two which low earners are taxed. jurisdictions to attract or retain resources. Lump sum tax A tax that is independent of an individual’s Human capital model An individual invests in education to behaviour. increase the present value of their lifetime income. Marginal Additional, extra, incremental. Imperfect competition Occurs when an individual buyer or Marginal cost The incremental cost of producing one more seller can influence the market price. unit of output. Imputed rent The monetary value of services that an owner Marginal physical product The addition to output in of an asset receives from use of the asset, for example physical units per unit increase in any factor input. from owner-occupation of a dwelling. Marginal rate of substitution The rate at which an Income (Haig-Simons definition) The value of goods that individual is willing to trade one good for another can be consumed in any period without any change in while remaining equally well off. net wealth. Marginal rate of transformation The amount by which Income effect The change in consumption due to a change output of one good can be increased if the output of in real income. another good is reduced by a small amount. Income in-kind Income in the form of goods and services Marginal revenue The additional revenue obtained with the rather than cash payments. sale of one more unit of output. Indexation The use of an index, such as the consumer price Marginal revenue product The addition to revenue from a index, to adjust nominal prices and maintain constant unit increase in factor input.
Load more

Recommended publications
  • Microeconomics Exam Review Chapters 8 Through 12, 16, 17 and 19
    MICROECONOMICS EXAM REVIEW CHAPTERS 8 THROUGH 12, 16, 17 AND 19 Key Terms and Concepts to Know CHAPTER 8 - PERFECT COMPETITION I. An Introduction to Perfect Competition A. Perfectly Competitive Market Structure: • Has many buyers and sellers. • Sells a commodity or standardized product. • Has buyers and sellers who are fully informed. • Has firms and resources that are freely mobile. • Perfectly competitive firm is a price taker; one firm has no control over price. B. Demand Under Perfect Competition: Horizontal line at the market price II. Short-Run Profit Maximization A. Total Revenue Minus Total Cost: The firm maximizes economic profit by finding the quantity at which total revenue exceeds total cost by the greatest amount. B. Marginal Revenue Equals Marginal Cost in Equilibrium • Marginal Revenue: The change in total revenue from selling another unit of output: • MR = ΔTR/Δq • In perfect competition, marginal revenue equals market price. • Market price = Marginal revenue = Average revenue • The firm increases output as long as marginal revenue exceeds marginal cost. • Golden rule of profit maximization. The firm maximizes profit by producing where marginal cost equals marginal revenue. C. Economic Profit in Short-Run: Because the marginal revenue curve is horizontal at the market price, it is also the firm’s demand curve. The firm can sell any quantity at this price. III. Minimizing Short-Run Losses The short run is defined as a period too short to allow existing firms to leave the industry. The following is a summary of short-run behavior: A. Fixed Costs and Minimizing Losses: If a firm shuts down, it must still pay fixed costs.
    [Show full text]
  • Managerial Economics Unit 6: Oligopoly
    Managerial Economics Unit 6: Oligopoly Rudolf Winter-Ebmer Johannes Kepler University Linz Summer Term 2019 Managerial Economics: Unit 6 - Oligopoly1 / 45 OBJECTIVES Explain how managers of firms that operate in an oligopoly market can use strategic decision-making to maintain relatively high profits Understand how the reactions of market rivals influence the effectiveness of decisions in an oligopoly market Managerial Economics: Unit 6 - Oligopoly2 / 45 Oligopoly A market with a small number of firms (usually big) Oligopolists \know" each other Characterized by interdependence and the need for managers to explicitly consider the reactions of rivals Protected by barriers to entry that result from government, economies of scale, or control of strategically important resources Managerial Economics: Unit 6 - Oligopoly3 / 45 Strategic interaction Actions of one firm will trigger re-actions of others Oligopolist must take these possible re-actions into account before deciding on an action Therefore, no single, unified model of oligopoly exists I Cartel I Price leadership I Bertrand competition I Cournot competition Managerial Economics: Unit 6 - Oligopoly4 / 45 COOPERATIVE BEHAVIOR: Cartel Cartel: A collusive arrangement made openly and formally I Cartels, and collusion in general, are illegal in the US and EU. I Cartels maximize profit by restricting the output of member firms to a level that the marginal cost of production of every firm in the cartel is equal to the market's marginal revenue and then charging the market-clearing price. F Behave like a monopoly I The need to allocate output among member firms results in an incentive for the firms to cheat by overproducing and thereby increase profit.
    [Show full text]
  • What Equilibrium Concept for Public Goods Provision? I - the Convex Case
    Walras-Lindahl-Wicksell: What equilibrium concept for public goods provision ? I - The convex case Monique Florenzano To cite this version: Monique Florenzano. Walras-Lindahl-Wicksell: What equilibrium concept for public goods provision ? I - The convex case. 2009. halshs-00367867 HAL Id: halshs-00367867 https://halshs.archives-ouvertes.fr/halshs-00367867 Submitted on 12 Mar 2009 HAL is a multi-disciplinary open access L’archive ouverte pluridisciplinaire HAL, est archive for the deposit and dissemination of sci- destinée au dépôt et à la diffusion de documents entific research documents, whether they are pub- scientifiques de niveau recherche, publiés ou non, lished or not. The documents may come from émanant des établissements d’enseignement et de teaching and research institutions in France or recherche français ou étrangers, des laboratoires abroad, or from public or private research centers. publics ou privés. Documents de Travail du Centre d’Economie de la Sorbonne Walras—Lindahl—Wicksell : What equilibrium concept for public goods provision ? I – The convex case Monique FLORENZANO 2009.09 Maison des Sciences Économiques, 106-112 boulevard de L'Hôpital, 75647 Paris Cedex 13 http://ces.univ-paris1.fr/cesdp/CES-docs.htm ISSN : 1955-611X WALRAS–LINDAHL–WICKSELL: WHAT EQUILIBRIUM CONCEPT FOR PUBLIC GOODS PROVISION? I - THE CONVEX CASE MONIQUE FLORENZANO Centre d’Economie de la Sorbonne, CNRS–Universit´eParis 1, monique.fl[email protected] Abstract. Despite the large number of its references, this paper is less a survey than a systematic exposition, in an unifying framework and assuming convexity as well on the consumption side as on the production side, of the different equilibrium concepts elaborated for studying provision of public goods.
    [Show full text]
  • Topics in Applied Economics VII: Economic History
    Topics in Applied Economics VII: Economic History 2017-2018 Academic Year Master of Research in Economics, Finance and Management 1. Description of the subject Topics in Applied Economics VII Code: 32366 Total credits: 3 ECTS Workload: 75 hours Term: 3rd Type of subject: Optative Department of Economics and Business Teaching team: Claudia Rei (Vanderbilt University) Topics in Applied Economics VII 2. Teaching guide Introduction This course explores topics of interest to economic historians such as the long run international convergence/divergence pattern, institutions and property rights, the industrial revolution, population growth and migration, inequality, and cultural persistence. We focus mostly on the West and the specificities that allowed for its rise so to understand the region’s long-term economic success. To this end, we will first study historical changes in the medieval economy and then focus on the consequences of the industrial revolution. Students will have the opportunity of getting familiar with recent (and not so recent but classic) economic history research, understanding the methodology used in the economic analysis, and applying the economics concepts learned in Micro and Macro Theory Contents The reading list fully based on paper that can be accessed online through the university network. Every paper denoted by * will be discussed by the instructor during the class. Every paper denoted by # will be discussed in class by a student or a group of students. Non-marked papers are listed for interested students who would like to know more on a given topic. Every paper denoted by * or # can be covered in the final exam. THE FIELD OF ECONOMIC HISTORY Carlos, A.
    [Show full text]
  • Public Goods in Everyday Life
    Public Goods in Everyday Life By June Sekera A GDAE Teaching Module on Social and Environmental Issues in Economics Global Development And Environment Institute Tufts University Medford, MA 02155 http://ase.tufts.edu/gdae Copyright © June Sekera Reproduced by permission. Copyright release is hereby granted for instructors to copy this module for instructional purposes. Students may also download the reading directly from https://ase.tufts.edu/gdae Comments and feedback from course use are welcomed: Global Development And Environment Institute Tufts University Somerville, MA 02144 http://ase.tufts.edu/gdae E-mail: [email protected] PUBLIC GOODS IN EVERYDAY LIFE “The history of civilization is a history of public goods... The more complex the civilization the greater the number of public goods that needed to be provided. Ours is far and away the most complex civilization humanity has ever developed. So its need for public goods – and goods with public goods aspects, such as education and health – is extraordinarily large. The institutions that have historically provided public goods are states. But it is unclear whether today’s states can – or will be allowed to – provide the goods we now demand.”1 -Martin Wolf, Financial Times 1 Martin Wolf, “The World’s Hunger for Public Goods”, Financial Times, January 24, 2012. 2 PUBLIC GOODS IN EVERYDAY LIFE TABLE OF CONTENTS 1. INTRODUCTION .........................................................................................................4 1.1 TEACHING OBJECTIVES: .....................................................................................................................
    [Show full text]
  • On Israel's "Hyperinflation"
    SAE./No.127/September 2018 Studies in Applied Economics ON ISRAEL'S "HYPERINFLATION" Tal Boger Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise On Israel's \Hyperinflation” Tal Boger∗ Johns Hopkins University Institute for Applied Economics, Global Health, and the Study of Business Enterprise. September 2018. Abstract Affected by the worldwide ”Stagflation” of the 1970s caused by sharp oil price rises in 1973 and 1979, Israel experienced elevated inflation rates in the 1970s. These inflation rates not only continued but also accelerated into the 1980s, as Israel saw its inflation hit triple digits at the turn of the decade. This inflation worsened, and peaked in 1984 and 1985. Noticing the sharply rising in- flation rates in Israel, many journalists and academics dubbed Israel's bout of inflation a hyperinflation, and have questioned its exclusion from the Hanke-Krus World Hyperinfla- tion Table. However, an analysis of Israel's CPI data - as reported by the Israel Central Bureau of Statistics - shows that Israel's inflation rates fell short of hyperinflation by a sizable margin. Analyzing Israel's primary CPI data, we find conclusive evidence that Israel did not hyperinflate in the 1980s, despite many credible analyses to the contrary. Keywords: Hyperinflation, Israeli inflation 1. Introduction On October 14, 1984, Hobart Rowen wrote an article for The Washington Post titled \Israel's Hyperinflation: Ravaged State of Economy a Threat to Israel's Survival." In the article, Rowen writes that \[Israel] now must deal with the reality of a hyperinflation that is running over 400 percent, and in a few days may be measured at the incomprehensible level ∗Tal Boger is a senior at Beth Tfiloh Dahan Community High School.
    [Show full text]
  • Public Goods for Economic Development
    Printed in Austria Sales No. E.08.II.B36 V.08-57150—November 2008—1,000 ISBN 978-92-1-106444-5 Public goods for economic development PUBLIC GOODS FOR ECONOMIC DEVELOPMENT FOR ECONOMIC GOODS PUBLIC This publication addresses factors that promote or inhibit successful provision of the four key international public goods: fi nancial stability, international trade regime, international diffusion of technological knowledge and global environment. Each of these public goods presents global challenges and potential remedies to promote economic development. Without these goods, developing countries are unable to compete, prosper or attract capital from abroad. The undersupply of these goods may affect prospects for economic development, threatening global economic stability, peace and prosperity. The need for public goods provision is also recognized by the Millennium Development Goals, internationally agreed goals and targets for knowledge, health, governance and environmental public goods. Because of the characteristics of public goods, leaving their provision to market forces will result in their under provision with respect to socially desirable levels. Coordinated social actions are therefore necessary to mobilize collective response in line with socially desirable objectives and with areas of comparative advantage and value added. International public goods for development will grow in importance over the coming decades as globalization intensifi es. Corrective policies hinge on the goods’ properties. There is no single prescription; rather, different kinds of international public goods require different kinds of policies and institutional arrangements. The Report addresses the nature of these policies and institutions using the modern principles of collective action. UNITED NATIONS INDUSTRIAL DEVELOPMENT ORGANIZATION Vienna International Centre, P.O.
    [Show full text]
  • Working Paper No. 517 What Are the Relative Macroeconomic Merits And
    Working Paper No. 517 What Are the Relative Macroeconomic Merits and Environmental Impacts of Direct Job Creation and Basic Income Guarantees? by Pavlina R. Tcherneva The Levy Economics Institute of Bard College October 2007 The Levy Economics Institute Working Paper Collection presents research in progress by Levy Institute scholars and conference participants. The purpose of the series is to disseminate ideas to and elicit comments from academics and professionals. The Levy Economics Institute of Bard College, founded in 1986, is a nonprofit, nonpartisan, independently funded research organization devoted to public service. Through scholarship and economic research it generates viable, effective public policy responses to important economic problems that profoundly affect the quality of life in the United States and abroad. The Levy Economics Institute P.O. Box 5000 Annandale-on-Hudson, NY 12504-5000 http://www.levy.org Copyright © The Levy Economics Institute 2007 All rights reserved. ABSTRACT There is a body of literature that favors universal and unconditional public assurance policies over those that are targeted and means-tested. Two such proposals—the basic income proposal and job guarantees—are discussed here. The paper evaluates the impact of each program on macroeconomic stability, arguing that direct job creation has inherent stabilization features that are lacking in the basic income proposal. A discussion of modern finance and labor market dynamics renders the latter proposal inherently inflationary, and potentially stagflationary. After studying the macroeconomic viability of each program, the paper elaborates on their environmental merits. It is argued that the “green” consequences of the basic income proposal are likely to emerge, not from its modus operandi, but from the tax schemes that have been advanced for its financing.
    [Show full text]
  • Neoliberalism and the Public Good in Higher Education
    BACHELOR THESIS CTP 01.11.2015 Neoliberalism and the Public Good in Higher Education Name: Svenja Mielke Student Number: 930119571030 Chair Group: Law and Governance Supervisors: Michiel Köhne and Elisabet Rasch Wageningen UR *Cover picture by Van Nispen (2015). Contents Contents ..................................................................................................................................................... 1 Foreword .................................................................................................................................................... 2 Abstract ...................................................................................................................................................... 2 Introduction ................................................................................................................................................ 3 Problem Statement ...................................................................................................................... 4 Methods....................................................................................................................................... 6 Chapter 1. The Public Good and Neoliberalism ........................................................................................ 7 The Public Good ......................................................................................................................... 7 Neoliberalism .............................................................................................................................
    [Show full text]
  • Market Failure Guide
    Market failure guide A guide to categorising market failures for government policy development and evaluation industry.nsw.gov.au Published by NSW Department of Industry PUB17/509 Market failure guide—A guide to categorising market failures for government policy development and evaluation An external academic review of this guide was undertaken by prominent economists in November 2016 This guide is consistent with ‘NSW Treasury (2017) NSW Government Guide to Cost-Benefit Analysis, TPP 17-03, Policy and Guidelines Paper’ First published December 2017 More information Program Evaluation Unit [email protected] www.industry.nsw.gov.au © State of New South Wales through Department of Industry, 2017. This publication is copyright. You may download, display, print and reproduce this material provided that the wording is reproduced exactly, the source is acknowledged, and the copyright, update address and disclaimer notice are retained. To copy, adapt, publish, distribute or commercialise any of this publication you will need to seek permission from the Department of Industry. Disclaimer: The information contained in this publication is based on knowledge and understanding at the time of writing July 2017. However, because of advances in knowledge, users are reminded of the need to ensure that the information upon which they rely is up to date and to check the currency of the information with the appropriate officer of the Department of Industry or the user’s independent advisor. Market failure guide Contents Executive summary
    [Show full text]
  • Economics.Pdf
    Economics 1 ECONOMICS Anne B Royalty Associate Professor G Bryan School of Business and Economics Martin Sparre Andersen Dora GichevaG 462 Bryan Building Christopher Aaron SwannG 336-256-1010 Martijn Van HasseltG http://economics.uncg.edu Assistant Professor Anne Royalty, Department Head Nir Eilam Dora Gicheva, Graduate Program Director Marie C. HullG Sebastian Laumer Mission Timothy Ryan Moreland G The Department of Economics supports the teaching, research, and Matthew Arnold Schaffer service missions of the university and the Bryan School of Business and Senior Lecturer Economics. The department’s undergraduate courses and programs G Jeff K. Sarbaum prepare students for the competitive global marketplace, career and professional development, and graduate education. Its innovative Lecturer graduate programs, the M.A. in Applied Economics and the Ph.D. in Eric S Howard Economics with a focus on applied microeconomics, provide students with a mastery of advanced empirical and analytical methods so they can G Graduate-level faculty conduct high-quality research and contribute to the knowledge base in business, government, nonprofit, and research settings. The department • Economics, B.A. (https://catalog.uncg.edu/business-economics/ conducts high-quality nationally recognized research that supports its economics/economics-ba/) academic programs, promotes economic understanding, and fosters • Economics, B.S. (https://catalog.uncg.edu/business-economics/ economic development in the Triad and in the State. economics/economics-bs/) • Economics Undergraduate Minor (https://catalog.uncg.edu/business- Undergraduate economics/economics/economics-minor/) Economics is a discipline concerned with the choices made by people, • Applied Economics, M.A. (https://catalog.uncg.edu/business- firms, and governments and with public policies that affect those economics/economics/applied-economics-ma/) choices including protection of the environment, the quality and cost of health care, business productivity, inflation and unemployment, poverty, • Economics, Ph.D.
    [Show full text]
  • (BAECON) Option in Applied Economics (61 Semester Units) Catalog Fall 2016 Major Catalog Date
    Bachelors of Arts in Economics (BAECON) Option in Applied Economics (61 Semester Units) Catalog Fall 2016 Major Catalog Date: Name CIN Last First MI Email Phone Term Admitted Adviser's Signature Date Student's Signature Date SEMESTER - LOWER DIVISION ECON CORE COURSES (15 Units) Prerequisites Completed? ACCT 2100 Principles of Financial Accounting 3 CIS 1200 Business Computer Systems 3 ECON 2010 Principles of Economics I: Microeconomics 3 ECON 2020 Principles of Economics II: Macroeconomics 3 ECON 2010 ECON 2090 Applied Business and Economic Statistics I 3 MATH 0930 or completion of GE B4 SEMESTER - UPPER DIVISION ECON CORE COURSES (15 Units) Prerequisites Completed? BUS1 3050 Business Communication (wi) 3 ECON 3030 Money, Banking, and the Economy 3 ECON 2020 ECON 3090 Applied Business and Economic Statistics II 3 ECON 2090 ECON 4030 Macroeconomics 3 ECON 2020 2 ECON 4910 Data Analysis, Reporting and Presentation 3 See Note 2 Note 1: BUS 3050 is designated as a Writing Intensive (wi) course. A grade of "C" or better is required to satisfy the Graduation Writing Assessment Requirement (GWAR). Note 2: ECON 4910 is the capstone course for the program. Students must take ECON 4910 after they have completed all other required upper division option courses. SEMESTER - OPTION: Applied Economics (31 Units) Semester - Required Lower Division Course (4 units): Prerequisites Completed? MATH 2110 Calculus I 4 MATH 1040 or 1081 & 1083 with C or better grade Semester - Required Upper Division Courses (12 units): Prerequisites Completed? ECON 4010 Mathematical
    [Show full text]