ECONOMICS | Always in Demand

World-class faculty, top students, and an inventive curriculum are the hallmarks of Baker’s Business and Economics Department. At Baker, you will work alongside professors who have real-world experience to gain an understanding on how the market system works by analyzing how consumers, businesses, and governments interact. A degree in economics from Baker University will prepare you for a variety of professional endeavors in business, finance, or government positions. It is also an excellent preparation to continue your studies with a graduate or law degree.

EARNING POWER

Economics majors earn some of the highest starting salaries in the United States (Forbes). Couple that with the fact that Baker grads earn the highest average salaries in Kansas and you have the perfect package deal.

BOLSTER YOUR RESUME

Baker offers three honor societies for students in the business field—Omicron Delta Epsilon, Delta Mu Delta, and Pi Gamma Mu. Boost your resume and learn more about the field by joining.

LEARN HANDS ON

Practical experience is a core component of any degree, so economics majors are required to complete one internship while at Baker. We have developed many ongoing relationships with businesses throughout the area and they’re eager to host our interns. A faculty advisor will help you get connected.

PUT IT TO THE TEST

On the national Educational Testing Service exam, which determines students’ knowledge upon graduation, Baker business students routinely score in the top 20 percent among their peers from other schools across the country.

ZACH | Business Finance and Economics, Accounting and Mathematics Minors, Class of 2015

Zach was a dedicated academic while at Baker, earning two majors and two minors. In addition to his (obviously very light) course load, he was an NAIA Scholar Athlete for tennis, a member of several honors societies, a parMentor, and a peer student instructor. He is now finishing his master’s degree at the University of Texas in data analytics and will work for Walmart HQ when he is done.

MEGAN | Business and Economics double major, Class of 2016

“My goal with my business degree is to use it in such a way that I can really make a difference in the world. There are so many companies that are making changes for the better and I want to be part of that new landscape. Not only did I gain an incredible amount of knowledge and skill in my particular area of study, I was also able to improve my skill set in other areas, and that’s really the beauty of getting a business degree from a program such as Baker’s.”

CAREERS

Our economics majors land jobs in these fields:

  • Statistics
  • Consulting, Sales
  • Banking and Financial Services
  • Budget Analysis

%

of graduates are employed full time or enrolled in graduate school within six months of receiving their diploma.

Dr. Alan Grant’s Convocation Remarks

During his Convocation address, Dr. Alan Grant, Baker’s Kopke Award-winning economics professor, joked about laboring to meet students where they are in life. “If orange is your new black,” Grant said, “I’ve got to meet you on your turf.” Only it wasn’t a joke. Dr. Grant actually did write The Economics of Seinfeld, which was published and featured on NPR’s “Planet Money” series and serves as a great link between traditional undergraduate business learning and popular culture.
Course Descriptions

R: course can be repeated for credit; P/NC: course graded on a pass/no credit basis

Courses required for these programs are listed in the current catalog.

EC 111 – Economic Analysis of Social Issues

Economic forces lie at the root of many social problems. Furthermore, many social problems arise because of the incompatibility of individual incentives and social outcomes. Students in this course will be encouraged to think about everyday events in an economic fashion. This course begins by developing in the student a few fundamental tools of economic analysis and continues on to apply those tools to current problems discussed in economics as well as other academic disciplines, paying particular attention to the role of government in solving or creating social problems. (3 credit hours)

EC 151 – Applied Game Theory

This course examines strategic choice problems by introducing students to solution techniques for sequential and simultaneous games, development of pure and random strategies, and the concept of equilibrium. We will then apply our solution techniques to problems within economic, social, political, and biological sciences including coordination and collective action problems, voting strategies and coalitions, and the process of evolution. Prerequisite: An ACT math score of 20 or higher or MA 090. (3 credit hours)

EC 242 – Principles of Economics: Micro

This course is an introduction to economic analysis of market economies. Topics include scarcity and choice, price and output determination, market power, and wages and employment. Evaluating the effects of government policies is emphasized. Prerequisite: An ACT math score of 20 or higher or MA 090. (3 credit hours)

EC 243 – Principles of Economics: Macroa

This second course in the principles sequence studies how total economic output (gross domestic product), price levels, and employment are determined and the impacts of fiscal policy, monetary policy, and international developments. The economic functions of money and financial markets are introduced. Prerequisite: EC 242. (3 credit hours)

EC 340 – Economics of Sports

The purpose of this course is to provide students an opportunity to expand upon models, terminology, and concepts first introduced in the principles-level curriculum. Students will use these analysis tools to examine specific issues related to the business of amateur and professional sports in the United States and around the world. Prerequisites: EC 242 and junior status. (3 credit hours)

EC 344 – Money and Financial Institutions

The first half of this course studies the role of money and financial markets in a capitalist economy, including the money supply process. The second half covers monetary theory and aggregate price and output determination. Prerequisites: EC 242 and 243. (3 credit hours)

EC 346 – Managerial Economics

This course is designed to allow students to improve their economic reasoning skills. Microeconomic theory is taught by application to real-world economic problems. Prerequisite: EC 242; BS 330 or MA 321. (3 credit hours)

EC 347 – International Trade

This course addresses both the economic theory and government policy of trade. Important concepts and issues include comparative advantage, factor endowments, fairness vs. efficiency, and trade policy instruments, including subsidies and tariffs. Prerequisite: EC 242 and 243. (3 credit hours)

EC 360 – Labor Economics and Industrial Relations

This course is an economic analysis of labor markets and institutions. Microeconomic concepts of labor supply and demand are applied to the determinants of wages and employment, the economic impacts of trade unions, welfare policies, occupational safety and health regulations, discrimination and comparable worth policies, and the economics of pensions and fringe benefits. Prerequisite: EC 242. (3 credit hours)

EC 400 – Applied Econometrics

Quantitative methods for economic research are introduced in this class. The primary focus is on testing empirical issues with multiple regression techniques. The classical least squares model is presented and applied using PC software packages. This course emphasizes understanding when to apply regression techniques, interpretation of statistical results, and sources of potential biases. Prerequisites: EC 242 or 243; BS 330 or MA 321. (3 credit hours)

EC 450 – Industrial Organization

This seminar examines the ways firms and markets are organized, exploring how various types of market structures affect firm behavior, and, in turn, how firm behavior affects the structure of markets. Topics include entrepreneurship, small vs. large firms, mergers and acquisitions, shareholders vs. stakeholders, and the ethics of competition. Pre requisite: EC 242. (3 credit hours)

EC 463 – International Finance

A macroeconomic approach to the study of global markets is taken in this course. Specific topics and concepts examined include balance of payments, exchange rate systems, the World Bank, the IMF, international banking, and the European Union. Prerequisites: EC 242, 243, and BS 381. (Cross-listed as BS 463.) (3 credit hours)

EC 464 – Intermediate Macroeconomics

This course studies theories of the business cycle and inflation. Differences between Keynesian, classical, neo-Keynesian, and real business cycle models are studied, and implications for macroeconomic policy are derived. Prerequisite: EC 243. (3 credit hours)

Scholarships

The Department of Business and Economics gives these awards with financial prizes to be applied to the following year’s tuition:

  • Outstanding First-Year Business Major
  • Outstanding Sophomore Business Major
  • Mildred Hunt Riddle Departmental Recognition Scholarship for Business and Economics
  • KPMG-Cecil Miller Scholarship
  • Carley M. Upp Memorial Scholarship
  • William G. McGowan Scholarship
  • Professor Fran Jabara Leadership Awards

STUDENT LEARNING OPPORTUNITIES

DIALOGOS RESEARCH SYMPOSIUM
Dialogos creates opportunities for the free exchange of ideas among scholars. Students from every part of the academy present original works, in a variety of forms and mediums, and engage with an interdisciplinary community of peers, staff and faculty. The symposium also features a keynote address from a prominent Baker alum. Through open and critical discussion, participants learn from and contribute to the betterment of the whole. At Dialogos, to quote John Wesley, we "think and let think."
Dialogos creates opportunities for the free exchange of ideas among scholars. Students from every part of the academy present original works, in a variety of forms and mediums, and engage with an interdisciplinary community of peers, staff and faculty. The symposium also features a keynote address from a prominent Baker alum. Through open and critical discussion, participants learn from and contribute to the betterment of the whole. At Dialogos, to quote John Wesley, we "think and let think."
BOOK Program
Students are encouraged to participate in the BOOK Program (Baker Organizational Observation for Knowledge) to enhance their internship experiences. The program encourages students to look deeper into organizations by researching the history, mission, structure, products and services, finances and management of the company. At the conclusion of the program, presentations are given in front of a panel of judges who choose the winner of a cash prize.
BOOK Program
Students are encouraged to participate in the BOOK Program (Baker Organizational Observation for Knowledge) to enhance their internship experiences. The program encourages students to look deeper into organizations by researching the history, mission, structure, products and services, finances and management of the company. At the conclusion of the program, presentations are given in front of a panel of judges who choose the winner of a cash prize.

FACULTY

Alan Grant

Dr. Alan Grant

Professor of Business & Economics | alan.grant@bakerU.edu

B.S., M.A., Ph.D. Kansas State University
Expertise: inflation forecasting and lottery finance
Office: Mabee 308 | 785.594.8498

Lowell Jacobsen

Dr. Lowell Jacobsen

Elizabeth Harvey Rhodes Professor of International Business | lowell.jacobsen@bakerU.edu

Ph.D. in Economics, Edinburgh University; M.I.M. Thunderbird School of Global Management; B.A. in Economics and Finance, Buena Vista University
Expertise: business strategy, finance, international economics
Office: Mabee 306 | 785.594.4516 | More Info

Judy SmrhaDr. Judy Smrha

Professor of Business & Economics | judy.smrha@bakerU.edu

B.A. Mills College; M.A., Ph.D. Johns Hopkins Universit y
Expertise: applied microeconomics, statistics, sports economics
Office: Mabee 303 | 785.594.8337

CONTACT US

Jill Franklin
Department Assistant
Business & Economics
Office: Mabee Hall
785.594.8470
jill.franklin@bakeru.edu