Open University validated as BA (HONS) in Economics with Combined Studies
A degree in Economics prepares students for career opportunities as professional economists in business, banking and finance, public administration, and government service, as well as the international financial institutions and the NGO sector. The degree also provides a solid foundation for graduate work in economics. A key aim of the program is to create in students a sense of awareness of economic issues that have both national and international importance. Another feature of the degree is to provide students with an opportunity to engage in a major individual research project. The senior project, normally around 8-10,000 words in length, provides a solid base for gaining research experience in economics. Upper division courses encourage the study of regional and international topics.
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The program's claim to currency is further accentuated by the presence of the editorial offices of the research newsletter Briefing Notes in Economics. Amongst other activities students (mostly seniors) are regularly co-opted to work with this publication and thus gain valuable experience of publishing ahead of moving on to graduate school. Click here for more details.
Degree requirements
The Richmond core course requirements (38-49 credits)
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Lower division requirements (28 credits)
Quantitive and Economic Core
ECN 103 (3 CREDITS)
The Economics of a Developing World
Both global in its emphasis and multicultural in its outlook, the course brings together discussion of transitional development country issues from the perspective of elementary economics. The material used is current and draws on the case study approach for its dissemination to students.
MTH 114 (4 CREDITS)
Calculus with Analytical Geometry I
First of a three-semester sequence of courses in calculus. It covers limits and continuity; elementary differentiation and integration and applications to maxima, minima and problems in kinematics. It also deals with differentiation of trigonometric and inverse trigonometric functions, approximate methods of integration and the co-ordinate geometry of the line, parabola and circle. Only one of the following courses may be taken for credit: MTH 114 or MTH 115.
Prerequisite: MTH 105 or equivalent.
MTH 118 (3 CREDITS)
Probability and Statistics I
An introductory statistics course dealing with descriptive statistics, elementary probability, random variables and probability distributions, mathematical expectation, correlation and regression. Only one of the following courses may be taken for credit: MTH 118, MTH 212, MTH/SCL 219.
Prerequisite: MTH 100 or mathematics placement test exemption.
ECN 210 (3 CREDITS)
Introduction to Microeconomics
An introduction to basic economic methodology. Within a framework of supply and demand analysis, the behavior of producers and consumers is examined in the context of the efficient allocation of scarce resources in society.
Prerequisite: MTH 105.
ECN 211 (3 CREDITS)
Introduction to Macroeconomics
Macroeconomics deals with global issues and includes a theoretical study of the national income and its component parts. This basic model is used to examine policy issues and contemporary problems relating to income and employment, inflation, growth and international trade and finance.
MTH 218 (3 CREDITS)
Probability and Statistics II
Continuing MTH 118, this course is concerned with inferential statistics. It covers sampling distributions, significance testing and one-way and two-way analysis of variance.
Prerequisite: MTH 118, MTH 212, or MTH/SCL 219.
ECN 220 (3 CREDITS)
Modern Economic History
This course covers the development of the world economy since 1750, examining the process, causes and factors favouring industrialization, and later deindustrialization, in the major countries involved. Differences and similarities between countries are analyzed, along with institutional factors and government policies.
Research and Information Technology Skills
MGT 205 (3 CREDITS)
Computer Applications in Management
This is an introductory course comprised of a broad overview of information systems and technology, as principally used in support of business processes and decision-making activities. An in-depth discussion of the relationship, between organizations and information systems is a fundamental element of the course. Topics include: computer hardware and software, operating systems, the use of excel in management practice, social issues related to information systems. The use of excel provides a common thread in the topics covered throughout the course.
Prerequisite: MTH 212.
Upper division requirements (40 credits)
Economics Core Course
ECN 301 (3 CREDITS)
Intermediate Microeconomics
In-depth treatment of microeconomics with a greater emphasis on quantitative approaches to problem-solving. More attention is paid to oligopoly analysis and alternative models to the traditional theory of the firm.
Prerequisites: ECN 210, MTH 114 or MTH 115, and junior status.
ECN 302 (3 CREDITS)
Intermediate Macroeconomics
Relates macroeconomic theory to the problems of government, emphasizing the applicability of basic economic theory to the instruments and targets of macroeconomic strategy. Illustrative material is drawn from the UK economy; the problem-based approach enables students to gain an understanding of the techniques and relevance of conceptual analysis.
Prerequisites: ECN 211 and junior status.
FNN 304 (3 CREDITS)
Money and Banking
The most significant recent developments are reviewed and commented upon. The main emphasis is on money and its place within the macro economy. The role of the commercial banks and the central bank is studied from the viewpoint of the part each plays in portfolio selection among economic agents. Some of the controversies about the effectiveness of fiscal and monetary policies are also reviewed.
Prerequisites: ECN 210 and ECN 211.
ECN 352 (3 CREDITS)
Economics of Transition
This course takes a case study approach to the examination of the challenges of economic transition in its broadest sense. The progression of material covered on the course is from economic theory to the study of policy options adopted by the gloabal multi-lateral lending agencies in the 1980s, 1990s, and to the present day. The case studies used are intended to illustrate the theory and the policy framework discussed. Questions such as what priorities led to the changes in Eastern Europe and whether trade and price liberalization schemes can work and at what cost, will be studied.
Prerequisites: ECN 210, ECN 211.
ECN 353 (3 CREDITS)
Economic Problems of Developing Countries
Discusses questions such as: why does the level of economic prosperity vary between countries; how is the difference itself to be measured; what is the range of measures available to improve the lot of the world’s poorest inhabitants; and what role can organizations such as the IMF and the World Bank take in this process?
Prerequisites: ECN 210, ECN 211, and junior status.
ECN 361 (3 CREDITS)
Econometrics
Applications of statistical and operations research techniques to economic decision-making both at micro and macro level. Case studies in business decision-making, computer models of national economic forecasts and other simulations.
Prerequisites: MTH 218.
ECN 450 (3 CREDITS)
International Economics
Considers international specialization, the development of world trade, commercial policy, balance of payments, foreign exchange rates and payment mechanisms.
Prerequisites: ECN 210, ECN 211, and junior status.
Advanced Research Courses
MGT 304 (3 CREDITS)
Research Methods
This module introduces the main concepts and techniques involved in research in the field of business and economics. The module develops four main themes: research in context which puts the student as the researcher and as the user of research; research methodology which deals with the nature and limitations of different philosophies of research design e.g. deductive versus inductive approaches and qualitative versus quantitative approaches and the role of literature; research methods which deals with advantages and issues associated with the use of various data collection methods including observation, use of groups, interviewing techniques and questionnaire design; research proposal preparation which deals with issues of planning, literature review, topic selection, access to data, schedules, action plans, writing styles and referencing systems.
Prerequisites: ENG 215, MGT 205, MTH 212
ECN 480 (4 CREDITS)
Senior Project
Following a literature survey in the early part of the semester, students will conduct individual research work on an agreed topic. The supervisor will facilitate the process through regularly scheduled meetings.
plus three of the following:
ECN 308 (3 CREDITS)
Managerial Economics
Application of microeconomic decision tools to managerial problems of the firm. Objectives and the determinants of those objectives are studied, including profit, demand, production and cost analysis. Specific topics include marginal decision-making, decision theory, break-even analysis and price determination.
Prerequisites: ECN 210, ECN 211, MTH 114 or MTH 115, MTH 212, and junior status.
ECN 330 (3 CREDITS)
Public Economics
This is a course in theoretical and applied public economics using mostly microeconomic theory as its starting base. Topics include the theoretical analysis of taxation and expenditure, assessment of the tax and expenditure systems in modern economies, and evaluation of reform proposals.
Prerequisites: MTH 105 and ECN 210.
ECN 380-395 (3 CREDITS)
Special Topics
An advanced course on a topic of current interest or in a faculty member’s specialty.
FNN 308 (3 CREDITS)
Financial Institutions and Markets
This course familiarizes the student with the diversity of financial institutions that operate in the global economy, including depository institutions, insurance companies, securities firms, investment banks, finance companies and mutual funds. The economic roles of the financial institutions are analyzed and major trends in the financial markets discerned within the regulatory environment that guide activities in the financial industry. Significant focus is devoted to operational issues in the financial industry, particularly regarding the measurement and management of fundamental risk exposures in financial institutions, such as interest rate risk, liquidity risk, market risk, credit risk, operations risk, technology risk, as well as foreign exchange, political and sovereign risks. The course discusses the issues facing asset and liability committees in financial institutions and the risk management opportunities offered through market diversification and derivative instruments.
Prerequisites: ECN 210 and ECN 211.
FNN 402 (3 CREDITS)
International Finance
The course focuses on the global market and the basics of multinational financial management from an international trade finance perspective. An understanding of multinational finance begins with a mastery of the principles of exchange rates – how they are determined, how they affect the price of goods, and their relationship to interest rates. The course also covers foreign exchange markets, multinational accounting, foreign exchange risk, strategies for managing exchange rate exposure, import and export finance, and multinational financial management.
Prerequisite: FNN 301.
INB 304 (3 CREDITS)
Country Risk Analysis
Provides students with an overview of the history, methods, strengths, and limitations of economic and political risk forecasting. Economics and political risk forecasting is defined as a package of social science concepts and methods used by governments and multinational businesses to analyze the future economic and political environments in which they operate. A seminar format with extensive student participation is used.
Prerequisites: Completion of Lower Division Business Core Courses.
INR 455 (3 CREDITS)
International Political Economy
Examines political problems of the contemporary world which have their roots in economics – unemployment, the value of the dollar, energy, trade, sanctions, the Bretton Woods system, the role of the US, Japan and the EU in the world economy and the transition from planned to market economies and underdevelopment. This course assumes that the separation of politics and economics is artificial and works toward a synthesis of the two to understand the globalizing world.
Prerequisites: PLT 150, INR 203, ECN 211, and senior status.
PLT 350 (3 CREDITS)
Political Economy
This course examines the historical development of political economy, from liberal, mercantilist and radical political economy in the 18th and 19th centuries, to a range of 20th century scholars of political economuy. The object of study in the course is theories of capitalism, and addressed themes include the nature of market society, the relationship between state and market, economic growth and economic crises, market failure and government failure, and the relations between capitalism, democracy, authority, and the individual.
Prerequisites: PLT 150, ECN 211 and Junior status.
PLT 359 (3 CREDITS)
The European Union in the New International System
Historical beginnings of the European Union, its institutions and its economic performance. The Single European Act, the European Monetary System, social, political and economic aspects of integration and foreign policy cooperation.
Prerequisite: Junior status.
Downloads:
Degree Planner/GCL form - for students who started in September 2009 or later.
