THE DEPARTMENT OF ECONOMICS
The Department of Economics aspires to train students in broad spectra of economics and upon completion would be able to contribute to the nation building process of Liberia and beyond, using their education to contribute meaningfully to the private and the public sector.
Additionally, the disciplines of economics possess special analytical methods, whose combination is powerful and fruitful. Each discipline can be resonated by the other. The discipline aims to promote their mutual enrichment by researching and publishing articles and book reviews in all areas linking these subjects. Topics include the methodology of economics, the foundations of decision theory and game theory, the nature of rational choice in general, historical work on economics with a philosophical purpose, ethical issues in the context of the Liberia of how economic growth can be spurred by using economic techniques in ethical theory all for economic management. The achievements of the students shall be utilized in the Liberia’s industrial sector.
Major in Economics
A candidate for the baccalaureate degree in of Science (BSc) in Economics must complete the total semester hours of 134. A candidate is expected to obtain not less than “C” in all Prescribed courses.
Required Courses for Economics Major: Core Courses for Major: Minor Courses :
Physical Science 101 Economics 203 Five courses are required
Physical Science 102 Economics 204 in Minor ( 15 Credit hours)
Computer Science 101 Economics 307
Computer Science 102 Economics 308
English 101 Economics 317 Electives Courses:
English 102 Economics 318 Three Courses are required
English 201 Economics 315 in electives (9 Credit hours)
English 202 Economics 3 16
Mathematics 107 Economics 319
Mathematics 108 Economics 320
Mathematics 203 Economics 401
Social Science 102 Economics 405
Social Science 201 Economics 406
Military Science 102 Economics 413
Military Science 201 Economics 414
Accounting 201 Economics 411
Accounting 202 Economics 412
Management 201 Economics 424
Management 202 Economics 425
French 101 Economics 436
French 102
Economics Major and Accounting Minor
Students majoring in Economics and minoring in Accounting are required to selectively complete the following courses:
| Accounting | 301 | Intermediate Accounting I | 3 |
| Accounting | 302 | Intermediate Accounting II | 3 |
| Accounting | 311 | Cost Accounting I | 3 |
| Accounting | 312 | Cost Accounting II | 3 |
| Accounting | 403 | Accounting System and Control | 3 |
| Total | 15 Credit Hours |
Economics Major and Management Minor
Students majoring in Economics and minoring in Management are required to selectively complete the following courses:
| Management | 202 | Principles of Management | 3 |
| Management | 314 | Marketing Management | 3 |
| Management | 310 | Human Resource Management | 3 |
| Management | 318 | Financial Management | 3 |
| Management | 436 | Small Business Management | 3 |
| Total | 15 Credits |
Economics Major and Public Administration Minor
Students majoring in Economics and minoring in Public Administration are required to selectively complete the following courses: .
| Public Administration | 201 | Introduction to Public Administration | 3 |
| Public Administration | 304 | Development Planning and Administration | 3 |
| Public Administration | 313 | Administrative Theory and Practice | 3 |
| Public Administration | 314 | Public Organizational Structure and Behavior | 3 |
| Public Administration | 403 | Public Personnel Administration | 3 |
| Total | 15 Credit Hours |
Freshman Year- First Semester
| Course | Code | Course Description | Code |
| Computer Science | 101 | Computer Application | 3 |
| English | 101 | Freshman English I | 3 |
| Mathematics | 107 | Pre – Calculus | 4 |
| Reserved Officer Training Corp(ROTC) | 101 | Military Science | 1 |
| Physical Science | 101 | Introduction to Physics | 3 |
| French | 101 | Introduction to French | 3 |
| 17 Credit Hours |
Freshman Year – Second Semester
| Course | Code | Course Title | Credit Hours |
| Computer Science | 102 | Computer Application | 3 |
| English | 102 | Freshman English II | 3 |
| French | 102 | Introduction to French II | 3 |
| Social Science | 102 | Introduction to Social Science | 3 |
| Mathematics | 108 | Mathematics for Decision making | 4 |
| Reserved Officer Training (CORP) | 102 | Introduction Military Science I | 1 |
| Physical Science | 102 | Introduction to Physics II | 3 |
| Total | 19 Credit Hours |
Sophomore Year – First Semester
| Course | Code | Curse Title | Credit Hours |
| Accounting | 201 | Principles of Accounting | 3 |
| Economics | 203 | Principles of Economics | 3 |
| English | 201 | Sophomore English I | 3 |
| Mathematics | 203 | Calculus for non-Science major | 4 |
| Social Science | 201 | The Liberian Perspectives | 3 |
| Management | 201 | Principles of Management | 3 |
| Total | 19 Credit Hours |
Sophomore Year – Second Semester
| Course | Code | Course Title | Credit Hours |
| Accounting | 202 | Principles of Accounting II | 3 |
| Economics | 204 | Principles of Macroeconomics | 3 |
| English | 202 | Sophomore English | 3 |
| Management | 202 | Principles of Management II | 3 |
| Elective | 3 | ||
| Total | 15 Credit Hours |
First Semester Junior Year
| Course | Code | Course Title | Credits |
| Economics | 307 | Intermediate Microeconomics I | 3 |
| Economics | 317 | Intermediate Macroeconomics I | 3 |
| Economics | 315 | Business and Economics Statistics | 3 |
| Economics | 319 | Mathematics for Economists | 3 |
| Minor | 3 | ||
| Minor | 3 | ||
| Total | 18 Credit hours |
Junior Year – Second Semester
| Course | Code | Course Title | Credit Hours |
| Economics | 308 | Intermediate Microeconomics II | 3 |
| Economics | 318 | Intermediate Macroeconomics II | 3 |
| Economics | 316 | Business and Economics Statistics | 3 |
| Economics | 320 | Survey of the Liberian Economy | 3 |
| Minor | 3 | ||
| Elective | 3 | ||
| Total | 18 Credit Hours |
Senior Year First Semester
| Course | Code | Course Title | Credit Hours |
| Economics | 401 | Labor Economics | 3 |
| Economics | 413 | Development Economics I | 3 |
| Economics | 405 | Public Finance I | 3 |
| Economics | 411 | Money and Banking | 3 |
| Economics | 425 | Industrial Economics | 3 |
| Minor | 3 | ||
| Elective | 3 |
Senior Year Second Semester
| Course | Code | Course Title | Credit Hours |
| Economics | 414 | Development Economics II | 3 |
| Economics | 408 | Public Finance II | 3 |
| Economics | 412 | Money and Banking II | 3 |
| Economics | 436 | Managerial Economics | 3 |
| Economics | 424 | Agriculture Economics | 3 |
| Minor | 3 | ||
| Total | 18 Credits |
DESCRIPTION OF COURSES
Accounting 201 (Principles of Accounting I–
3 Credit Hours (Pre-requisite: ACCT. 102)
Control Accounts; Accounts for non- profit organizations ; records; Bank reconciliation Statement; Payroll account; Declaration of fixed assets; Partnership account; Manufacturing accounts; Introduction to Intermediate Accounting; Share capital; Share issue and dividend .
ACCT 202 (Principles of Accounting II – 3 Credit Hours (Pre-requisite: ACCT. 201)
This course deals or considers the cost of depreciation, detailing the basic methods of depreciation, sinking funds, share capital, share issues and redemption, share values Specialized Accounting, Company Accounting and joint venture
Computer Science 101 3credit hours s( Introduction to Computer Technology )
This course is designed to teach computer introduction, the components of computers and their functions, significance and indispensability of computer, practical applicability in real time solution, Microsoft word processing and data manipulation.
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Computer 102 – 3 Credit hours ( Computer Applications ) –
Prerequisite- Computer science 101
This course is focused on data processing, which provides students hand – on training in electronic spreadsheet , the general concepts and processing of management information system payroll system, petty cash flow, data query , depiction of data, data integrity interpretation and Power Point
Physical Science 101 – Introduction to Physical Science I – 3 Credit Hours
This course focuses on the basic principles of Physics, Chemistry, Geology, Meteorology and Astronomy.
Physical Science 102 Introduction to Physical Science II – 3Credit Hours (Pre-requisite- physical Science 101).
This course is designed to collect, experiment, and analyze scientific data, property of matter, electricity and magnetisms, energy and waves.
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English 101 – 3Credit Hours
Basic, communication course emphasizing listening, constructive or clear thinking, basic writing and speaking abilities. Includes reading and discussion of short prose selections intended to develop both the reading and writing skills of the students with emphasis on organization and development of ideas; writing of effective paragraphs and short compositions.
English 102 (English) – 3 Credit Hours (Pre-requisite: ENGL 101)
Instruction in writing original composition, short essays, short stories, and poetry; to enhance basic written and oral communication skills.
English 201 (English) – 3 Credit Hours (Pre-requisite: ENGL 102)
Integrated program which places emphasis on the effective development of basic communication skills such as reading comprehensive and writing. It is a study of styles as manifested through some selected narratives, expository, descriptive and argumentative prose and poetic works in English. Summary (précis) and narrative.
English 202 Sophomore English II – 3Credit Hours (Pre-requisite English 201)
An advanced course in the use of grammar for communication skills such as reading literature, poetry, prose, covering selected and more sophisticated writing in modern English , covering the following areas: comparison and contrast, argument, exposition, and critical analysis
Writing skills are fostered, and students are ultimately exposed to the methods and techniques of writing short research papers.
Economics 203 Microeconomics – 3Credit Hours Pre-requisite English 102
This course considers the nature and scope of microeconomics, micro dynamics and comparative statistics, transition from microeconomics to macroeconomics, and economics and Principles of effective demands and supply theory of consumption behavior, theory of production, theory of production, and theory of firms.
Economics 204 Macroeconomics – 3Credits (Pre-requisite Economics 203)
The description of the course considers the role of investment, theory of consumption, income hypotheses, marginal efficiency of capital versus marginal efficiency of investment, concepts of multiplier, monetary theory, theory of interest rates and inflation.
Economics 307 Intermediate Microeconomics I – 3 Credit Hours (Pre-requisite Economics 203)
The course is basically concerned with the basics of supply and demand, consumer behavior, Individual and market demand , Production, the cost of production, profit maximization and consumption supply, Analysis of Competitive supply , Monopoly and Market Power, Pricing with market power.
Economics 308 Intermediate Microeconomics II – 3Credit hours (Pre-requisite Economics 307)
The Description of the course contents shall consider profoundly, monopolistic competition and oligopoly, Game theory and Competitive Strategy , Uncertainty and consumer Behavior, Investment, time and Capital Market, General Equilibrium and Economic efficiency, Externalities and Public goods, Behavior economics.
Economics 317Intermediate Macroeconomics I – 3 Credit Hours (Pre-requisite Economics 204) The course description covers Differentiation I the theory Macroeconomics, Economic policies in different environment , Aggregate and aggregate supply, Economic growth theory, Graphical models in Macroeconomic situations, the statement of classical theory when analyzing an economy in the long run.
Economics 318 Intermediate Macroeconomics II – 3Credit hours (Pre-requisite 317Intermediate Macroeconomics The Course uses Macroeconomics theory with consideration in topics in Macroeconomics, the business flow objectives, the monetary and fiscal policies, and the financial crises remedy.
Economics 315 Economics Statistics I – 3 Credit hours (Pre-requisite Mathematics 203)
This course concerns the organization of data, descriptive distributions, ranks of percentiles, joint distribution of data, data standardization, theorem of multiplication and addition, discrete probability distribution, continuous probability distribution.
Economics 316 Economics Statistics II –3 Credit hours (Pre-requisite Economics 315) – The course is intended to provide information into the general survey of elementary statistics, techniques of regression analysis, non- parametric inferences, index numbers time series, decision analysis.
Economics 319 Mathematics for Economists – 3 Credit hours (Pre- requisite Mathematics 203, Economics 203 and 204) – The description of this course includes limits, sequence and series, combinatory, multivariate calculus, matrix algebra and system and system of linear equation, application economics models
Economics 320- Survey of the Liberian Economy – 3 Credit Hours (Pre-requisite – Economics 204) – The course is designed to impact students or awaken the conscience of student in the survey of the Liberian economy and the concerns include the Open door policy of Liberia, growth and development or growth without development, the investment in post war Liberia compare to pre-war economy.
Economics 401 Labor Economics – 3 Credit Hours (Pre-requisite Economics 317 or 318) – This course is designed to focus on the study of economic behavior and employees in response to changing prices, profits, wages, working condition, product, revenues, and marginal benefits.
Economics 413 Development Economics – 3 Credit Hours (Pre-requisite Economics 317 or 320)The course is designed to improve fiscal management. Social conditions, in developing countries, determining economic growth from industrialization, the linear stage of growth model.
Economic 414 Development Economics II – 3 Hours (Pre-requisite Economics 317)
The paradigm of shift in economics, the importance of theoretical difference, capital accumulation and growth in classical political economy , class and development inclusive growth and the role of empowerment.
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Economics 405 Public Finance – 3 Credit Hours (Pre-requisite Economics318)
This course is designed to create healthy money habits, cash flow, public budgeting, financial risk management, lending and borrowing, investments, Finance and investment principles, financial stability and growth.
Economics 406 Public Finance II – 3 Credit hours (Pre-requisite Economics 405) – This course focuses on public financial policy, Public financial sector reform, building and performance evaluation in Public sector organizations, fiscal of the fiscal budget, revenue budget, budget and decision making process, performance based budgeting, financial Planning.
Economics 411 Money and Banking I – 3 Credit Hours (Pre-requisite Economics 317 and 318)
This course concentrates mainly on interest rates , money supply, financial markets and prices, monetary policy formulation, financial policies and analyses, Financial institutions.
Economics 412 Money and Banking II – 3 Credit Hours (Pre-requisite Economics 411)The course highlights, money supply and the role of the banking sector, interest rates and the rates of returns, stock market and financial market efficiency, monetary and monetary rules , financial crises and regulations.
Economics 426 Industrial Economics – 3 Credit Hours (Pre-requisite Economics 303 or 304)
This course focuses on the size and structure of the firm, technological view of the firm, transaction costs- property approach, investment specify, incomplete contracts and vertical integration, empirical evidence, separation of ownership and control, price discrimination, the determinants of market structure, theory of the market structure in exogenous and endogenous sunk cost industries .
Economics 436 Managerial Economics – 3 Credit Hours (Pre-requisite Economics 303/ 304)
The course concerns the conceptual frame work of the market forces , market demand and market supply production process, industry and market structure, managing the industries, market forces in the industries, industrial competitive demand and supply, fundamental of managerial economics, cost of production and organization of the firm, pricing and output decisions, theories and pricing strategies and the role of government in the market place .
Economics 424- Agricultural Economics –3Credit Hours (Pre-requisite Economics 307/308 ). The description of the course focuses on the basic principles of Agricultural economics, Principles of supply and demands, resource economics, world marketing of agricultural products, agricultural public policy, foundation of commodity markets, current status of the world market, commodity traded from production from production to final consumers, transportation and storage.
French 101 – 3Credit Hours
This is a course taught by an audio-visual teaching method. Pronunciation and syntax are improved through written drills and exercises.
French 102– 3 Credit Hours(Pre- requisite French 101)
Emphasis is on grammatical construct of the French Language. Pronunciation and syntax are improved through written drills and exercises.
Mathematics 107 – Pre-calculus – 4Credit Hours
With the fundamentals of pre-calculus. It deals with the review of the real number system and set operation review of algebraic expression, equalities and inequalities including polynomials, rational expressions, radical expressions, radicals, absolute values.
Mathematics 108 (Math for Decision Making) 4 Credit Hours (Pre-requisite: MATH 107)
The course covers topics in trigonometry and their graphs, trigonometric identities, solving trigonometric equation, inverse trigonometric function, and analytical geometry, providing students with the fundamentals of pre-calculus for those who will eventually take calculus.
Mathematics 203 4 Credits (Pre-requisite Math 108)
Mathematics is a tool for understanding our world and trying to solve its problems. Mathematical models are used in such diverse areas as determining the shape of aircraft’s wings for maximum lift, analyzing disease spread and control, and simulating network flows for efficient transportation systems. Mathematics also requires imagination, necessitating abstract and formalized thought on the one hand and creativity and intuition. This course is highly focuses on the derivatives and limits.
Military Science 101 (ROTC) I – 1 Credit
Provides basic and fundamental knowledge of the Liberian Military,
Military Science 102 – 1 Credit (Pre-requisite ROTC 101)
Advanced knowledge of the Liberian Military, Structure, types of uniforms, dress code, ranks, insignia, when and where to salute superior officers, military chain of command, general orders, the eleven general orders, the importance of the Uniform Code of Military Justice (UCMJ
Social Science 102 – 3 Credit Hours
This course focuses or seeks to investigate to investigate in Africa from pre – colonial rule to modern times and analyze selected in their relationship to social problems and social issues.
SOSC 201 Advanced Social Science – 3 Credit Hours (Pre-requisite: English 102; Social Science 102). An interdisciplinary course investigates in details the History, Sociology, Geography, Economics, Politics, and Demography from the pre- colonial to modern times in Liberia and society in general.