Economics & Business Administration

The George S. Aldhizer II Department of Economics and Business Administration offers two majors—economics and business administration—that prepare students to pursue managerial and other professional careers as well as graduate education. We build on the liberal arts foundation provided by the College’s general education program and give each student the knowledge, skills and experience to become a successful and ethical leader, capable of making valued contributions to his or her workplace, society and self.

Through a combination of lectures, discussions, case analyses, team projects and presentations, and other in-class activities, courses are designed to integrate economic and business theory and practice; encourage independent and critical thinking using both qualitative and quantitative reasoning; and develop skills in decision making and implementation, teamwork and collaboration, and all forms of communication. Experiential learning opportunities abound through internships, study abroad programs and participation in student organizations, to supplement classroom learning.

The economics major consists of 14 courses in economics and mathematics. Economics majors may choose among three tracks: business, government policy and preparation for graduate school via additional mathematics courses. Economics majors can also earn an emphasis in financial economics.

The business administration major consists of 15 courses in business, economics and mathematics. To gain greater depth in a particular area of business, many students pursue one of the four concentrations we offer in the business administration major: accounting, finance, marketing and organization management. By taking additional courses, in one of these areas, students build specialization on the solid foundation provided by the business administration major.

In addition to the previously mentioned majors, the department also offers minors in business administration, certified financial planning, and economics.

Programs

Courses

BUS-105: Exploring Sustainability in Organization

Exploratory course in three dimensions of sustainable organizations: people, planet and profit. Emphasizes sustainability of an organization's social, environmental and economic impacts, exploring these both individually and altogether. Additional cost associated with travel.

BUS-110: Personal Finance

How to manage personal income and wealth through personal finances, tax, retirement and estate planning, personal budgeting, banking alternatives, consumer credit, insurance, home buying and investments.

BUS-115: History of Advertising

This course is a study of advertising, its roles in business, and its impacts on society, including such topics as the development of the middle class and the rise of mass consumption; lifestyle changes; changing gender roles in the family, workplace, and society as a whole; consumerism; government regulation of business; and ethical concerns about business practices. Focusing largely, but not exclusively, on advertising in the American experience, this course will explore advertising from multidisciplinary perspectives to produce a broad-based understanding of how advertising has had an impact on, and been impacted by, business, not-for-profit and public causes, societal values, politics, and other aspects of everyday life.

BUS-120: Survey of Business

Introduces a variety of business principles and practices as a foundation for students majoring in Business Administration and for non-business majors interested in acquiring basic understanding of the business world. Addresses aspects of leadership and personal assessment and development through a semester-long business plan project, helping students to assess their interest in and aptitude for various business disciplines.

BUS-200: Figuring Your Small Business

Introduces the basic financial concepts and tools needed to run a business "by the numbers," focusing on using financial reports to analyze business activity, monitor financial performance, and budget for upcoming plans. Credit may not be received for both BUS-200 and BUS-201.

BUS-202: Principles of Accounting II

Accounting for partnerships, time-value of money applications, cash flows, budgeting, cost determination, responsibility accounting, and decision-driven financial information.

BUS-205: Business Practicum

Skills-and-theory based class that helps students apply critical thinking to make a difference in their community and the world by developing projects that impact the lives of others. Students are given a chance to develop leadership, organizational, communication and teamwork skills, while also enhancing project management and creative skills. Work includes a minimum of three hours outside the class and one hour inside each week. Course may be repeated for a total of 3 credits.

BUS-211: Principles of Finance

An introduction to corporate finance. It introduces how companies invest in real assets, raise funds to pay for investments, and how investments affect the value of firms. It provides an overview of capital markets, the role of financial institutions in the economy and how securities are traded and valued by investors. The course introduces ways to think analytically about financial issues that firms and individuals will likely encounter.

BUS-212: Equine Farm and Stable Management

Preventative health maintenance, facility management and basic sound business practices. Topics on horse selection, sanitation, routine veterinary practices, nutrition and supplements, equipment recognition and selection, facilities design, hoof care and furriery, exercise physiology, liability issues and insurance selection. Lecture and laboratory times required.

BUS-300: Principles of Organization Management

General overview of the principles of planning, organizing, leading, and controlling human and other resources for the achievement of an organization's goals. Examines the impact and role of communication, motivation, group dynamics, and organization culture, conflict and change as the context for current management practices. Uses written and oral reports to develop student writing and speaking skills.

BUS-305X: International Business and Entrepreneurship

Examines the importance of fostering entrepreneurship as the key to economic, social, and intellectual development in a myriad of cultural settings and economic/political systems around the globe. This course will include a field study approach with visits to embassies and the World Bank on a one week trip to Washington, D.C. FILA general education: experiential learning.

BUS-310: Principles of Marketing

Explores the principles and practices of how goods, services, and ideas are developed and distributed in order to satisfy individual and organization needs, wants and objectives. Emphasis is placed on the micro-marketing perspectives including product, price, promotion and place.

BUS-315: Marketing Research

Explores the scope of marketing research and its role in effective decision making. Students investigate, assess and conduct various types of quantitative and qualitative research, from surveys to focus groups.

BUS-330: Principles of Information Systems

Introduction to information system theory and application with special emphasis on information systems design in the functional areas of management, marketing, accounting, and operations management. Credit may not be received for both BUS-330 and CIS-250.

BUS-340: Management Science

Introduces essential quantitative techniques and their use in business decision-making, including decision analysis, forecasting, linear programming, project scheduling, inventory cost minimization, and queuing analysis. Emphasis on the practical application of these techniques to production and operations management and other business problems.

BUS-345: Supply Chain Management

Examines supply chain management processes as they apply to both service and manufacturing organizations, with special consideration given to identifying ways in which the strategic use of supply chain management can create competitive advantages for firms. Topics covered include logistics, inventory management, sales and operations planning, sourcing and purchasing processes, materials planning, TQM, JIT, lean processes, and technology-enhanced supply chain processes. Requires travel throughout the Shenandoah Valley to participate in plant tours and other field experiences. Additional cost associated with travel.

BUS-350: Business Law

The U.S. legal and regulatory environment, including the sources of law; the resolution of disputes; the Uniform Commercial Code; the laws of torts, contracts, agency, partnerships, corporations, employment, and equal opportunity; and laws regulating competition.

BUS-358: Equine Business Management

Examination of basic business practices including business plan development, record-keeping, professional ethics, liability, insurance, resource management, evaluating and selecting staff, competitive pricing, identifying regional demographics, advertising, grant design and community development, and building a client base.

BUS-360: Venture Creation

This course is a dynamic learning and business development experience focused on the professional development of young entrepreneurs. Students will develop their own creative ideas, and use the rigorous lean startup protocol to design a specific business model to launch and scale (theoretically for class purposes only, or in the real world). Emphasis is placed on the lean startup and customer development principles (e.g. innovative business models, scientific approach, hypothesis testing, rapid iteration, minimum viable product, problem-solution fit, customer discovery process and agile development).

BUS-365X: Cross-Cultural Issues in Business

Explores cultural differences in business practices. Combines international travel and experiential learning with classroom discussion and reflection to enrich students' educational experience. The travel portion of the course provides opportunities for direct communication with business leaders in the selected location, facility tours, and attending business lectures at local universities. Travel destinations include Europe, South America, Japan and China. On campus, students actively reflect on cross-cultural similarities and differences in the conduct of business, cross-cultural business issues, and ways to become more sensitive to the complexities, relationships, and dialogues among different cultures. May be taken more than once provided a different location is selected each time. FILA general education: experiential learning.

BUS-371: Intermediate Accounting I

A two-course examination of financial accounting issues. BUS-371 focuses on accounting theory, FASB's conceptual framework, GAAP & IFRS presentations for financial statements.

BUS-372: Intermediate Accounting II

A two-course examination of financial accounting issues. BUS-372 examines time-value of money applications, liabilities, leases, pensions and post-retirement obligations, stockholders' equity, earnings per share, accounting changes, correcting accounting errors, and comprehensive statements of cash flows.

BUS-375: Accounting Information Systems

Integrates information technology and software in transactions control procedures and financial reporting cycles. Provides students with the knowledge and skills necessary to function within the cutting edge of accounting information systems. Offered alternate years.

BUS-380: Introduction to Tax

Provides an introduction to the federal income tax system, course emphasis is placed on providing foundational knowledge of individual and business taxation. Offered alternate years.

BUS-381: Individual Compliance and Planning

Introduction to the federal tax structure, emphasizing accounting for personal income taxes, including preparation of individual income tax returns. Highlights working with tax law, determining personal and dependency exemptions, gross income, deductions, losses, depreciation, and tax credits. Offered alternate years.

BUS-382: Entity Compliance and Planning

Emphasizes accounting for preparing corporate, partnership, gift, estate, and trust returns. Focuses on corporate operating rules, organization, capital structure, distributions, S Corporation limitations, exempt entities, and tax administration and practice. Offered alternate years.

BUS-392: Risk Management and Insurance Planning

General principles of risk management and insurance planning are examined for individual and family clients. Students are introduced to risk management and insurance planning processes and exploration of insurance lines of coverage to analyze needs and select appropriate policies.

BUS-393: Investment Planning

Exploration of the securities market, sources of information, investment risk and returns are examined for portfolio construction and analysis. Students will evaluate asset classes for investment objectives to determine suitability for clients.

BUS-394: Tax Planning

Coverage for taxation at individual and business levels, focusing on investments, insurance, annuities, and retirement planning. Students will examine likely tax consequences of financial activities and select tactics and strategies to reduce overall tax consequences.

BUS-396: Estate Planning

Introducing federal gift, estate, and generation-skipping transfer taxes to plan for minimization of tax for transfer of wealth purposes. Students will explore income-shifting options, and the harmonizing of tax and non-tax aspects of estate planning.

BUS-397: Financial Plan Development

Serving as the minor capstone course, students will demonstrate how to apply their knowledge in the development of a comprehensive financial plan according to CFP Board's Financial Planning Practice Standards and client objectives.

BUS-400: Advanced Accounting

Accounting for partnerships, business combinations, state and local governments, private not-for-profit organizations and other selected topics. Offered alternate years.

BUS-401: Advanced Managerial Accounting / Data Analytics

Focuses on problem solving for managerial accounting issues. Prepares for the role accountants have in planning and control of the organization, develops proficiencies in analysis techniques for decision making and effective ways to communicate results. Offered alternate years.

BUS-405: Auditing

Theory and practice of auditing: the techniques, standards, legal environment, and ethics of the public accounting profession. Emphasis is placed on the study of internal controls, and compliance and substantive tests of functional cycles within the firm, audit reports, accounting and review services, and other attestation services.

BUS-412W: Professional Selling

Designed to develop student interaction and business skills with strategies relating to the personal selling side of marketing. Emphasis is placed on business-to-business and consumer selling strategies, as these skills are also applicable to retail selling and may be beneficial in enhancing skills necessary for selling ideas within the business, workplace, community at large or society in general. FILA general education: writing intensive.

BUS-414W: Consumer Behavior

A study of purchasing patterns and habits of consumers (individual and business) from both societal and psychological sides; increases student understanding of how businesses develop marketing plans to appeal to recognized consumer needs, wants and characteristics. Emphasis is placed on observations in the retail environment including cultural, societal and personal preferences. FILA general education: writing intensive.

BUS-416W: Advertising

A study of the wide varieties of non-personal ways an organization communicates with customers and other stakeholder groups. Primary emphasis is placed on traditional paid media. Internet and social media options are also reviewed, along with alternative advertising vehicles such as brochures, direct mail and point-of-sale contacts. Course content includes a review of the planning, design and production processes, as well as sample communications as an essential part of the learning process. FILA general education: writing intensive.

BUS-420: Human Resource Management

Personnel administration from a managerial perspective, including recruitment, training and development, performance appraisal, compensation and motivation, employee/management relations, and various legal and regulatory issues.

BUS-422X: Entrepreneurship

Emphasizes general principles of entrepreneurship and small business management for students interested in developing their own business. Provides practical experience through service learning, written and oral reports. FILA general education: experiential learning. Additional costs associated with travel.

BUS-430: Investments

Introduction to security selection and portfolio management in global financial markets, including the theoretical and practical aspects of asset allocation and stock and bond valuation. Offered alternate years.

BUS-448: Financial Statement Analysis and Equity Valuation

Capstone course for the finance emphasis focusing on strategic issues such as capital budgeting, the cost of capital, capital structure, dividend policy, and debt and equity financing. Case studies are used to develop analytical skills and enhance student understanding of the practical application of financial theory. Offered alternate years.

BUS-468: Contemporary Issues in Business

A senior seminar for the marketing, organization management and international emphases designed to help students integrate knowledge from general education, major and emphasis courses with current professional issues. Focus placed on issues such as international marketing, employee relations and other cross-cultural concerns; effects of cross-country financial, legal political, media and transportation variations; interpersonal vs. virtual work environments; e-commerce; professional ethics; adapting and strengthening corporate culture in dynamic environments; and integrating functional and geographic business strategies.

BUS-478X: Strategic Management

A seminar-style capstone course for Business Administration majors that integrates the functional areas of business (accounting, finance, management, and marketing) through analysis, forecasting, and developing solutions to complex business scenarios. The course uses a combination of readings, discussion, case studies, and a team-based computer simulation to focus on managing strategically and responsibly. FILA general education: experiential learning.

BUS-480X: Internship

Provides an opportunity for a student to gain field experience in an area related to the student's program of study or career goals. The learning objectives for internships include connecting academic knowledge and problem-solving processes to experiences and problems in professional settings. Supervision of an intern is provided by an appropriate faculty member and by a site supervisor of the agency or business in which the student is an intern. A student who wishes to engage in an internship must consult with the appropriate faculty member at least eight weeks in advance of the start of the term in which the internship is to be completed. A description of the internship, signed by the student and the faculty sponsor, must be filed with the director of internships by the first day of the semester prior to the start of the internship. Approval of each application for an internship is made by the director of internships based upon approved policies and guidelines. Internships are graded on an S or U basis. Students must complete 120 hours of internship-related work as well as weekly journal entries and a final reflective paper completed in accordance with approved requirements. A student may enroll in an internship program for 3 credits per semester, and internship credit may be earned in subsequent semesters subject to the limitations that no more than two internships may be pursued in any one agency or business and a maximum of 9 credits in internships may be applied toward graduation. FILA general education: experiential learning.

BUS-490: Independent Study

Upon approval of the department and the division head, a student with a cumulative grade point average of 2.20 or better may engage in an independent study or research project. One desiring to pursue independent study or research must submit a written description of the proposed work to the chair of the appropriate department and to the appropriate division head prior to the last day of the drop and add period for the semester in which the study is to be conducted. At the end of the semester, the supervising professor files with the registrar a grade for the student and a description of the work accomplished. Credit may be received for no more than three independent studies or research projects.

BUS-491: Research

Upon approval of the department and the division head, a student with a cumulative grade point average of 2.20 or better may engage in an independent study or research project. One desiring to pursue independent study or research must submit a written description of the proposed work to the chair of the appropriate department and to the appropriate division head prior to the last day of the drop and add period for the semester in which the study is to be conducted. At the end of the semester, the supervising professor files with the registrar a grade for the student and a description of the work accomplished. Credit may be received for not more than three independent studies or research projects.

BUS-499: Honors Project

An honors project is one in which a student researches a subject, by examination of relevant literature or by experimentation or both; the student reports the results in an accurately documented and well-written paper or appropriate representation of the work. Whenever the study deals with the subject of an established course, the student is expected to go well beyond the usual work of the course in research and in assimilation of the results as revealed in the report. Juniors and seniors with a cumulative grade point average of 3.40 or above may register for an honors project. One desiring to pursue an honors project must submit a written description of his or her proposed work to the chair of the appropriate department and to the appropriate division head prior to the last day of the drop and add period for the semester in which the study is to be conducted. Upon the completion of the honors project, the student must present an oral defense of his or her project. The final grade must include a satisfactory performance on the oral defense, assessed by a three-faculty member team. The project advisor will authorize the make-up of the oral defense team and will assign the final grade on the project. The honors project title will be noted on the student's transcript. It is the student's responsibility to provide a copy of the written paper or appropriate representation of the work to the library in compliance with specifications approved by the Council on Education. The library director arranges for binding and storage.

ECON-200: Principles of Macroeconomics

Introduces scarcity, opportunity cost, and supply and demand analysis, with special emphasis on aggregate economic growth, unemployment, inflation, and fiscal and monetary policies. FILA general education: social sciences.

ECON-210: Principles of Microeconomics

Analysis of individual choice and market behavior, with special emphasis on price and output relationships and the economics of the firm. FILA general education: social sciences.

ECON-300: Money & Banking

Focuses on the financial system, determinants of interest rates, structure and regulation of the banking system, the Federal Reserve System, and monetary policy and its impact on aggregate economic activity and inflation.

ECON-305: Contemporary Economic Issues

Discussion of contemporary economic issues from conservative, liberal, and radical perspectives. Topics include both macroeconomic and microeconomic issues. Offered alternate years.

ECON-310: U.S. Economics & Business History

Traces the growth and development of the U.S. economy and economic institutions from the Colonial era to the present with special emphasis on key institutions and events, such as slavery, industrialization, the rise of big business and the Great Depression. FILA general education: global dynamics.

ECON-320: Labor Economics

Analysis of labor market supply and demand, wages and salaries, collective bargaining, discrimination, and macroeconomic implications of labor market issues. Offered alternate years.

ECON-327: Economics and the Environment

Examines the economic causes and consequences of environmental problems and evaluates market-based and nonmarket solutions for them, with special emphasis on pollution, overpopulation, resource depletion and sustainability. Offered alternate years.

ECON-330: Government & Business

Discussion of the role of government and market forces in promoting economic efficiency, focusing on antitrust policy, economic regulation, and socio-economic engineering.

ECON-420: Development of Economic Thought

Traces the evolution of economic thought from ancient times to the present with special emphasis on Adam Smith, the classical school, socialism, Marx, marginalism, the neoclassical school, Keynes and Friedman. FILA general education: philosophy or religion. Offered alternate years.

ECON-440: International Economics

Theory of international economic interrelationships, including trade, finance, and monetary policies and institutions. FILA general education: global dynamics.

ECON-460: Senior Seminar

Capstone course for majors in Economics. Investigates selected economic issues, policies, and problems, and introduces regression methods used to test economic hypotheses. Students conduct quantitative research, collect data, formulate and test hypotheses, and present their results.

ECON-480X: Internship

Provides an opportunity for a student to gain field experience in an area related to the student's program of study or career goals. The learning objectives for internships include connecting academic knowledge and problem-solving processes to experiences and problems in professional settings. Supervision of an intern is provided by an appropriate faculty member and by a site supervisor of the agency or business in which the student is an intern. A student who wishes to engage in an internship must consult with the appropriate faculty member at least eight weeks in advance of the start of the term in which the internship is to be completed. A description of the internship, signed by the student and the faculty sponsor, must be filed with the director of internships by the first day of the semester prior to the start of the internship. Approval of each application for an internship is made by the director of internships based upon approved policies and guidelines. Internships are graded on an S or U basis. Students must complete 120 hours of internship-related work as well as weekly journal entries and a final reflective paper completed in accordance with approved requirements. A student may enroll in an internship program for 3 credits per semester, and internship credit may be earned in subsequent semesters subject to the limitations that no more than two internships may be pursued in any one agency or business and a maximum of 9 credits in internships may be applied toward graduation. FILA general education: experiential learning.

ECON-490: Independent Study

Upon approval of the department and the division head, a student with a cumulative grade point average of 2.20 or better may engage in an independent study or research project. One desiring to pursue independent study or research must submit a written description of the proposed work to the chair of the appropriate department and to the appropriate division head prior to the last day of the drop and add period for the semester in which the study is to be conducted. At the end of the semester, the supervising professor files with the registrar a grade for the student and a description of the work accomplished. Credit may be received for no more than three independent studies or research projects.

ECON-491: Research

Upon approval of the department and the division head, a student with a cumulative grade point average of 2.20 or better may engage in an independent study or research project. One desiring to pursue independent study or research must submit a written description of the proposed work to the chair of the appropriate department and to the appropriate division head prior to the last day of the drop and add period for the semester in which the study is to be conducted. At the end of the semester, the supervising professor files with the registrar a grade for the student and a description of the work accomplished. Credit may be received for not more than three independent studies or research projects.

ECON-499: Honors Project

An honors project is one in which a student researches a subject, by examination of relevant literature or by experimentation or both; the student reports the results in an accurately documented and well-written paper or appropriate representation of the work. Whenever the study deals with the subject of an established course, the student is expected to go well beyond the usual work of the course in research and in assimilation of the results as revealed in the report. Juniors and seniors with a cumulative grade point average of 3.40 or above may register for an honors project. One desiring to pursue an honors project must submit a written description of his or her proposed work to the chair of the appropriate department and to the appropriate division head prior to the last day of the drop and add period for the semester in which the study is to be conducted. Upon the completion of the honors project, the student must present an oral defense of his or her project. The final grade must include a satisfactory performance on the oral defense, assessed by a three-faculty member team. The project advisor will authorize the make-up of the oral defense team and will assign the final grade on the project. The honors project title will be noted on the student's transcript. It is the student's responsibility to provide a copy of the written paper or appropriate representation of the work to the library in compliance with specifications approved by the Council on Education. The library director arranges for binding and storage.