College of Arts & Sciences Catalog

The purpose of the Department of Business and Economics is to engage students, staff, and faculty in the learning, teaching, and application of business and economic knowledge to increase the well-being of humankind. This is achieved by serving, being creatively involved with God and His creation, and pursuing the principles of love and justice in a diverse and complex world. As such, the department offers three majors: (1) business, which builds on a core of courses and is completed with an emphasis in marketing, international business, human resources management, finance, or accounting; (2) economics and finance; and (3) economics. In addition to the prescribed course work, students are required to complete an internship in their area of interest. The minor in business or economics also complements majors chosen from other departments.
Studies prepare students for careers in business, government, and the not-for-profit sectors of the economy, as well as for graduate work in business, economics, public policy, and law.
A non-trigonometric-based introduction to the concepts of the derivative and the integral with a focus on applications in business and economics. Prerequisite: At least two years of high school algebra.
A basic understanding of computer technology, information technology, and business applications software. Students gain a working knowledge of computerized spreadsheets, databases, presentation software, and webpage design.
Management and planning of personal and family finances. Emphasis given to budgeting, investments, individual income tax, and insurance.
A foundation for understanding and solving business and economic problems. An introduction to business and economic concepts, terminology, and problems along with the mathematical skills needed to solve problems. Emphasis on understanding problems, solutions, and decision making, as well as beginning the development of critical-thinking skills needed for success in business and economics.
A practical study of taxation through the eyes of the poor, elderly, and recent immigrants. Students gain an understanding of an urban community and barriers that keep residents from filing tax returns. Tax return preparation for the poor, elderly, and recent immigrants is studied. Prerequisite: BUS210.
An introduction to international business involving off-campus study to expose students to critical concepts and the day-to-day practice of global business. Students interact with a culture through a series of activities. The countries under study vary from year to year.
Preparing memos, business letters, reports, graphs, tables, resumes, and other media for presenting specialized information, including a long, business-oriented project. Emphasis on developing an easily readable, exact, and factual style. Includes writing and observing exercises, presentations, and grammar review where needed. Prerequisite: GES110 or GES245.
Basic financial accounting concepts and their application to the recording and reporting of business events. Prerequisite: BUS100M or BUS130 or MAT124M.
Role of marketing in society and the economy. The business firm as a marketing system. Management of the firm’s marketing effort. Prerequisites: BUS100M, BUS130, or MAT124M; ECO201. (May be taken concurrently.)
Fundamentals of managerial activities: planning, organizing, leading, and controlling organizational activity. Prerequisite: BUS100M or BUS130 or MAT124M.
Role of human resource management within organizations. Overview of human resource planning, job analysis, staffing and selection training, development, compensation and benefits, and employee relations. Understanding how employment and discrimination law impacts the workplace. Prerequisite: BUS230.
Explanation of the theory and practice of effective project management, including project planning, risk analysis, execution/implementation, and control. Explores project management styles, critical success factors, organizational support systems that enhance projects, project authority and politics, and ethics in project execution. Uses project management software to develop and track project plans for class case studies and project simulations. Prerequisite: BUS105 or consent of instructor.
Special topics in business, particularly as they relate to current issues and contemporary developments. Specific topics and prerequisites announced in advance of registration. Prerequisite: Related courses as specified.
How public policy is put into effect through the administrative agencies of government, the management problems of such agencies, and their relations with the public. Prerequisite: POS100 American Politics and Government recommended. (Carries cross-credit in political science.)
The study of the psychology of investing utilizing behavioral finance theory: the concepts surrounding socially responsible investing. One week of the course provides a hands-on learning experience at a Twin Cities investment banking firm developing and applying investment analysis skills. Prerequisite: BUS390 or consent of instructor.
Theories of accounting, accounting practice related to current asset measurement, and reporting. Analysis and evaluation of the measurement and reporting on noncurrent assets and current liabilities. Prerequisite: BUS210.
Current and alternative accounting theories relating to long-term liabilities, stockholders’ equity, special income determination problems, and other accounting topics of current interest. Prerequisite: BUS310.
Current federal income tax law as it pertains to individuals, corporations, and partnerships. Includes the concept of taxable income and covers tax planning and tax determination within the provisions of the law. Prerequisite: BUS210. BUS200 recommended.
Compilation and utilization of internal accounting information for managerial decision making. Prerequisite: BUS210.
Emphasizes the concepts and practices of selling and sales management. Provides a guide for preparing sales presentations, one-on-one selling techniques, persuasive communication, oral and verbal presentation skills useful for one-to-one presentations, and the unique concepts of managing a sales team. Prerequisite: BUS220.
Study of marketing concepts and decision-making processes relative to individuals and firms engaged in the global marketplace. An examination of key strategies of global marketing and mission-critical variables including cultural distinctives, role of language and values, politics and laws, pricing norms, product values, and promotional environment. Prerequisites: GES130 or GES145, 146; Contemporary Western Life and Thought (L) course or GES245; World Cultures (U) course; BUS220. One business course recommended.
Principles and techniques of advertising, sales promotion, and public relations. Considers customer motivation, ad copy, physical layout of ads and promotional pieces, media selection, advertising budgets, and coordination of advertising and sales promotion campaigns. Prerequisite: BUS220.
Marketing research methods, including design, sampling, data collection, and report writing. A research design project is an integral part of the course. Prerequisites: BUS220; MAT131M Statistical Analysis.
A systematic examination of the behavioral, economic, cultural, and systemic factors that influence the behavior of the consumer. Students read relevant research in consumer behavior and design and complete a series of projects exploring the major course topics. Prerequisite: BUS220.
Compensation and reward practices in organizations’ wage and salary administration. Theories of design and implementation of pay programs using job evaluation, salary surveys, job and skill-based pay, incentive pay, and other compensation systems. Prerequisite: BUS231.
Theories and strategies for maximizing the potential of an organization's workforce. Explores methods for recruiting and selecting employees, orienting them to an organization, using training to properly equip them for their positions, and facilitating career development. Hands-on approach to designing and analyzing surveys, selection tests, and needs assessments. Prerequisite: BUS231.
Practical problems associated with starting and operating a small business, including feasibility analysis, legal and financial aspects, accounting, marketing, and personnel management. Prerequisites: Three of the following: BUS210, BUS220, BUS230, ECO201, or consent of instructor.
Strategic and tactical tools associated with starting and operating a small or entrepreneurial business. Students develop an understanding of how to move from the development of a business plan to actually financing and running a small business. Prerequisite: BUS332.
Factors that influence the effectiveness of organizations. Topics include the role of the individual (motivation, personality, learning, work-related attitudes), the group (teamwork, conflict and cooperation, communication), and the organization (organizational design and structure, culture, change processes) in organizational performance. Prerequisite: BUS230.
Intensive study of globalization. Focus on the process of globalization through exploring the participation in the world economic, cultural, and social systems by individuals and communities at multiple levels of involvement – North American, Indian national elites, factory owners and workers, and the poor. Seek understanding of how globalization is affecting the lives of persons and communities at each level. Explore personal responsibility and involvement in the changing world of globalization. Prerequisites: GES130 Christianity and Western Culture or GES145; GES146 Western Humanity in Christian Perspective I and II; Contemporary Western Life and Thought (L) course or GES245 Western Humanity in Christian Perspective III; World Cultures (U) course; consent of instructors.
Principles of financial management, including financial analysis, capital structures, working capital management, and investment decisions. Prerequisite: BUS210.
Communication practices and problems found in organizations. Communication concerns related to organizational structure, conflict, effectiveness, roles (emphasizing leadership), work processes, and decision making. Interviewing as an organizational practice and as a research tool. Prerequisites: COM110N ; COM220. BUS230 recommended. (Carries cross-credit in communication studies.)
An introduction to the legal aspects and general structure of business dealings. Topics include an overview of the American legal system, general contract law, pertinent parts of the Uniform Commercial Code, and various forms of business organizations. Some aspects of employment and real estate law are also covered. Prerequisites: BUS230 and one other 200-level business course.
International business as a bridge between diverse social systems. A panorama of the most important activities in international business and a framework for thinking about them from the perspective of the company manager. Prerequisites: GES130 or GES145, 146; Contemporary Western Life and Thought (L) course or GES245; World Cultures (U) course. One business course recommended.
International business as a bridge between diverse social systems. A panorama of the most important activities in international business and a framework for thinking about them from the perspective of the company manager. Prerequisites: GES130 or GES145, 146; Contemporary Western Life and Thought (L) course or GES245; World Cultures (U) course; enrollment in the Europe Term. One business course recommended.
Characteristics and interrelationships of investments, the operation and regulation of the markets, analysis of risk and return, valuation of speculative assets, portfolio planning, and timing and trading strategies. Prerequisite: BUS344.
Principles and problems relating to partnerships, international accounting, consolidated financial statements, corporate mergers, and governmental accounting. Prerequisite: BUS311.
Auditing objectives, standards, and procedures employed in the examination of business enterprises and verification of their financial statements. Includes an evaluation of internal control, preparation of work papers, report writing, professional ethics, and current trends. Prerequisites: BUS311 and senior standing.
Capstone course in the marketing emphasis. Main course elements include case study analysis where students integrate prior course knowledge with relevant brand examples. Students utilize critical and ethical analysis of marketing practices and develop marketing strategies and plans with a real client. Prerequisites: Two of the following: BUS315, BUS318, BUS319, BUS321, or BUS324; senior standing.
Strategy and policy formulation and implementation from the general manager’s perspective. Includes written and oral analyses of comprehensive cases involving multifunctional applications. Prerequisite: Completion of all required business courses.
Comprehensive overview of the capital markets with an emphasis on major financial institutions and international financial centers. Evaluation of managing risk within the context of the capital markets in both a domestic and a global economy. Prerequisite: BUS390 or consent of instructor.
Advanced studies in organizational communication, with the specific topic announced prior to registration. Possible topics may include public relations, corporate communication, consulting, training and development, or media relations. Emphasis will be given to exploring current issues from both a theoretical and hands-on perspective. This course may be repeated if a different topic is emphasized. Prerequisite: COM348 or consent of instructor. (Carries cross-credit in communication studies.)
Capstone course in the finance emphasis. Systematic examination of financial, economic, cultural, ethical, and systemic factors that influence financial decision making. Through a case study approach, students integrate the theories and practices learned in other finance courses. Use of Excel to complete detailed analysis. Prerequisites: BUS344; BUS390 (may be taken concurrently).
Development of an individualized and intensive personal business plan as major course project. Plan is submitted to a panel of entrepreneurs to evaluate as part of a competition. Seniors are evaluated on their written plan, their presentation, and the overall viability of the proposed new venture. Includes ethical discussions, entrepreneurial guest speakers, and case analyses of entrepreneurial ventures. Prerequisites: BUS332 and BUS333.
A learning/practicing experience to apply understanding and skills in an off-campus professional setting. Prerequisites: Major or minor within the business and economics department; consent of department. Grading: S/U.
Capstone course in human resources management emphasis. Integration of theories and practices learned in other courses through casework and practical exercises focused on equipping students to enter the HR labor market. Examines ethical questions that influence HR decision making. Prerequisite: Senior standing in the HR emphasis.
Economic analysis of government programs, focusing on programs that provide essential services or financial assistance to the needy. Emphasis on careful definition of goals, measuring success, and evaluation of alternatives. Note: Students may not receive credit for both ECO200 and ECO201.
Economic reasoning and concepts. Includes an examination of the role of a price system in allocating resources and income, government policies for dealing with unemployment and inflation, and moral questions raised by the free enterprise system. Note: Students may not receive credit for both ECO200 and ECO201.
The holistic redevelopment of low-income communities using models and ideas from various disciplines: community development, urban planning, economics, federal and state government, and for-profit businesses. Prerequisites: GES130 or GES145, GES146.
Models of consumption, production, and pricing in competitive and noncompetitive markets. Prerequisites: ECO201.
Models of real output and monetary behavior. Policies affecting unemployment, inflation, and economic growth. Prerequisites: ECO201.
Evaluation of alternative trade policies (free trade, tariffs, and nontariff barriers) and the international financial system (foreign exchange rates and balance of payments). Prerequisite: ECO201.
Economic thinking from Smith to Keynes. Emphasis on both history and philosophy of the evolution of economic thought. Prerequisite: ECO201.
Evaluation of economic policies to promote economic development in low- and middle-income countries. Emphasis on the potential for growth that is both fair and sustainable. Prerequisites: GES130 or GES145, GES146; Contemporary Western Life and Thought (L) course or GES245; World Cultures (U) course.
Computer-aided estimation of business and economic relationships. Understanding correct use of multiple regression analysis in testing hypotheses using time-series and cross-sectional data. Prerequisites: ECO301; ECO302 (one of two can be taken concurrently with ECO340); MAT131M; and a college-level calculus course.
Mathematical treatment of economic theory, emphasizing calculus. Prerequisites: ECO301; ECO302; college-level course in calculus; senior standing or consent of instructor.
The integration of Christian faith with the theory and practice of business and economics. Prerequisites: Senior standing; economics major or minor, or economics and finance major.
In this section, semester credit hours will be shown after the course number and description.
| Core Courses a | ||
| Choose one from: | 3 | |
| BUS100M* b | Business Calculus | |
| BUS130 | Business Problem Solving | |
| BUS105c | Information Technology and Applications | 3 |
| BUS210 | Financial Accounting | 4 |
| BUS220 | Principles of Marketing | 4 |
| BUS230 | Principles of Management | 4 |
| BUS344 | Managerial Finance | 4 |
| BUS481d | Internship in Business or Internship in Business: Accounting | 3-4 |
| ECO201 | Principles of Economics | 4 |
| MAT131M* | Statistical Analysis | 3 |
| Choose one of the | following emphases: | 24-30 |
| • Accounting Emphasis (30 credits): | ||
|
BUS200 |
Personal Taxation Assistance |
|
| BUS310 | Intermediate Accounting I | |
| BUS311 | Intermediate Accounting II | |
| BUS31Z * | Federal Income Taxes | |
| BUS313 | Strategic Managerial Accounting | |
| BUS361 | Business Law | |
| BUS410 | Advanced Accounting | |
| BUS414 | Auditing Principles and Procedures | |
| Economics elective | including ECO301 and above | |
| • Entrepreneurship Emphasis (27 credits): | ||
| BUS231 | Human Resource Management | |
| BUS332 | Entrepreneurship | |
| BUS361 | Business Law | |
| Choose one from: | ||
| BUS319 | Advertising and Sales Promotion | |
| BUS324 | Consumer Behavior | |
| BUS333 | Entrepreneurship Strategies and Tools | |
| BUS475 | Seminar in Entrepreneurship | |
| ECO301 | Intermediate Microeconomics | |
| Electives | from business and/or economics courses (minimum 9 credits; maximum 3 credits at the 100-200 level) e | |
| • Finance Emphasis (25-26 credits): | ||
| Choose from: | ||
| BUS310 | Intermediate Accounting I | |
| BUS313 | Strategic Managerial Accounting | |
| BUS390 | Investments | |
| BUS440 | Capital Markets | |
| BUS470 | Finance Seminar | |
| ECO302 | Intermediate Macroeconomics | |
| Electives | from business and/or economics courses (minimum 9 credits; maximum 3 credits at the 100 level) e | |
| • Human Resources Management Emphasis (27 credits): | ||
| BUS231 | Human Resources Management | |
| BUS330 | Compensation Theory and Practice | |
| BUS331 | Staffing, Training, and Development | |
| BUS335 | Organizational Behavior | |
| BUS430 | Strategic Management | |
| BUS493 | Human Resources Management Seminar | |
| Choose from: | ||
| ECO301 | Intermediate Microeconomics | |
| ECO302 | Intermediate Macroeconomics | |
| Electives | from business and/or economics courses (minimum 6 credits; maximum 3 credits at the 100 level) c | |
| • International Emphasis (24-25 credits): | ||
| BUS202Z* f | Introduction to International Business (or other approved international experience) | |
| BUS318G | Global Marketing | |
| Choose from: | ||
| BUS370G* | International Business | |
| BUS371G* | International Business in Europe | |
| ECO302 | Intermediate Macroeconomics | |
| ECO305 | International Trade and Finance | |
| MWL* | Two modern world language courses, one of which must be at the Intermediate I level or higher. | |
| Electives | from business and/or economic courses (minimum 3 credits) | |
| • Marketing Emphasis (27-28 credits): | ||
| BUS420 | Marketing Management | |
| ECO301 | Intermediate Microeconomics | |
| Choose three from: | ||
| BUS315 | Sales and Sales Management | |
| BUS318G | Global Marketing | |
| BUS319 | Advertising and Sales Promotion | |
| BUS321 | Marketing Research | |
| BUS324 | Consumer Behavior | |
| Choose two from: | ||
| Economics elective | including ECO302 and above | |
| BUS208 | Business Writing | |
| BUS361 | Business Law | |
| Electives | from business and/or economics courses (minimum 6 credits; maximum 3 credits at the 100 level) c | |
| Total | 56-63 | |
| General Education | 51-52 | |
| Electives | 7-15 | |
| TOTAL | 122 | |
* A student may also choose to use this course to meet a General Education requirement.
a Students majoring in business must complete their core courses with a minimum grade of C in order to successfully complete the business major.
b Students considering graduate school in business are strongly encouraged to take BUS100M Business Calculus. (MAT124M Calculus I may be used as a substitute.)
c Not required of students who minor in management information systems in the Department of Math and Computer Science.
d Students in the Accounting Emphasis must take Internship in Business: Accounting
e COS105, COS212, COS216, COS218, COS313, COS377 may be used as business and/or economics electives.
f BUS202Z may be waived by petition upon the completion of an international study experience with prior approval of the department.
| BUS100M | Business Calculus * a | 3 |
| BUS105 | Information Technology and Applications b | 3 |
| BUS200 |
Personal Taxation Assistance |
|
| BUS210 | Financial Accounting | 4 |
| BUS220 | Principles of Marketing | 4 |
| BUS230 | Principles of Management | 4 |
| BUS310 | Intermediate Accounting I | 4 |
| BUS311 | Intermediate Accounting II | 4 |
| BUS312Z * | Federal Income Taxes | 3 |
| BUS313 | Strategic Managerial Accounting | 3 |
| BUS344 | Managerial Finance | 4 |
| BUS361 | Business Law | 3 |
| BUS390 | Investments | 4 |
| BUS410 | Advanced Accounting | 3 |
| BUS414 | Auditing Principles and Procedures | 4 |
| BUS440 | Capital Markets | 3 |
| BUS470 | Finance Seminar | 3 |
| BUS481 | Internship in Business c | 3-4 |
| ECO201 | Principles of Economics | 4 |
| ECO301 | Intermediate Microeconomics | 3 |
| ECO302 | Intermediate Macroeconomics | 3 |
| MAT131M * | Statistical Analysis * | 3 |
| Choose two from: | 6-7 | |
| BUS208 | Business Writing | |
| BUS370G* | International Business * OR | |
| BUS202Z* | Introduction to International Business * | |
| ECO305 | International Trade and Finance | |
| Electives d | (a minimum of 15 credits must be taken outside the Department of Business and Economics) | 18-22 |
|
Total |
99-105 | |
| General Education | 51-52 | |
| TOTAL | 150 |
* A student may also choose to use this course to meet a General Education requirement.
a MAT124M Calculus I may be used as a substitute.
b Not required of students who minor in computer science or management information systems in the Department of Math and Computer Science.
c This internship must be specifically dedicated towards accounting in order to fulfill current state-mandated requirements of 24 credits of upper division accounting courses. A maximum of six credits for internships can qualify for the 150-credit requirement under rules promulgated by the Minnesota Sate Board of Accountancy.
d These electives are a required component of the major. It is recommended that a minor in a discipline other than business or economics be completed to fulfill some of these electives.
| BUS105 | Information Technology and Applications | 3 |
| BUS110 | Personal Finance | 3 |
| BUS130 | Business Problem Solving | 3 |
| BUS210 | Financial Accounting | 4 |
| BUS220 | Principles of Marketing | 4 |
| BUS230 | Principles of Management | 4 |
| BUS332 | Entrepreneurship | 3 |
| BUS344 | Managerial Finance | 4 |
| BUS361 | Business Law | 3 |
| BUS370G* | International Business | 3 |
| BUS481 | Internship in Business | 3-4 |
| COS100 | Introduction to Programming | 3 |
| ECO201 | Principles of Economics | 4 |
| One elective | a minimum of 3 credits from Business/Economics or Computer Science | 3 |
| EDU200/201 | Intro. to Education/Intro. to Education Field Experience | 4 |
| EDU203 | School Health and Drugs | 2 |
| EDU220 | Introduction to Middle Level Education | 3 |
| EDU317GZ* | Understanding Diversity | 3 |
| EDU240 | Educational Psychology | 3 |
| EDU241 | Educational Psychology Field Experience | 1 |
| EDU320 | Pedagogy and the Young Adolescent Learner | 2 |
| EDU415 | Middle Level Education Practicum in Business | 1 |
| EDU416 | Methods in Teaching 5-12 Business | 4 |
| EDU490 | Student Teaching Block | 15 |
| Total | 85-86 | |
| General Education | 51-52 | |
| TOTAL | 136-138** |
* A student may also choose to use this course to meet a General Education requirement.
** Because of possible double-counting between General Education and the major, the actual total can be reduced to 124-125 credits.
| BUS105 | Information Technology and Applications | 3 |
| BUS210 | Financial Accounting | 4 |
| BUS220 | Principles of Marketing | 4 |
| BUS230 | Principles of Management | 4 |
| BUS344 | Managerial Finance | 4 |
| BUS390 | Investments | 4 |
| BUS440 | Capital Markets | 3 |
| BUS481 | Internship in Business | 3-4 |
| ECO201 | Principles of Economics | 4 |
| ECO301 | Intermediate Microeconomics | 3 |
| ECO302 | Intermediate Macroeconomics | 3 |
| ECO340 | Econometrics | 4 |
| ECO401 | Advanced Economic Theory | 3 |
| ECO499 | Senior Seminar | 3 |
| Choose from: | 3-4 | |
| BUS100M* |
Business Calculus |
|
|
MAT124M* |
Calculus 1 |
|
| MAT131M* | Statistical Analysis | 3 |
|
Electives |
from business and/or economics courses, excluding ECO200 (maximum of 3 credits at the 100 level) | 6 |
| General Education | 51-52 | |
| Electives | 7-10 | |
| TOTAL | 122 |
* A student may also choose to use this course to meet a General Education requirement.
| ECO201 | Principles of Economics | 4 |
| ECO301 | Intermediate Microeconomics | 3 |
| ECO302 | Intermediate Macroeconomics | 3 |
| ECO401 | Advanced Economic Theory | 3 |
| ECO499 | Senior Seminar | 3 |
| BUS481 | Internship in Business | 3-4 |
| Electives | from 200-level or above economics courses excluding ECO200 | 13 |
| MAT124M* | Calculus 1 | 4 |
| MAT131M* | Statistical Analysis | 3 |
| Total | 39-40 | |
| General Education | 51-52 | |
| Electives | 30-32 | |
| TOTAL | 122 |
* A student may also choose to use this course to meet a General Education requirement.
Students considering graduate studies in economics should elect MAT125, Calculus 2 and MAT211 Linear Algebra and give consideration to earning a mathematics minor.
(See Multidisciplinary section.)
This major is designed for students who wish to combine substantial work in the fields of business and political science with additional supporting courses in economics and mathematics.
|
Choose from: |
3 | |
| BUS100M*a | Business Calculus | |
| BUS130 | Business Problem Solving | |
| BUS210 | Financial Accounting | 4 |
| BUS220 | Principles of Marketing | 4 |
| BUS230 | Principles of Management | 4 |
| BUS344 | Managerial Finance | 4 |
| ECO201 | Principles of Economics | 4 |
| TOTAL | 23 |
a MAT124M Calculus I may be used as a substitute.
* A student may also choose to use this course to meet a General Education requirement.
| ECO201 | Principles of Economics | 4 |
|
Choose from: |
3 | |
| ECO301 | Intermediate Microeconomics | |
| ECO302 | Intermediate Macroeconomics | |
| Electives | from 200-level or above economics courses excluding ECO200 | 12 |
| TOTAL | 19 |
Students interested in programming business applications are advised to major in computer science with a minor in business. Students interested in combining MIS and business should major in business and minor in MIS.