Catalog 2022-2023

Economics and Business

Teaching Faculty

Professors Leonard, Rupert, and R. Scott 

Associate Professors Bergfeld (chair) and Looney
Assistant Professors Haden Chomphosy and Hanlon

Description

The Department of Economics and Business offers three majors: a major in Economics and Business, a major in Economics, and a major in Accounting; three minors: a minor in Business, a minor in Economics, and a minor in Accounting; and a graduate degree: Master of Arts in Accounting.  

Students are not allowed to earn a double-major solely in the Department. Likewise, students who major in Economics and Business, Economics, or Accounting may not minor in Business, Economics, or Accounting.

Major in Economics and Business

12 courses distributed as follows:

  • BUSI 200 Principles of Accounting I 
  • BUSI 210 Principles of Accounting II
  • ECON 200  Microeconomic Theory  
  • ECON 210  Macroeconomic Theory 
  • BUSI 250  Principles of Statistics 
  • ECON 410 Corporate Finance
  • 3 business and accounting courses from the following: 
              BUSI 260/261/262 Non-Profit/Sports/Art Management
              BUSI 300 Intermediate Accounting I 
              BUSI 310 Intermediate Accounting II 
              BUSI 320 Taxation for Individuals 
              BUSI 330 Cost Accounting 
              BUSI 350 Business Law
              BUSI 370 Auditing 
              BUSI 390 Accounting Information Systems and Database Management 
  • 3 economics courses from the following: 
              ECON 300  Advanced Microeconomic Theory  
              ECON 310  Advanced Macroeconomic Theory 
              ECON 320  Money, Banking, and Credit 
              ECON 340  Environmental Economics 
              ECON 360  International Economics  
              ECON 380  Public Finance  
              ECON 385  Labor Economics 
              ECON 400  Econometrics and Forecasting
              ECON 430  Management Science

Major in Economics

12 courses distributed as follows:

  • BUSI 200 Principles of Accounting I
  • BUSI 210 Principles of Accounting II 
  • ECON 200 Microeconomic Theory  
  • ECON 210 Macroeconomic Theory  
  • BUSI 250 Principles of Statistics  
  • MATH 130 Calculus I
  • ECON 300 Advanced Microeconomic Theory 
  • ECON 310 Advanced Macroeconomic Theory      
  • ECON 400 Econometrics and Forecasting
  • 3 economics courses from the following:
              ECON 320 Money, Banking, and Credit
              ECON 340 Environmental Economics
              ECON 360 International Economics
              ECON 380 Public Finance
              ECON 385 Labor Economics
              ECON 410 Corporate Finance
              ECON 430 Management Science

Note(s):

Graduate programs in Economics expect the following courses: ECON 300 Advanced Microeconomic Theory, ECON 310 Advanced Macroeconomic Theory, ECON 400 Econometrics and Forecasting, and ECON 497 Economic Research as well as the equivalent of a minor in mathematics.

Major in Accounting

12 courses distributed as follows:

  • BUSI 200 Principles of Accounting I  
  • BUSI 210 Principles of Accounting II
  • BUSI 300 Intermediate Accounting I
  • BUSI 310 Intermediate Accounting II
  • BUSI 330 Cost Accounting
  • ECON 200 Microeconomic Theory  
  • ECON 210 Macroeconomic Theory  
  • BUSI 250 Principles of Statistics 
  • ECON 410 Corporate Finance  
  • 2 accounting courses from the following: 
              BUSI 320  Taxation for Individuals  
              BUSI 370  Auditing 
              BUSI 390  Accounting Information Systems and Database Management
  • 1 economics course from the following: 
              ECON 300  Advanced Microeconomic Theory  
              ECON 310  Advanced Macroeconomic Theory  
              ECON 320  Money, Banking, and Credit  
              ECON 340  Environmental Economics 
              ECON 360  International Economics
              ECON 380  Public Finance 
              ECON 385  Labor Economics 
              ECON 400  Econometrics and Forecasting  
              ECON 430  Management Science

Senior Capstone Experience

Economics and Business Major

The Senior Capstone Experience for the economics and business major may be accomplished in one of four ways: 

  • Completion of the course ECON 497 Economic Research
  • Completion of the course BUSI 497 Corporate Strategy
  • Passing a comprehensive written examination with three parts: (1) BUSI 200, 210  Principles of Accounting I and II;  (2) ECON 200  Microeconomic Theory  and ECON 210 Macroeconomic Theory; and (3) a concentration based on two upper-level courses, both of which are either accounting or economics courses.  
  • Successful completion of an economic research project in conjunction with the Baker Prize in Economics. 

The grade for the Senior Capstone Experience is based on either the ECON 497 Economic Research course, the BUSI 497  Corporate Strategy  course, the written comprehensive examination, or determined by the faculty member sponsoring the Baker Prize research project.  

Economics Major

The Senior Capstone Experience for the economics major may be accomplished in one of three ways: 

  • Completion of the course ECON 497 Economic Research
  • Passing a comprehensive written examination with three parts: (1) BUSI 200, 210 Principles of Accounting I and II; (2) ECON 200  Microeconomic Theory and ECON 210 Macroeconomic Theory; and (3) a concentration based on two upper-level economics courses.  
  • Successful completion of an economic research project in conjunction with the Baker Prize in Economics. 

The grade for the Senior Capstone Experience is based on either the ECON 497 Economic Research course , the written comprehensive examination, or determined by the faculty member sponsoring the Baker Prize research project. 

 

Accounting Major

The Senior Capstone Experience for the accounting major may be accomplished in one of two ways: 

  • Completion of the course BUSI 497 Corporate Strategy  
  • Passing a comprehensive written examination with three parts: (1) BUSI 200, 210 Principles of Accounting I and II; (2) ECON 200  Microeconomic Theory and ECON 210 Macroeconomic Theory; and (3) a concentration based on two upper-level accounting courses.

The grade for the Senior Capstone Experience is based on either the Corporate Strategy course or the written comprehensive examination. 

Baker Prize in Economics

The Baker Prize in Economics is awarded in the spring to a rising senior majoring in the Economics and Business Department. Students compete for this award by submitting a proposal for an economic research project over the following summer under the supervision of a Hendrix College Economics Professor. The Baker Prize winner receives a stipend, and the completed research project can be used to satisfy the senior capstone requirement as well as an Odyssey undergraduate research (UR) credit. 

Minor in Business

6 courses from the following:

  • BUSI 200  Principles of Accounting I
  • BUSI 210  Principles of Accounting II 
  • ECON 200  Microeconomic Theory  
  • 3 courses from the following:
              BUSI 100 Contemporary Issues in Business and Entrepreneurship
              BUSI 260/261/262 Non-Profit/Sports/Art Management 
              BUSI 300 Intermediate Accounting I  
              BUSI 310 Intermediate Accounting II 
              BUSI 320 Taxation for Individuals  
              BUSI 330 Cost Accounting 
              BUSI 350 Business Law
              BUSI 370 Auditing
              BUSI 390 Accounting Information Systems and Database Management  
              ECON 210 Macroeconomic Theory   
              ECON 320 Money, Banking, and Credit  
              ECON 340 Environmental Economics  
              ECON 360 International Economics  
              ECON 380 Public Finance    
              ECON 385 Labor Economics  
              ECON 410 Corporate Finance 
              ECON 430  Management Science

Minor in Economics

6 courses distributed as follows:

  • MATH 130 Calculus I
  • ECON 200 Microeconomic Theory
  • ECON 210 Macroeconomic Theory 
  • 3 economics courses from the following:  
              ECON 300 Advanced Microeconomic Theory
              ECON 310 Advanced Macroeconomic Theory  
              ECON 320 Money, Banking, and Credit 
              ECON 340 Environmental Economics  
              ECON 360 International Economics 
              ECON 380 Public Finance  
              ECON 385 Labor Economics  
              ECON 400 Econometrics and Forecasting  
              ECON 410 Corporate Finance 
              ECON 430 Management Science 

Minor in Accounting

6 courses distributed as follows:

  • BUSI 200 Principles of Accounting I
  • BUSI 210 Principles of Accounting II
  • 3 accounting courses from the following:
              BUSI 300 Intermediate Accounting I 
              BUSI 310 Intermediate Accounting II 
              BUSI 320 Taxation for Individuals  
              BUSI 330 Cost Accounting  
              BUSI 370 Auditing 
              BUSI 390 Accounting Information Systems and Database Management  
  • ECON 200 Microeconomic Theory

Master of Arts in Accounting

8 courses distributed as follows:

  • ECON 530  Management Science 
  • ECON 550  Managerial Economics 
  • 6 courses from the following list including at least 4 business courses: 
              BUSI 500 Taxation for Business Entities 
              BUSI 510 Advanced Cost Accounting  
              BUSI 520 Seminar in Advanced Accounting 
              BUSI 530 Governmental and Non-Profit Accounting 
              BUSI 550 Business Law 
              BUSI 570 Auditing
              BUSI 585 Forensic Accounting and Fraud Examination
              BUSI 590 Accounting Information Systems and Database Management     
              BUSI 598 Independent Study or BUSI 599 Internship in Accounting
              ECON 500 Econometrics and Forecasting 
              ECON 590 Economic Research  
              ECON 599 Independent Study in Economics

Note(s):

  • No more than 2 of the 8 graduate course requirements may be satisfied by BUSI 598, BUSI 599, and ECON 599. 
  • Prerequisites for admittance into the Masters program include majoring in Accounting, Economics, or Economics and Business and consent of the faculty.
  • Because CPA Exam requirements vary by state, students should be informed of the prerequisites required by the state in which they plan to take the CPA Exam. The State of Arkansas requires 30 semester hours beyond the Hendrix B.A. in order to obtain CPA licensure. This fifth-year Master of Arts in Accounting program may be used to fulfill this requirement.
  • Interested students should contact the department chair by the end of their sophomore year for details or for information regarding programs offered to qualify for professional certification examinations.

Entrepreneurial Studies

Entrepreneurial Studies provides opportunities for the study of the current and historical role of entrepreneurs in market economies. It provides a forum for public debate about the roles played by entrepreneurs in local, regional, national and international economic spheres. The Center engages in activities complementing the educational enterprise at the College, such as sponsoring nationally prominent and local speakers on an occasional basis and an annual business plan competition. For additional information contact the Department of Economics and Business.

Contact: Lyle Rupert

Program Course Listings

The courses for this program are organized into the following categories:

Economics Courses

ECON 100

Survey of Economic Issues

An introduction to economic theory and practice with emphasis on applications to the contemporary social world.

Social and Behavioral Analysis SB
ECON 110

Title Unavailable

ECON 200

Microeconomic Theory

Introduction to concepts and methods of microeconomics. Emphasis is placed on resource allocation, effects of market structures, and the manner in which these market structures affect the economics decisions of a business entity.

Quantitative Studies QS
Social and Behavioral Analysis SB
ECON 210

Macroeconomic Theory

Introduction to concepts and methods of macroeconomics. Topics such as inflation, unemployment, and economic growth are examined. The role of monetary and fiscal policy in achieving macroeconomic objectives is emphasized.

Quantitative Studies QS
Social and Behavioral Analysis SB
ECON 300

Advanced Microeconomic Theory

Advanced Microeconomic Theory extends the analysis of supply and demand, utility maximization, and firm behavior with explicit attention to the mathematical underpinnings. This course also provides a basic introduction to game theory and the topics of risk and uncertainty. Prerequisites: ECON 200 and MATH 130 or higher

ECON 200 and MATH 130 or higher
Social and Behavioral Analysis SB
ECON 310

Advanced Macroeconomic Theory

A study of the functioning of the aggregate economy and the influences of monetary and fiscal policy on it. Special emphasis is placed on the economics of inflation. Prerequisites: ECON 200 and 210 or consent. Recommended: MATH 130 or higher.

ECON 200 and 210 or consent.
MATH 130 or higher.
ECON 320

Money, Banking, and Credit

A study of the U.S. commercial banking system and its role in the economy. Investigates the role of the Federal Reserve and the impact of monetary policy on the aggregate economy. Prerequisites: ECON 200 and 210 or consent

ECON 200 and 210 or consent
ECON 340

Environmental Economics

Introduces students to the ways in which the tools of economic analysis can enable them to better evaluate environmental issues and policies. Topics covered include alternative governmental responses to externalities, the Coase Theorem, criteria for evaluating economic efficiency, measurement and discounting of environmental costs and benefits, exhaustible resources, energy resources, and sustainability. Prerequisite: ECON 200

ECON 200
Social and Behavioral Analysis SB
Writing Level 2 W2
ECON 350

History of Economic Thought

An investigation of the evolution of economic ideas from the mercantilist period of the seventeenth century to the twentieth century. The economics of Adam Smith, Karl Marx, and David Ricardo, among others, are discussed. Emphasis is placed on how historical ideas inform current economic views. Prerequisites: ECON 100 or 200 or 210 or consent

ECON 100 or 200 or 210 or consent
Historical Perspectives HP
Social and Behavioral Analysis SB
Writing Level 2 W2
ECON 360

International Economics

Survey of the pure theory of trade and international monetary systems. International and domestic effects of each international monetary system are examined. Prerequisites: ECON 200 and ECON 210, or consent Recommended: ECON 300

ECON 200 and ECON 210, or consent
ECON 300
ECON 380

Public Finance-WII

This course discusses the function of government in the economy. The course covers the government’s role in education, health care, and income redistribution and examines taxation, public goods, externalities, and methods for measuring public welfare. Prerequisite: ECON 200 or consent

ECON 200 or consent
ECON 385

Labor Economics

This course applies microeconomic analysis to the labor market. It considers factors that influence the economy’s demand for labor and the supply of labor, discusses labor market problems such as unemployment and poverty, and employs statistical methods to analyze labor market data. Prerequisite: ECON 200 or consent

ECON 200 or consent
ECON 400

Econometrics and Forecasting

A study of multiple regression analysis and its use in the estimation, testing, and forecasting of economic phenomena and business relationships. Emphasis is placed on the application of statistical methods to actual economic and business data. This course may be taken for credit at the undergraduate or graduate level but not both. Prerequisite: BUSI 250

BUSI 250
ECON 410

Corporate Finance

Survey of modern fiscal management theory and concepts. Topics covered include valuation models of securities, capital expenditure decisions, analysis of financial statements, capital structure and financing decisions, and dividend policy. Prerequisites: ECON 200 and 210; BUSI 200 or consent

ECON 200 and 210; BUSI 200 or consent
ECON 430

Management Science

A study of mathematical modeling and problem solving applied to business issues. Topics include linear programming, integer programming, decision making under uncertainty, game theory, and inventory modeling. This course may be taken for credit at the undergraduate or graduate level but not both. Recommended: BUSI 250

BUSI 250
ECON 497

Economic Research-WII

The purpose of this course is to mentor students to complete an independent and original economics research project on a topic of the student’s choosing. The class is conducted primarily as a seminar with major focus on the successful completion of a senior research thesis.

Undergraduate Research UR
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Business Courses

BUSI 100

Topics: Business

A topics course that introduces concepts and skills from business and accounting to real-world contexts. The course is designed to provide early exposure of these skills to first-year students in preparation of more advanced business courses. Topics may include Business in Society, Intro to Marketing, and E-Commerce. This course can only be taken once for credit. Consult the online course schedule for information about the topics currently scheduled to be taught.

Social and Behavioral Analysis SB
BUSI 110

Personal Finance

This course covers critical thinking and quantitative skills in making decisions regarding personal financial issues. Specifically, the issues include money management, budgeting, payroll, taxes, student/auto/house loans and how interest rates work, consumer credit, insurance, retirement and estate planning, and general financial security. The course includes extensive spreadsheet modeling and data analysis.

Social and Behavioral Analysis SB
BUSI 200

Principles of Accounting I

A study of the generally accepted accounting principles and procedures of accumulating, measuring, and interpreting financial data of a business enterprise for use in financial reporting and in managerial decision-making.

BUSI 210

Principles of Accounting II

A study of the generally accepted accounting principles and procedures of accumulating, measuring, and interpreting financial data of a business enterprise for use in financial reporting and in managerial decision-making. Prerequisite: BUSI 200

BUSI 200
BUSI 250

Principles of Statistics

A study of representations and interpretations of our contemporary world of data. Topics include descriptive statistics, graphical presentations, statistical estimation, hypothesis testing, and regression analysis. Emphasis is placed on applications to business data.

Quantitative Studies QS
BUSI 260

Non-Profit Management

This course covers analytical and decision-making skills necessary to manage Non-Profit organizations. Students study management issues related to human resources, operations, finances, facilities, ethics, and communications that are common to most organizations during the first part of the course. Students then study specialized areas of management related to Non-Profit organizations during the last part of the course. BUSI 260, BUSI 261, and BUS 262 are taught concurrently. Students may enroll in and earn credit for only one of these three courses. Prerequisites: BUSI 200 and BUSI 210

BUSI 200 and BUSI 210
BUSI 261

Sports Management

This course covers analytical and decision-making skills necessary to manage Sport organizations. Students study management issues related to human resources, operations, finances, facilities, ethics, and communications that are common to most organizations during the first part of the course. Students then study specialized areas of management related to Sport organizations during the last part of the course. BUSI 260, BUSI 261, and BUS 262 are taught concurrently. Students may enroll in and earn credit for only one of these three courses. Prerequisites: BUSI 200 and BUSI 210

BUSI 200 and BUSI 210
BUSI 262

Art Management

This course covers analytical and decision-making skills necessary to manage Art organizations. Students study management issues related to human resources, operations, finances, facilities, ethics, and communications that are common to most organizations during the first part of the course. Students then study specialized areas of management related to Art organizations during the last part of the course. BUSI 260, BUSI 261, and BUS 262 are taught concurrently. Students may enroll in and earn credit for only one of these three courses. Prerequisites: BUSI 200 and BUSI 210

BUSI 200 and BUSI 210
BUSI 300

Intermediate Accounting I

A study of the conceptual framework of financial accounting and its implications in the measurement, analysis, recording, and reporting of information in financial statements. An emphasis is placed on revenue and expense recognition issues as well as asset and liability valuation concepts. Prerequisites: BUSI 200 and 210

BUSI 200 and 210
BUSI 310

Intermediate Accounting II

A study of the conceptual framework of financial accounting and its implications in the measurement, analysis, recording, and reporting of information in financial statements. An emphasis is placed on revenue and expense recognition issues as well as asset and liability valuation concepts. Prerequisites: BUSI 200, 210, and 300

BUSI 200, 210, and 300
BUSI 320

Taxation for Individuals

Federal Income Tax Law applicable to individuals and business enterprises with emphasis on tax determination and planning. Prerequisites: BUSI 200 and 210

BUSI 200 and 210
BUSI 330

Cost Accounting

A study of accounting systems and tools for product costing, organizational planning, control, and management decision making. Prerequisites: BUSI 200 and 210

BUSI 200 and 210
BUSI 350

Business Law

Introduction to law, its relation to and effect on society, business, and the individual. It includes the study of contracts, agencies, personal property, law of sales, and commercial paper. This course may be taken for credit at the undergraduate or graduate level but not both.

BUSI 370

Auditing

Theory and procedures underlying auditors’ responsibilities in examining and reporting on financial statements of a business enterprise. Includes professional ethics, auditing standards, reports, internal control, and the selection, scope, and application of auditing procedures. This course may be taken for credit at the undergraduate or graduate level but not both. Prerequisites: BUSI 300 or consent

BUSI 300 or consent
BUSI 390

Acct Info Sys & Database Mgmt

A study of accounting information systems with practical experience of using computerized database management techniques to manipulate financial information efficiently and to communicate it effectively. An emphasis is placed on using computerized controls to ensure data integrity in relational database management systems. This course may be taken for credit at the undergraduate or graduate level but not both. Prerequisite: BUSI 200 and 210 or consent

BUSI 200 and 210 or consent
BUSI 497

Corporate Strategy

Capstone course integrating the student’s previous study of economics and business. The course includes a study of the theory and application of corporate strategies. Company strategy and performance are evaluated through comprehensive case studies. Prerequisites: Senior standing and a declared major in the Department of Economics and Business

Senior standing and a declared major in the Department of Economics and Business
Special Projects SP
Writing Level 2 W2
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Master of Arts in Accounting

ECON 500

Econometrics and Forecasting

A study of multiple regression analysis and its use in the estimation, testing, and forecasting of economic phenomena and business relationships. Emphasis is placed on the application of statistical methods to actual economic and business data. This course may be taken for credit at the undergraduate or graduate level but not both. Prerequisite: Graduate standing or consent

Graduate standing or consent
ECON 530

Management Science

A study of mathematical modeling and problem solving applied to business issues. Topics include linear programming, integer programming, decision making under uncertainty, game theory, and inventory modeling. Prerequisite: Graduate standing or consent. This course may be taken for credit at the undergraduate or graduate level but not both.

Graduate standing or consent. This course may be taken for credit at the undergraduate or graduate level but not both.
ECON 550

Managerial Economics

Application of the tools of economic theory and statistics to managerial decision making. Topics include demand analysis, production theory, quantitative cost analysis, market analysis, and the theory of investment. Prerequisite: Graduate standing or consent

Graduate standing or consent
ECON 590

Economic Research

The purpose of this course is to mentor students to complete an independent and original economics research project on a topic of the student’s choosing. The class is conducted primarily as a seminar with major focus on the successful completion of a senior research thesis. Prerequisite: Prerequisite: ECON 500 and graduate standing or consent

Pre ECON 500 and graduate standing or consent
ECON 599

Independent Study

Students interested in independent studies in economics should contact the department chair. Prerequisite: Graduate standing or consent

Graduate standing or consent
BUSI 500

Taxation for Business Entities

Tax compliance and planning for corporations, partnerships, estates, and trusts. Prerequisite: Graduate standing or consent

Graduate standing or consent
BUSI 510

Advanced Cost Accounting

A study of cost-benefit analyses and other management science techniques used in economic decision-making. Specific topics include management control systems, cost-volume-profit analysis, budgeting, cost estimation and allocation, capital budgeting, and linear programming. Prerequisite: Graduate standing or consent

Graduate standing or consent
BUSI 520

Seminar in Advanced Accounting

A study of contemporary financial accounting theory and practice focusing on issues related to consolidated financial statements, partnerships and other financial accounting topics. Prerequisite: Graduate standing or consent

Graduate standing or consent
BUSI 530

Govt & Non-Profit Accounting

Accounting and reporting for governmental units and organizations established as not-for-profit organizations. Prerequisite: Graduate standing or consent

Graduate standing or consent
BUSI 550

Business Law

Introduction to law, its relation to and effect on society, business, and the individual. It includes the study of contracts, agencies, personal property, law of sales, and commercial paper. This course may be taken for credit at the undergraduate or graduate level but not both. This course may be taken for credit at the undergraduate or graduate level but not both. Prerequisite: Graduate standing or consent

Graduate standing or consent
BUSI 570

Auditing

Theory and procedures underlying auditors’ responsibilities in examining and reporting on financial statements of a business enterprise. Includes professional ethics, auditing standards, reports, internal control, and the selection, scope, and application of auditing procedures. This course may be taken for credit at the undergraduate or graduate level but not both. Prerequisite: Graduate standing or consent

Graduate standing or consent
BUSI 585

Forensic Acctg & Fraud Examination

This study of investigative accounting, fraud detection, consulting, and litigation support activities undertaken in the forensic accounting field. Prerequisite: BUSI 370/570 Auditing and graduate standing or consent

BUSI 370/570 Auditing and graduate standing or consent
BUSI 590

Acctg Info Sys & Database Mgmt

A study of accounting information systems with practical experience of using computerized database management techniques to manipulate financial information efficiently and to communicate it effectively. An emphasis is placed on using computerized controls to ensure data integrity in relational database management systems. This course may be taken for credit at the undergraduate or graduate level but not both. Prerequisite: Graduate standing and consent

Graduate standing and consent
BUSI 598

Internship

Students interested in an internship in business should contact the department chair. Prerequisite: Graduate standing or consent

Graduate standing or consent
BUSI 599

Independent Study

Students interested in independent studies in business should contact the department chair. Prerequisite: Graduate standing or consent

Graduate standing or consent
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