Bachelor of Science in Economics

Location: LAU Beirut & Byblos.
Duration: three years (for students admitted as sophomores).
Total Credits: 92.
Department: Economics

The only AACSB accredited economics program in Lebanon.

Economics is a social science that studies the allocation of scarce resources, welfare implications of resource allocation, markets, problems of economic growth and development of nations, questions of political economy, and government regulation and public policies.

The BS in Economics degree, which introduces students to the theory and application of economic analysis, is an excellent preparation for graduate studies in economics (see MA in Applied Economics), business, finance, law, public administration, sociology, international relations and other related fields.

Program Goals and Outcomes

The BS in Economics aims to offer candidates a deep understanding of business markets, organizations, trade, government and business policies. 

The graduate will:

  • Possess knowledge of core economic principles, theories and quantitative tools.
  • Have the ability to use economic analysis for the solution of business and organizational problems.
  • Have an understanding of the workings of economic policy instruments and objectives, and the linkages between the public sector and the private economy.
  • Use written and oral communication effectively.

Upon completion of the degree requirements, the graduate will be able to:

  • Demonstrate knowledge of key economic principles and theories of the macro and micro dimensions of market economies.
  • Express economic relationships using graphical and mathematical tools, and to empirically examine such relationships using regression methods.
  • Propose a solution to a business or economic problem using qualitative and quantitative reasoning.
  • Identify and evaluate the social and ethical implications of economic policy, theory and the market economy.
  • Deliver an effective oral presentation.
  • Demonstrate effective written communication.

Career Prospects

The BS in Economics provides students with the foundations of theoretical and applied economics. Students are prepared to work after graduation in business, government, international organizations and finance. 

With a Bachelor of Science in Economics, areas in which the graduate may pursue a career are: 

  • Economic Consultancy
  • Banking
  • Public Sector
  • Management Consultancy
  • Business and Economic Reporting
  • Policy Advising for Local and International Organizations
  • Statistics
  • Investment
  • Financial Risk

Admissions

Admission to any of the undergraduate programs offered at the Adnan Kassar School of Business follows the LAU general undergraduate requirements

According to the LAU Admissions Office, all undergraduate applicants must submit:

  • One recent passport-size photos (taken within the past six months).
  • A clear photocopy of your identity card or passport.
  • Proof of English proficiency via your official TOEFL, EEE, or SAT I writing section, the IELTS  or the ACT Writing section. The IELTS and the ACT Writing are effective Fall 2016.
  • Your official SAT I (math, critical reading, and writing) scores or the ACT effective Fall 2016.
  • Your certified official secondary school certificate. If it is not available yet, submit it to the Admissions Office on the campus of your choice as soon as it becomes available. Lebanese students with non-Lebanese diplomas must also submit the Equivalence of Lebanese Baccalaureate from the Ministry of Education.
  • Official transcript from schools you attended in the last three years. If your grades from the last year or semester are not available when you apply, they should be sent as soon as they are available. If you have studied one year at university, you have to secure the grades of your last two years at school. Transcripts should be sent to the Admissions Office on the campus of your choice in a sealed and stamped envelope.

Lebanese students who graduated from a non-Lebanese program must submit:

  • The equivalence to the Lebanese baccalaureate from the Lebanese Ministry of Education.

Note: If this document is not available when you submit your application, you may submit it as soon as it is available.

Students transferring from another university must submit:

  • Official transcripts of your grades from your current university along with a course catalog. Undeclared transcripts cannot be accepted after enrollment.
  • Please read about the requirements for transfer applicants, as you may need to provide other documentation depending on your particular case.

Program Requirements

To obtain the BS in Economics degree, the student should complete a total of 92 credits composed of:

  • Business Requirements (12 credits)
  • Quantitative Requirements (10 credits)
  • Economics Requirements (12 credits)
  • Economics Electives (18 credits)
  • Liberal Arts Core Requirements (13 credits)
  • Liberal Arts Electives (21 credits)
  • Free Electives (12 credits)

Business Requirements (12 credits)

Number Course Cr.
ACC203 Financial Accounting 3
ECO340 Economics of Organizations and Management 3
FIN301 Managerial Finance 3
MKT201 Introduction to Marketing 3

Quantitative Requirements (10 credits)

Number Course Cr.
QBA201 Managerial Statistics 3
ECO304 Mathematical Methods for Economics 3
ECO332 Introductory Econometrics 4

Economics Requirements (12 credits)

Number Course Cr.
ECO201 Microeconomics 3
ECO202 Macroeconomics 3
ECO305 Intermediate Microeconomics 3
ECO306 Intermediate Macroeconomics 3

Economics Electives (18 credits)

3 credits from the following courses:

Number Course Cr.
ECO344 Economics, Ethics and Philosophy 3
ECO346 Foundations of Political Economy 3

3 credits from the following courses:

Number Course Cr.
ECO311 Economic Development 3
ECO333 Comparative Economic Systems 3

12 credits from the following courses:

Number Course Cr.
ECO422 Public Finance 3
ECO320 Environmental, Resource and Energy Economics 3
ECO420 Monetary Theory and Policy 3
ECO335 International Economics 3
ECO402 Special Topics in Economics 3
ECO342 Labor and Human Resource Economics 3

Liberal Arts Core Requirements (13 credits)

Number Course Cr.
ARA2—/3— Arabic Language/Literature 3
CSC201 Computer Applications 1
ENG202 Sophomore Rhetoric 3
ENG203 Fundamentals of Oral Communication 3
HLT201 Basic Health 1
PED2— Physical Education 1
ETH201 Moral Reasoning 1

Liberal Arts Electives (21 credits)

Arts 3
Humanities  3
Literature 3
Science and Quantitative 3
Any LAC 3
& Social Sciences
Completed by passing ECO201 and ECO202
6

Free Electives (12 credits)1,2,3

Students planning to do graduate work in economics are advised to take at least MTH 201, MTH 301 and  MTH 304.

Students who want to increase their knowledge in related business fields are advised to choose from the following courses: FIN302, FIN 411, FIN 421, MGT441, MGT301, IBS311, HOM321 and FEB301.

Students are recommended to do a minor in a related field of study. Options available now at LAU: minor in Business, Mathematics, Political Science, Legal Studies, Actuarial Studies, and Computer Science.

Students are strongly encouraged to finish the English requirements within the first two academic years.

Courses

ECO201 Microeconomics [3-0, 3 cr.]

This course is an introductory course dealing with the nature and scope of economics, consumer behavior, theory of the firm, price determination and allocation of resources.

ECO202 Macroeconomics [3-0, 3 cr.]

This course is an introductory course dealing with the principles of national income accounting, national income determination, macroeconomics’ objectives and policy instruments, and the relative effectiveness of fiscal and monetary policies in stabilizing the economy.

ECO304 Mathematical Methods for Economics [3-0, 3 cr.]

This course covers advanced mathematical methods and tools used in modern economics. The course includes a brief calculus review, matrix theory, constrained optimization, and elements of game theory and dynamical systems. 

Prerequisites: BUS105 Business Math or equivalent.

ECO305 Intermediate Microeconomics [3-0, 3cr.]

This course covers in depth the theory and applications of consumer and producer behavior. It covers topics such as price/wage determination under various market structures, estimation of demand for a given product, analysis of a firm’s pricing strategies, levels of price discrimination, comparison of the welfare effects of different policies, and externalities and public goods.

Prerequisites: ECO201; ECO202

ECO306 Intermediate Macroeconomics [3-0, 3 cr.]

This course uses the latest theoretical techniques and models in macroeconomics to address the measurement and determination of income, prices, employment, interest rates, and aggregate demand and supply. The course also stresses stabilization, fiscal and monetary policies, various schools of macroeconomic thought and the sources of instability in the private economy.

Prerequisites: ECO201; ECO202

ECO311 Economic Development [3-0, 3 cr.]

This course covers the theories of economic development, planning and policies.  The course also discusses the building of institutional mechanisms to achieve development.

Prerequisite: ECO201; ECO202

ECO320 Environmental, Resource, and Energy Economics [3-0, 3 cr.]

This course introduces students to the basics of environmental and natural resource economics and the fundamentals of environmental policymaking. The first part of the course will discuss environmental pollution and policy solutions, the second part will discuss natural resource exploitation, sustainability and keys issues in energy economics. The course also highlights scientific facts that shape environmental policy debates.

Prerequisites: ECO201; ECO 202; ECO305

ECO332 Introductory Econometrics [4-0, 4 cr.]

This course introduces students to the theory and practice of econometric analysis. The course will include simple regression models, multiple regression models, regression with discrete random variables, and topics in time series analysis.

Prerequisites: QBA201 .

ECO333 Comparative Economic Systems [3-0, 3 cr.]

This course will examine the basic principles and institutions of past and contemporary economies, with a special emphasis on capitalist, socialist and mixed economic systems. The course provides information on the methodology to be employed in making economic and social comparisons across countries and regions, by exploring differences in institutions, policy and performance. In addition to comparing capitalist and socialist systems, the course will study the contemporary experience of transition from one economic system to another. The course will also devote attention to the growing interest in the comparative analysis of institutions in capitalist societies, and to the historical evolution of these institutions. This introduces students to recent comparative research on globalization and varieties of capitalism.

Prerequisites: ECO201; ECO202

ECO335 International Economics [3-0, 3 cr.]

This course deals with the principles of trade, resource allocation among nations, international monetary and exchange rate arrangements, and trade restriction problems.

Prerequisites: ECO201; ECO202

ECO340 Economics of Organizations and Management [3-0, 3 cr.]

This course is an introduction to the economics of organizations and management. The course focuses on decision-making within a firm and strategic interactions among firms in industries. The objective is to develop the knowledge and strategies useful in making efficient business or managerial decisions both within firms and between firms in different market settings. The course will also study the application of economic models to address the effectiveness of organizations.

Prerequisites: ECO201; ECO202.

ECO342 Labor and Human Resource Economics [3-0, 3 cr.]

This course introduces students to the economic analysis of labor markets and theories of human resources economics. The course includes topics in labor demand and supply, human capital accumulation, wage determination, inequality in earnings, unions and collective bargaining, training and human-resource development, productivity and pay, and labor discriminations.

Prerequisites: ECO201; ECO202

ECO344 Economics, Ethics and Philosophy [3-0, 3 cr.]

This course is an exploration of some topics at the intersection of economics, ethics and philosophy. The course will examine the ethical and philosophical foundations of normative economics, by seeking to understand the role of efficiency and equity considerations in economic behavior and policy-making. It seeks to investigate the role of ethical theories and concepts in comprehending economic life. The course will also examine questions concerning the methodology of economics, and the distinct nature of economics as a science. Some of the topics to be explored include rationality, self-interest, value, welfare, justice, optimality, models, causality and reductionism.

Prerequisites: ECO201; ECO202.

ECO346 Foundations of Political Economy [3-0, 3 cr.]

The course will address the fundamentals of political economy: production, exchange, value, and distribution. The course mainly is an exploration of the ideas of Adam Smith, Thomas Malthus, David Ricardo, Karl Marx and John Maynard Keynes. In addition, marginalist theory will be studied within the context of evolution of economic thought. The basic ideas of Veblen, Hayek and Schumpeter will also be briefly discussed. The course will draw lessons for the understanding of modern capitalism, in relation to issues such as technological change, market competition, wealth creation, income distribution, instability, long-run capitalist development, morality and class conflict.

Prerequisites: ECO201; ECO202

ECO402 Special Topics in Economics [3-0, 3 cr.]

This course deals with selected topics in economic theory.

Prerequisite: At least 12 credits in economics courses. This course may be repeated for credit with the consent of the instructor.

ECO420 Monetary Theory and Policy [3-0, 3 cr.]

This course covers money and the banking system’s nature and functions. The course covers the interaction between the monetary and real sectors, money supply and demand analysis, and the theory and transmission mechanisms of monetary policy, and central banking.

Prerequisites: ECO306

ECO422 Public Finance and Fiscal Policy [3-0, 3 cr.]

This course addresses government intervention under conditions of market failure. Topics covered include public debt, government expenditure patterns, and tax structures. These are considered from the perspective of government services provision and as public policy instruments.

Prerequisite: ECO201; ECO202