Currently, Centralia College offers offer two courses in economics that are fully transferrable to any Washington public institution.
ECON& 201 Microeconomics
Microeconomics is the study of individual markets and how prices and quantities react within those markets to meet the unlimited wants of human beings.
Micro means "small" or "pieces" and microeconomics examines the pieces of an economy. Any economy has markets where those who want something interact with those who offer it. Markets of special interest are those affected by taxes, trade and anti-trust. Most individuals are members of households and most output is made by companies. So microeconomics is the study of households, companies and the markets they interact in.
ECON& 202 Macroeconomics
Macroeconomics is the study of how any system allocates limited resources to meet unlimited human wants. The major concerns of macroeconomics policy are: inflation, full employment, national income accounting, fiscal policy, the money supply and international trade.
Macro means "big" or "whole" and macroeconomics examines the phenomena that affect the economy as a whole- such as growth, unemployment, inflation, business cycles, GDP accounting, fiscal policy, monetary policy.
- Associate- Two-year degrees in economics usually require no economics beyond macro and micro principles, though some even require an advanced math class such as calculus or statistics.
- Baccalaureate- Four-year degrees in economics require courses beyond basic principles that include theory and methods. Advanced courses in math and statistics are required as well.
- **Graduate study- Undergraduate economics is notorious for graphs. Graduate study in economics focuses on math and statistics to the point that there is little resemblance between the two. If you are in love with economics and at the same time are sure that you will never be able to attend an economics graduate program, then this is the major for you! However, if you want to work in the field of economics, a graduate degree is most helpful and the best undergraduate degrees for graduate study in econ are math, statistics, computer science and engineering.
- Master (terminal)- These programs are intended to prepare students for work in the field after roughly two years and are an alternative to an M.B.A. for many. They entail advanced math and statistics and some even require comprehensive exams and/or a thesis.
- Master (pre PhD.)- These programs prepare students for PhD. study in economics and entail advanced math and statistics. Most require comprehensive exams and/or a thesis.
- Master (of Philosophy)- This degree is conferred on PhD. students who are unable to continue further but pass their classes and all comprehensive exams. This is why some call it “ABD”- all but dissertation.
- Doctor of Philosophy (PhD.)- This is the only terminal degree available (other doctorates have been phased out) and requires course work, comprehensive exams and the completion of an original research project of professional caliber that a student must defend orally before a panel.
Demand for economics majors- Many point out the higher average income earned by economics majors. Some law schools contend that economics majors fare better than average. Only about 300-400 PhD.’s are conferred each year, about half of which return to their country of origin outside the U.S. On account of this reality, many master degrees in economics suffice where other subjects require a PhD.