2004-2005 Economics Program

2004 - 2005 Economics Program (ECON)

Program Goals | Program Requirements | Bachelor of Science (ECBS) | Plan of Study for BS | Bachelor of Arts (ECBA) | Plan of Study for BA | Economics Minor | Course Descriptions

Program Director: John Watkins
Faculty: Richard Chapman, Rich Collins, Aric Krause, Michael Mamo, James Seidelman, Christopher Tong, John Watkins, Maria Wrotniak

Program Goals

The Economics Program offers a major and a minor in economics, which prepares students for careers in government, business, banking, and finance. The program also provides an excellent foundation for graduate work in economics, law, business, philosophy, history, and the social sciences. Students in the economics program select a program of study leading to a Bachelor of Arts degree or a Bachelor of Science degree.

The Bachelor of Arts degree (ECBA) incorporates a significant liberal arts component emphasizing the close relationship between economics and the liberal arts. In consultation with the economics faculty, students may tailor their majors to their interests by selecting courses in the following areas: political science, sociology, psychology, anthropology, history, philosophy, mathematics, and other arts and sciences courses as approved by the economics program director. Courses need not be restricted to one area. Students completing the bachelor of arts degree in economics should:

  • Demonstrate an ability to interpret and analyze quantitative data.
  • Demonstrate an ability to analyze economic, social, and business problems from the economic point of view, that is, weigh the costs and benefits.
  • Demonstrate an appreciation of the historical, cultural, and institutional foundations of the economy.
  • Demonstrate understanding of the policy implications of economic theories.
  • Demonstrate an appreciation of how the social sciences, history, and philosophy contribute to an understanding of economics.

The Bachelor of Science degree (ECBS) emphasizes the close relationship between economics and business and is designed for students who wish a business background or who wish to follow a planned progression into the Westminster MBA Program. Students completing the bachelor of science degree in economics should:

  • Demonstrate an ability to interpret and analyze quantitative data.
  • Demonstrate an ability to analyze economic, social, and business problems from the economic point of view, that is, weigh the costs and benefits.
  • Demonstrate an appreciation of the historical, cultural, and institutional foundations of the economy.
  • Demonstrate understanding of the policy implications of economic theories.
  • Demonstrate an appreciation for how economics integrates with business.

Students with a strong interest in economics are invited to join the Westminster Chapter of Omicron Delta Epsilon. Membership is open to students who have completed at least 12 credit hours in economics with a minimum 3.0 GPA in economics and 3.2 in their overall GPA.

Program Requirements

To fulfill requirements for a major in economics, students must complete the courses listed below. Students must maintain a 2.3 GPA in courses required for the economics major.

Bachelor of Science (ECBS)

Liberal Education Courses

Credit Hours

Economics students should take the following courses as part of the liberal education (LE) requirements. These courses must be completed before registering for upper division business courses:

ECON 253 Elementary Macroeconomics (LE Group 3)
ENGL 110 Composition and Research (LE Skills Requirement)
MATH 141 College Algebra (LE Group 10)
MATH 150 Elementary Statistics (LE Skills Requirement)






4
4
4
4


Requirement Description

Credit Hours

I.

Foreign Language Requirement

8

Economics majors must complete eight credit hours in one of the following ways:

  • Four credit hours of a foreign language, and either: four credit hours of a Westminster May term/summer international study tour, or four credits of an international study tour transferred from an accredited college or university.
  • Eight credit hours of a single foreign language.

See Foreign Language Requirement for equivalencies, AP and CLEP credit policy.

II.

Lower Division Business Courses

24

MGMT 110 Historical Traditions of Business and Entrepreneurship
ACCT 213 Accounting Principles
ECON 253 Elementary Macroeconomics
ECON 263 Elementary Microeconomics
IRM 200 Principles of Information Resource Management
MATH 150 Elementary Statistics

4
4
4
4
4
4

III.

Upper Division Business Courses

16

MGMT 305 Principles of Management
MGMT 325 Business and Employment Law
MGMT 485 Strategic Management
MKTG 300 Principles of Marketing

4
4
4
4

IV.

Upper Division Required Economics Courses

24

ECON 317 Macroeconomics Theory
ECON 318 Microeconomic Theory
ECON 499 Econometrics
Upper Division Economics electives

4
4
4
12

V.

Practice/Experience Courses

2 - 4

ECON 440* Internship
or
ECON 441* Economics Practicum
or
ECON 442* Professional Portfolio

*Note to transfers: all internships (440) must be taken at upper division level. For transfer of credit for 441 or 442, please see the Practice Experience Coordinator.

2 - 4

4

2




TOTAL HOURS FOR B.S. ECONOMICS

74 - 76

Note: All students must complete 124 hours of coursework to graduate, 40 hours of which must be upper division (300 level or above). Students may need to take other courses to complete the college hours requirement.

Please refer to the Undergraduate Degree Requirements section of this catalog for information about restrictions when completing a major and a minor or two majors.

Recommended Plan of Study for Bachelor of Science in Economics

In order to complete all major requirements, Economics majors should plan to take business courses in the following stages, subject to scheduling and availability constraints, in conjunction with other required courses and electives.

Freshman - Sophomore

Sophomore - Junior

ACCT

213 Accounting Principles

ACCT

313 Managerial Accounting

ECON

253 Elem Macroeconomics

ECON

263 Elem Microeconomics

IRM

200 Princ of Info Res Mgmt

MGMT

305 Princ of Management

MGMT

110 Hist/Trad of Bus &Entrep

MGMT

325 Business Law

MATH

141 College Algebra

MKTG

300 Princ of Marketing

MATH

150 Statistics

Foreign Language

Foreign Language

Junior - Senior

Upper Division ECON Electives

ECON

317 Macroeconomic Theory

ECON

318 Microeconomic Theory

ECON

499 Econometrics

MGMT

485 Strategic Practicum

ECON

440/441/442 Internship/Practicum/Portfolio Requirement

Bachelor of Arts (ECBA)

Liberal Education Courses

Credit Hours

Economics students should take the following courses as part of the liberal education (LE) requirements. These courses must be completed before registering for upper division business courses:

ECON 253 Elementary Macroeconomics (LE Group 3)
ENGL 110 Composition and Research (LE Skills Requirement)
MATH 141 College Algebra (LE Group 10)
MATH 150 Elementary Statistics (LE Skills Requirement)






4
4
4
4


Requirement Description

Credit Hours

I.

Foreign Language Requirement

8

Economics majors must complete eight credit hours in one of the following ways:

  • Four credit hours of a foreign language, and either: four credit hours of a Westminster May term/summer international study tour, or four credits of an international study tour transferred from an accredited college or university.
  • Eight credit hours of a single foreign language.

See Foreign Language Requirement for equivalencies, AP and CLEP credit policy.

II.

Lower Division Business Courses

16

MGMT 110 Historical Traditions of Business and Entrepreneurship
ECON 253 Elementary Macroeconomics
ECON 263 Elementary Microeconomics
MATH 150 Elementary Statistics

4
4
4
4

III.

Upper Division Required Economics Courses

34 - 36

ECON 311 History of Economic Thought 4
ECON 317 Macroeconomics Theory 4
ECON 318 Microeconomic Theory 4
ECON 440 Internship 2 - 4
ECON 499 Econometrics 4
Upper Division Economics electives 16

4
4
4
2 - 4
4
16

IV.

Upper Division Hours in Related Areas

8

Courses must be in related areas in the liberal arts or 200-level course or above in Computer Science or Mathematics

8

TOTAL HOURS FOR B.A. ECONOMICS

66 - 68

Note: All students must complete 124 hours of coursework to graduate, 40 hours of which must be upper division (300 level or above). Students may need to take other courses to complete the college hours requirement.

Recommended Plan of Study for Bachelor of Arts in Economics

In order to complete all major requirements, Economics majors should plan to take business courses in the following stages, subject to scheduling and availability constraints, in conjunction with other required courses and electives.

Freshman - Sophomore

Sophomore - Junior

ECON

253 Elem Macroeconomics

ECON

311 Hist. of Econ. Thought

ECON

263 Elem Microeconomics

ECON

317 Macroeconomic Theory

MGMT

110 Hist/Trad of Bus & Entrep

ECON

318 Microeconomic Theory

MATH

141 College Algebra

ECON

499 Econometrics

MATH

150 Statistics

Foreign Language

Foreign Language

Junior - Senior

ECON

440 Internship Requirement

Upper division electives in related areas

ECON

Upper Division Electives

Economics Minor

Requirement Description

Credit Hours

I.

Required Courses

20

ECON 253 Elementary Macroeconomics, LE
ECON 263 Elementary Microeconomics
ECON 317 Macroeconomic Theory
ECON 318 Microeconomic Theory
One additional upper division Economics course

4
4
4
4
4

TOTAL HOURS FOR ECONOMICS MINOR

20

Note: Students pursuing a minor in Economics with a major in another Gore School of Business program cannot use their ECON electives in both programs.