2004-2005 Economics Program

2004 - 2005 Economics Program (ECON)

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

Recommended Plan of Study for Bachelor of Arts in Economics

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.