2009-2010 Economics Program (ECON)

Department Chair: Maria Wrotniak
Faculty: Richard Chapman, Rich Collins, John Groesbeck, 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 majors also provide 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 (B.A.) degree or a Bachelor of Science (B.S.) degree.

The Bachelor of Science in Economics Degree emphasizes the close relationship between economics and business and is designed for students who wish a business background. 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.

The Bachelor of Arts in Economics has two major options for students to consider. The B.A. in Economics 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, which means weighing the costs and benefits.
Demonstrate an appreciation for 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 Arts Degree in Economics with a Pre-Law Concentration prepares students for graduate work in law or economics. Economics trains students to analyze legal issues in terms of costs and benefits. The extensive use of models helps students to approach problems logically. Moreover, many law schools incorporate economic principles in their approach to the law. The program further requires a minor in English, Philosophy, or business. Students completing the Bachelor of Arts degree in Economics with a Pre-Law Concentration should:

Demonstrate an ability to apply economic reasoning to legal issues.
Demonstrate an ability to communicate effectively.
Demonstrate an appreciation of the historical, cultural, and institutional foundations of the economy.
Demonstrate understanding of the policy implications of economic theories.

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.

Students who wish to participate in the Accelerated MBA Program for Westminster Graduates should consider only the Bachelor of Science in Economics, and should plan to take the GMAT and apply for admission to the MBA program during their senior year. Students are encouraged to meet with their program advisor for specific requirements. Information on the MBA program admission requirements is found in the MBA section of this catalog.

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 in Economics

Requirement Description		Credit Hours
I.	Undergraduate Business Core	50
.	Please refer to the Undergraduate Business Core page for requirements. Note: For BS in Economics, students may choose between: MGMT 475 Strategy in Global Management (4) or ECON 485 Senior Seminar in Economics (4)	.
II.	Upper Division Required Courses	20
.	ECON 317 Macroeconomics Theory ECON 318 Microeconomic Theory ECON 499 Econometrics Upper Division Economics Electives	4 4 4 8
III.	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		72-74

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 Economics (B.S.)

	Fall Semester	Spring Semester
Freshman Year	ECON 253 MATH 141	MATH 150
Sophomore Year	ACCT 213 ECON 263 MGMT 305 PHIL 206	FINC 300 IRM 200 MGMT 230
Junior Year	ECON 317 MGMT 325	ECON 318 ECON Elective MKTG 300
Senior Year	ECON 440/441/442 ECON 499 ECON Elective	ECON 485 or MGMT 475

Bachelor of Arts in Economics

Students completing the Bachelor of Arts in Economics do not complete the Undergraduate Business Core in Business. The following courses are required in addition to LE courses:

Requirement Description

Credit Hours

Bachelor of Arts Requirement

Students completing the Bachelor of Arts option (B.A.) must complete either:

a.	A declared academic minor other than the Business Minor;
b.	Twelve credit hours of foreign language in one of the following ways:
	Eight 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. Twelve credit hours of a single foreign language.

See Foreign Language Requirement for equivalencies, AP and CLEP credit policy. Students who choose option (b) twelve hours of foreign language, must also complete eight hours of courses in related areas in the liberal arts or 200-level course or above in Computer Science or Mathematics.

II.

Lower Division Business Courses

ECON 253 Elementary Macroeconomics
ECON 263 Elementary Microeconomics
MATH 150 Elementary Statistics

4
4
4

III.

Upper Division Required Economics Courses

34-36

ECON 311 History of Economic Thought
ECON 317 Macroeconomics Theory
ECON 318 Microeconomic Theory
ECON 440 Internship
ECON 485 Senior Seminar in Economics
ECON 499 Econometrics
Upper Division Economics electives

4
4
4
2-4
4
4
12

IV.

Courses in Related Areas

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

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.

	Fall Semester	Spring Semester
Freshman Year	ECON 253 MATH 141 Language I	ECON 263 MATH 150 Language II
Sophomore Year	ECON 317 Language III	ECON 311 ECON 318
Junior Year	ECON 499 ECON Elective	ECON Elective Upper Division Elective Upper Division Elective
Senior Year	ECON 440 ECON Elective	ECON 485

Bachelor of Arts in Economics - Pre-Law

Students completing the Bachelor of Arts in Economics with a Pre-Law concentration do not complete the Undergraduate Business Core in Business. The following courses are required in addition to LE requirements.

Requirement Description		Credit Hours
I.	Lower Division Business Courses	12
.	ECON 253 Elementary Macroeconomics ECON 263 Elementary Microeconomics MATH 150 Elementary Statistics	4 4 4
II.	Minor in English, Philosophy, or Business	20-24
.	English Minor (24 credits): ENGL 241 British and American Literature to 1660 (4) ENGL 242 British and American Literature after 1660 (4) ENGL 311 Introduction to Literary Studies (4) ENGL Electives (12) Philosophy Minor (20 credits): PHIL 100/100D Introduction to Philosophy (3) PHIL 201 History of Philosophy I (4) or PHIL 202 History of Philosophy II (4) PHIL 206/206D Introduction to Ethics, LE (3) PHIL 390 Thesis Research Pre-seminar in Philosophy (4) or PHIL 490 Research Seminar in Philosophy (4) Additional 6 hours of Philosophy coursework (6) Business Minor (20 credits): ACCT 213 Accounting Principles (4) FINC 300 Business Finance (4) IRM 200 Principles of Information Resource Management (4) MGMT 305 Principles of Management (4) MKTG 300 Principles of Marketing (4)	.
III.	Upper Division Required Economics Courses	24
.	ECON 317 Macroeconomics Theory ECON 318 Microeconomic Theory ECON 418 Economics of the Law Upper Division Economics Electives	4 4 4 12
IV.	Other Upper Division Course Required	4
.	MGMT 325 Business and Employment Law (4) or PLSC 355 Constitutional Law: Civil Liberties (4)	.
V.	Senior Seminar	4
.	ECON 485 Senior Seminar in Economics	.
TOTAL HOURS FOR PRE-LAW CONCENTRATION IN ECONOMICS		64-68

Recommended Plan of Study for Bachelor of Arts in Economics - Pre-Law

	Fall Semester	Spring Semester
Freshman Year	ECON 253 MATH 141	ECON 263 MATH 150
Sophomore Year	ECON 317 Minor Requirement	ECON 318 Minor Requirement
Junior Year	ECON Elective Minor Requirement (2)	ECON 418 ECON Elective MGMT 325 or PLSC 355
Senior Year	ECON Elective Minor Requirement	ECON 485

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.