2012 - 2013 Economics Program (ECON)
Program Requirements | Bachelor of Science | Plan of Study for BS | Bachelor of Arts | Plan of Study for BA | BA Pre-Law | Plan of Study for Pre-Law | Economics Minor | Course Descriptions
Department Chair: Maria Wrotniak
Faculty: Richard Chapman, Rich Collins, Aric Krause, Michael Mamo, James Seidelman, Christopher Tong, Jin Wang, 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 Bachelor of Arts in Economics and the Bachelor of Arts in Economics with a Pre-Law Concentration.
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 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 |
4 |
| ECON 318 |
Microeconomic Theory |
4 |
| ECON 499 |
Econometrics |
4 |
| Upper Division Economics Electives |
8 |
|
|
| III. Practice/Experience Courses |
2-4 |
| ECON 440* |
Internship |
2-4 |
| or |
|
|
| ECON 441* |
Economics Practicum |
4 |
| or |
|
|
| ECON 442* |
Professional Portfolio |
2 |
*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.
|
|
| TOTAL HOURS FOR B.S. ECONOMICS |
72-74 |
Note: All students must complete 124 hours of coursework to graduate, 30 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
IRM 200
PHIL 206 |
FINC 300
MGMT 230
MGMT 305
|
| 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.
| Requirement Description |
Credit Hours |
| I. Bachelor of Arts Requirement |
12 |
Students completing the Bachelor of Arts option (B.A.) must complete either:
| a. |
A declared academic minor other than the Business Minor; or |
| b. |
Twelve credit hours of a single foreign language; or |
| c. |
Eight credit hours of a single foreign language, and either: |
| |
- four credit hours of a Westminster May term study/cultural international experience, or
- four credits of an international study tour transferred from an accredited college or university.
|
See Foreign Language Requirement for equivalencies, AP and CLEP credit policy.
Students who plan on pursuing a Ph.D. in economics are strongly advised to choose option (a) with a minor in Mathematics or Applied Mathematics.
|
|
| II. Lower Division Business Courses |
12 |
| ECON 253 |
Elementary Macroeconomics |
4 |
| ECON 263 |
Elementary Microeconomics |
4 |
| MATH 150 |
Elementary Statistics |
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 485 |
Senior Seminar in Economics |
4 |
| ECON 499 |
Econometrics |
4 |
| Upper Division Economics electives |
12 |
|
|
| IV. Courses in Related Areas |
8 |
| Courses must be in related areas in the liberal arts: Anthropology, History, Philosophy, Political Science, Psychology, Sociology, or 200-level 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, 30 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 |
4 |
| ECON 263 |
Elementary Microeconomics |
4 |
| MATH 150 |
Elementary Statistics |
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 269 |
Literary Criticism and Research Methods (4) |
|
| ENGL |
Electives (12) |
|
Philosophy Minor (24 credits):
| PHIL 100/100D |
Introduction to Philosophy (3) |
|
| PHIL 102 |
Critical Thinking (4) |
|
| PHIL 206/206D |
Introduction to Ethics, LE (3) |
|
| Additional 6 hours of Philosophy coursework (6) |
|
| |
|
|
PHIL 201
or
PHIL 202 |
History of Philosophy I (4)
History of Philosophy II (4) |
|
| |
|
|
PHIL 390
or
PHIL 490 |
Thesis Research Pre-seminar in Philosophy (4)
Research Seminar in Philosophy (4) |
|
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 |
4 |
| ECON 318 |
Microeconomic Theory |
4 |
| ECON 418 |
Economics of the Law |
4 |
| Upper Division Economics Electives |
12 |
|
|
| IV. Other Upper Division Course Required |
4 |
MGMT 325
or
PLSC 355 |
Business and Employment Law (4)
Constitutional Law: Civil Liberties (4) |
|
|
|
| V. Senior Seminar |
4 |
| ECON 485 |
Senior Seminar in Economics |
4 |
|
|
| TOTAL HOURS FOR PRE-LAW CONCENTRATION IN ECONOMICS |
64-68 |
Note: All students must complete 124 hours of coursework to graduate, 30 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 - Pre-Law
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 |
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 |
4 |
| ECON 263 |
Elementary Microeconomics |
4 |
| ECON 317 |
Macroeconomic Theory |
4 |
| ECON 318 |
Microeconomic Theory |
4 |
| One additional upper division Economics course |
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.
