2013–2014 Economics Program (ECON)

Program Goals | Program Requirements | Business Core | Bachelor of Science | Bachelor of Arts | B.A. Pre-Law |  Minor | Course Descriptions

Divison Chair: Jennifer Harrison

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:

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:

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:

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.

Students must meet the college-wide graduation requirements in addition to the Economics major:

Undergraduate Business Core

Requirement Description
Credit Hours Prerequisites
Lower Division Business Courses 30*  
ACCT 213 Accounting Principles (4)—offered fall, spring, and summer    
ECON 253 Elementary Macroeconomics, LE* (4)—offered fall, spring, and summer    
ECON 263 Elementary Microeconomics (4)—offered fall, spring, and summer   ECON 253 (LE); MATH 141 (LE)
IRM 200 Principles of Information Resource Management*** (4)—offered fall, spring, and summer   co-requisite: MATH 150 (LE)
MATH 141 College Algebra, LE** (4)—offered every semester   MATH 105 or placement test
MATH 150 Elementary Statistics, LE** (4)—offered every semester   MATH 105 or placement test
MGMT 230 Business Quantitative Methods*** (3)—offered fall, spring, and summer   MATH 141 (LE), 150 (LE)
PHIL 206  Introduction to Ethics, LE * (3)    
Upper Division Business Courses 20  
FINC 300 Business Finance (4)—offered fall, spring, and summer   ACCT 213; ECON 253 (LE), 263; IRM 200; MATH 141 (LE), MATH 150 (LE)
MGMT 305 Principles of Management (4)—offered fall, spring, and summer   MATH 141 (LE)
MGMT 325 Business and Employment Law (4)—offered fall and spring   MGMT 305, MATH 141 (LE)
MGMT 475 Strategy in Global Management**** (4)   senior standing; see course description
MKTG 300 Principles of Marketing (4)—offered fall, spring, and summer   MATH 141 (LE)
TOTAL REQUIRED HOURS 50  

Notes:
* Students taking these courses as part of LE can double count these courses.
** Only one of MATH 141 and MATH 150 will count toward LE, but both are required. Students may be required to take both, based on math placement exams.
*** IRM 200 and MGMT 230 may be taken in the same semester as co-requisites.
**** In certain majors, Senior Seminar may substitute for MGMT *475

Bachelor of Science in Economics

Requirement Description
Credit Hours Prerequisites
I. Undergraduate Business Core 50  
MGMT 475 Strategy in Global Management (4)—offered fall, spring, and summer
or
  MGMT 325, see course description
ECON 485 Senior Seminar in Economics (4)—offered spring   ECON 317, 318, 499, except for BA in Pre-Law
II. Upper Division Required Courses 20  
ECON 317 Macroeconomics Theory (4)—offered fall   ECON 253 (LE), 263; MATH 141 (LE)
ECON 318 Microeconomic Theory (4)—offered spring   ECON 253 (LE), 263; MATH 141 (LE)
ECON 499 Econometrics (4)—offered fall   ECON 253 (LE); ECON 105 (LE) or HON 211
Upper Division Economics Electives (4)    
III. Practice/Experience Courses 2–4  
ECON 440* Internship (2–4)
or
  ECON 253 (LE), 263; junior/senior standing, see course description
ECON 441* Economics Practicum (4)
or
  ECON 253 (LE), 263; MATH 150 (LE)
ECON 442* Professional Portfolio (2)   ECON 253 (LE), 263; junior/senior standing, see course description
TOTAL HOURS FOR THE 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 Prerequisites
I. Undergraduate Business Core 12  
Students completing the Bachelor of Arts option (B.A.) must
complete either:
   
a. A declared academic minor other than a 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 Courses 12  
ECON 253 Elementary Macroeconomics (4)—offered fall, spring, and summer    
ECON 263 Elementary Microeconomics (4)—offered fall, spring, and summer   ECON 253 (LE); MATH 141 (LE)
MATH 150 Elementary Statistics (4)—offered every semester   MATH 105 or placement test
III. Upper Division Required Economics Courses 34–36  
ECON 311 History of Economic Thought (4)   ECON 105 or ECON 253 (LE) or HON 211
ECON 317 Macroeconomics Theory (4)—offered fall   ECON 253 (LE), 263; MATH 141 (LE)
ECON 318 Microeconomic Theory(4)—offered fall   ECON 253 (LE), 263; MATH 141 (LE)
ECON 440 Internship (2–4)   ECON 253 (LE), 263; junior/senior
standing, see course description
ECON 485 Senior Seminar in Economics (4)—offered spring   ECON 317, 318, 499, except for BA in Pre-Law, see course description
ECON 499 Econometrics (4)—offered fall   ECON 253 (LE), 263; MATH 141 (LE), 150
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 THE 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 Prerequisites
I. Lower Division Courses 12  
ECON 253 Elementary Macroeconomics (4)—offered fall, spring, and summer   ECON 253 (LE); MATH 141 (LE)
ECON 263 Elementary Microeconomics(4)—offered, fall, spring, and summer   MATH 105 or placement test
MATH 150 Elementary Statistics (4)—offered every semester    
II. Minor in English, Philosophy, or Business 20–24  
English Minor:    
ENGL 241 British and American Literature to 1660 (4)   ENGL 220 (LE)
ENGL 242 British and American Literature after 1660 (4)   ENGL 220 (LE)
ENGL 269 Literary Criticism and Research Methods (4)   ENGL 241 or ENGL 242
ENGL Electives (12)    
     
Philosophy Minor:    
PHIL 100/100D Introduction to Philosophy (3)    
PHIL 102 Critical Thinking (4)    
PHIL 201 History of Philosophy I (4)—offered alternate years
or
  PHIL 102
PHIL 202 History of Philosophy II (4)—offered alternate years   PHIL 102
PHIL 206/206D Introduction to Ethics, LE (3)    
PHIL 390 Thesis Research Pre-seminar in Philosophy (4)
or
  junior/senior standing, consent of instructor
PHIL 490 Research Seminar in Philosophy (4)   PHIL 390, senior standing, consent of instructor
Additional 6 hours of Philosophy coursework    
     
Business Minor:    
ACCT 213 Accounting Principles (4)—offered fall, spring, and summer    
FINC 300 Business Finance (4)—offered fall, spring, and summer   ACCT 213, ECON 253 (LE), 263; IRM 200; MATH 141 (LE), MATH 150 (LE)
co-requisite: MATH 150 (LE)
IRM 200 Principles of Information Resource Management (4)—offered fall, spring, and summer    
MGMT 305 Principles of Management (4)—offered fall, spring, and summer   MATH 141 (LE)
MKTG 300 Principles of Marketing (4)—offered fall, spring, and summer   MATH 141 (LE)
III. Upper Division Required Economics Courses 24  
ECON 317 Macroeconomics Theory (4)—offered fall   ECON 253 (LE), 263; MATH 141 (LE)
ECON 318 Microeconomic Theory (4)—offered spring   ECON 253 (LE), 263; MATH 141(LE)
ECON 418 Economics and the Law (4)—offered spring   ECON 253 ECON 253 (LE), 263; MATH 141 (LE), 263
Upper Division Economics Electives (12)    
IV. Other Upper Division Course Required 4  
MGMT 325 Business and Employment Law (4)—offered fall, spring and summer
or
  MATH 305, MATH 141 (LE)
PLSC 355 Constitutional Law: Civil Liberties (4)    
V. Senior Seminar 4  
ECON 485 Senior Seminar in Economics (4)—offered spring   ECON 317, 318, 499, except for BA in Pre-Law, see course description
TOTAL HOURS FOR THE PRE-LAW CONCENTRATION IN ECONOMICS 64–68  

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 Prerequisites
I. Requirement Description 20  
ECON 253 Elementary Macroeconomics, LE (4)—offered fall, spring, and summer    
ECON 263 Elementary Microeconomics (4)—offered fall, spring, and summer   ECON 253 (LE); MATH 141 (LE)
ECON 317 Macroeconomic Theory (4)—offered fall   ECON 253 (LE), 263; MATH 141 (LE)
ECON 318 Microeconomic Theory (4)—offered spring   ECON 253(LE), 263; MATH 141 (LE)
One additional upper division Economics course (4)    
III. Upper Division Required Economics Courses 24  
TOTAL HOURS FOR THE 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.