Michael Mamo, Division Chair
Faculty: Richard Chapman, Rich Collins, Michael Mamo, James Seidelman, Hal Snarr, Jin Wang, John Watkins, , Sheng Xiao
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:
- Interpret and analyze quantitative data.
- Analyze economic, social and business problems from the economic point of view.
- Demonstrate appreciation of the historical, cultural and institutional foundations of the economy.
- Demonstrate understanding of the policy implication of economic theories.
- Demonstrate 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:
- Interpret and analyze quantitative data.
- 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. Students are also required to complete the ETS Major Field Test in Business before they are eligible to graduate.
Students must meet the college-wide graduation requirements in addition to the Economics major:
- 124 total hours
- 30 upper division hours
- Liberal education distribution
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 OR MATH*143 (LE) | |
| IRM 200 Principles of Information Resource Management*** (4)—offered fall, spring, and summer | co-requisite: MATH 150 (LE) | |
| MATH*141 OR MATH*143 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 OR MATH*143 (LE), 150 (LE) | |
| PHIL 206 Introduction to Ethics, LE * (3) | ||
| Upper Division Business Courses | 16 | |
| FINC 300 Business Finance (4)—offered fall, spring, and summer | ACCT 213; ECON 253 (LE), 263; IRM 200; MATH*141 OR MATH*143 (LE), MATH 150 (LE) | |
| MGMT 305 Principles of Management (4)—offered fall, spring, and summer | MATH*141 OR MATH*143 (LE) | |
| MGMT 325 Business and Employment Law (4)—offered fall and spring | ||
| MKTG 300 Principles of Marketing (4)—offered fall, spring, and summer | MATH*141 OR MATH*143 (LE) | |
| TOTAL REQUIRED HOURS | 46 |
Notes:
* Students taking these courses as part of LE can double count these courses.
** Only one of MATH*141 OR MATH*143 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 | 46 | |
| See the table above for Undergraduate Business Core requirements. | ||
| II. Upper Division Required Courses | 24 | |
| MGMT 475 Strategy in Global Management (4)—offered fall, spring, and summer or ECON 485 Senior Seminar in Economics (4)—offered spring |
MGMT 325, see course description ECON 317, 318, 499, except for BA in Pre-Law | |
| ECON 317 Macroeconomics Theory (4)—offered fall | ECON 253 (LE), 263; MATH*141 OR MATH*143 (LE) | |
| ECON 318 Microeconomic Theory (4)—offered spring | ECON 253 (LE), 263; MATH*141 OR MATH*143 (LE) | |
| ECON 499 Econometrics (4)—offered fall | ECON 253 (LE); ECON 263 (LE) . MATH*141 OR MATH*143, MATH 150. | |
| Upper Division Economics Electives (8) | ||
| 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 OR MATH*143 |
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: | ||
|
||
| 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 OR MATH*143 (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 OR MATH*143 (LE) | |
| ECON 318 Microeconomic Theory(4)—offered fall | ECON 253 (LE), 263; MATH*141 OR MATH*143 (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 OR MATH*143 (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 Economics (B.A.)
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 OR MATH*143 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 OR MATH*143 (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 OR MATH*143 (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 OR MATH*143 (LE) | |
| MKTG 300 Principles of Marketing (4)—offered fall, spring, and summer | MATH*141 OR MATH*143 (LE) | |
| III. Upper Division Required Economics Courses | 24 | |
| ECON 317 Macroeconomics Theory (4)—offered fall | ECON 253 (LE), 263; MATH*141 OR MATH*143 (LE)) | |
| ECON 318 Microeconomic Theory (4)—offered spring | ECON 253 (LE), 263; MATH*141 OR MATH*143(LE) | |
| ECON 418 Economics and the Law (4)—offered spring | ECON 253 (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 |
||
| 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 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 OR MATH*143 |
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 OR MATH*143 (LE) | |
| ECON 317 Macroeconomic Theory (4)—offered fall | ECON 253 (LE), 263; MATH*141 OR MATH*143 (LE) | |
| ECON 318 Microeconomic Theory (4)—offered spring | ECON 253(LE), 263; MATH*141 OR MATH*143 (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.