Economics
Faculty: Örn Bodvarsson (Dean), Richard Chapman, Rich Collins, Michael Mamo (Chair), James (Cid) Seidelman, Hal Snarr, John Watkins
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 Degree in Business Economics emphasizes the close relationship between economics and business and is designed for students who seek an economics degree integrated with a strong foundation in business fundamentals.
The Bachelor of Arts Degree in Economics has four areas of concentration for students to consider: the Bachelor of Arts in Economics with Liberal Arts Concentration, the Bachelor of Arts in Economics with a Pre-Law Concentration, the Bachelor of Arts in Economics with a Theory and Policy Concentration, and the Bachelor of Arts in Economics with a Mathematical Concentration
The Bachelor of Arts Degree in Economics with a Liberal Arts Concentration incorporates a significant liberal arts component emphasizing the close relationship between economics and the liberal arts. Students may tailor their major to their interests by either completing a minor in the liberal arts or completing a foreign language component along with additional liberal arts courses chosen in consultation with the Economics faculty and approved by the program director. The courses chosen do not need to be restricted to one discipline.
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, Business, Justice Studies, or Political Science.
The Bachelor of Arts Degree in Economics with a Theory and Policy Concentration recognizes the interests of students who wish to complete an intensive focus on theoretical and practical applications of economics to support their professional interests as analysts in government, public policy research groups, energy and environmental organizations, and for-profit and non-profit organizations.
The Bachelor of Arts Degree in Economics with a Mathematical Concentration creates a track for highly-motivated students who know in their sophomore year, or early in their junior year, that they wish to pursue graduate work in economics or quantitative fields. The Mathematical Concentration provides a clear path for students and advisors early in a student's progression of what coursework they should complete to be better prepared for graduate work in economics or quantitative fields.
All students majoring in Economics can:
- Assemble, analyze, and interpret empirical evidence and communicate outcomes effectively in written and verbal forms
- Analyze economic, social, and business problems and recommend courses of action while recognizing the role of assumptions and the limitations of economic analysis
- Demonstrate appreciation of the historical, cultural, and institutional foundations of the economy
- Demonstrate understanding of the policy implication of economic theories
- Demonstrate an appreciation of how the social sciences, history, and philosophy contribute to an understanding of economics
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 MBA Program for Westminster Graduates should consider only the Bachelor of Science in Economics 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 who major in the B.S. in Business Economics degree are also required to complete the ETS Major Field Test in Business before they are eligible to graduate. Exceptions may be considered by program chair when relocation or other conditions make completion of the test impractical.
Students must meet the college-wide graduation requirements in addition to the Economics major:
- WCore or Honors requirements
- 30 upper division hours
- 124 total hours
Undergraduate Business Core
Students in all business majors (with the exception of Flight Operations and B.A. Concentrations in Economics) are required to complete a common undergraduate Business Core designed to develop skills in all functional areas of business.
There are two components to the common undergraduate core: lower-division core requirements and upper-division core requirements. Since many of the lower-division core requirements are prerequisites for upper-division core requirements, students should work to complete lower-division courses early in their program of study. Upper-division core requirements should be taken when prerequisites are met. Prerequisites are noted in the table below.
* BUSI 102, Business Fundamentals I for Transfer Students, is only an option for transfer students or student majoring in arts administration; all other students should take BUSI 101A/BUSI 101B.
Bachelor of Science in Business Economics
REQUIREMENT DESCRIPTION | CREDIT HOURS | PREREQUISITES |
I. Undergraduate Business Core | 48-50 | |
Core Lower Division Courses | 25 | |
ACCT 213 Financial Accounting (3) | BUSI 102* or BUSI 101A and BUSI 101B | |
BUSI 101A Business Fundamentals I: Communicating (3) | ||
BUSI 101B Business Fundamentals I: Calculating (3) | MATH 101 or above | |
BUSI 200 Applied Business Math and Modeling (3) | BUSI 102* or BUSI 101A and BUSI 101B | |
BUSI 225 Business Law and Ethics (3) | BUSI 102* or BUSI 101A and BUSI 101B | |
ECON 253 Elementary Macroeconomics (3) | MATH 101 or above | |
ECON 263 Elementary Microeconomics (3) | MATH 101 or above | |
Choose one of the following courses: | ||
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Core Upper Division Courses | 23-25 | |
ACCT 313 Managerial Accounting (3) | ACCT 213 | |
BUSI 300 Information Technology (3) | BUSI 200 | |
BUSI 350 Business Fundamentals II: Integrative Core (2) The ETS exam is administered in BUSI 350. | ACCT 313; BUSI 225, 300; DATA 150 or 220; ECON 263; FINC 300; MGMT 305, MGMT 309; MKTG 300. | |
BUSI 440 Business Fundamentals III: Internship (1-8) or BUSI 441 Business Practicum (2-4) or BUSI 442 Business Portfolio (2) |
BUSI 350, junior or senior standing, and signed approval from the Practice/Exp Director. | |
(Transfer students must complete a min. of 15 Westminster credit hours or obtain permission
of instructor prior to completing an internship for credit.) All business majors are required to complete BUSI 440 or BUSI 441 or BUSI 442. |
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FINC 300 Business Finance (3) | BUSI 200 and ACCT 213 | |
MGMT 305 Principles of Management (4) | BUSI 102* or BUSI 101A and BUSI 101B | |
MGMT 309 Operations Management (3) | BUSI 200 | |
MKTG 300 Principles of Marketing (3) | BUSI 102* or BUSI 101A and BUSI 101B | |
II. Upper Division Required Courses | 22 | |
ECON 317 Macroeconomics Theory - offered fall (4) | ECON 253, 263; DATA 150 or 220. | |
ECON 318 Microeconomic Theory - offered spring (4) | ECON 253, 263; DATA 150 or 220. | |
ECON 499 Econometrics - offered fall (4) | ECON 253, 263; DATA 150 or 220 | |
Upper Division Economics Electives (10) | ||
III. Senior Capstone | 4 | |
ECON 485 Senior Seminar in Economics - offered spring (4) *BS.ECON students are required to complete the ETS exam, which is generally administered in BUSI 350. If students take ECON 485 instead of BUSI 350, please contact the Gore School of Business Administrative Office to schedule the exam. For ETS information, click here. |
Economics majors: ECON 317, 318;International Business majors: completion of the upper division required international courses or by instructor approval | |
TOTAL HOURS FOR THE B.S. IN BUSINESS ECONOMICS | 74-76 |
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.
*Exceptions may be considered by program chair when relocation or other conditions make completion of the test impractical.
Recommended Plan of Study for Business Economics (B.S.)
Starting Business Economics as a First-Year Student
Fall Semester | Spring Semester | |
Freshman Year | WCORE 1 WCORE 2 BUSI 101A (LC) BUSI 101B (LC) |
WCORE 3 WCORE 4 DATA 150 OR DATA 220 BUSI 225 |
Sophomore Year | WCORE 5 WCORE 6 BUSI 200 ECON 253 |
ECON 263 MKTG 300 ACCT 213 MGMT 305 |
Junior Year | ACCT 313 BUSI 300 FINC 300 ECON 317 |
BUSI 350 ECON 318 MGMT 309 |
Senior Year | BUSI 440, 441 or 442 ECON 499 ECON Elective |
ECON 485 ECON Elective ECON Elective |
Starting Business Economics as a Sophomore
Fall Semester | Spring Semester | |
Freshman Year | WCORE 1 WCORE 2 WCORE 3 |
WCORE 4 WCORE 5 WCORE 6 |
Sophomore Year | BUSI 101 ABUSI 101 BECON 253 DATA 150 or DATA 220 |
BUSI 200 BUSI 225 ECON 263 MKTG 300 |
Junior Year | ACCT 213 ECON 317 FINC 300 MGMT 305 |
ACCT 313 BUSI 300 MGMT 309 ECON 318 |
Senior Year | BUSI 440, 441 or 442 ECON 499 ECON Elective BUSI 350 |
ECON 485 ECON Elective |
Bachelor of Arts in Economics - Liberal Arts Concentration
Students completing the Bachelor of Arts in Economics with Liberal Arts Concentration do not complete the Undergraduate Business Core in Business.
REQUIREMENT DESCRIPTION | CREDIT HOURS | PREREQUISITES |
I. Bachelor of Arts - Liberal Arts | 20 | |
Students completing the Liberal Arts Concentration must complete either: | ||
(a) A declared academic minor from the School of Arts and Sciences (a Business minor is not eligible for this requirement) or | ||
(b) Twelve credit hours of a single world language and an additional eight hours of liberal arts courses or | ||
(c) Eight credit hours of a single world language and an additional eight hours of liberal arts courses, and either: | ||
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II. Lower Division Courses | 10 | |
ECON 253 Elementary Macroeconomics - offered fall, spring, and summer (3) | MATH 101 or above | |
ECON 263 Elementary Microeconomics - offered fall, spring, and summer (3) | MATH 101 or above | |
Choose one of the following courses: | ||
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. | |
III. Upper Division Required Economics and Related Courses | 32-34 | |
ECON 311 History of Economic Thought (4) | ECON 263 and either ECON 253 or HON 211 | |
ECON 317 Macroeconomics Theory - offered fall (4) | ECON 253, 263; DATA 150 or 220. | |
ECON 318 Microeconomic Theory - offered spring (4) | ECON 253, 263; DATA 150 or 220. | |
BUSI 440 Internship (2-4) (for all business majors, BUSI 440 or BUSI 441 or BUSI 442 is required) | ECON 253, 263; junior/senior standing, see description | |
ECON 499 Econometrics - offered fall (4) | ECON 253, 263; DATA 150 or 220 | |
Upper Division Economics Electives (14) | ||
IV. Senior Capstone | 4 | |
ECON 485 Senior Seminar in Economics - offered spring (4) | ECON 317, 318, 499, except for BA in Pre-Law, see description | |
TOTAL HOURS FOR THE B.A. ECONOMICS - Liberal Arts | 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.*Exceptions may be considered by program chair when relocation or other conditions make completion of the test impractical.
Recommended Plan of Study for Economics (B.A.) - Liberal Arts
In order to complete all major requirements, Economics majors should plan to take economics and liberal arts 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 144 Language I or Minor Requirement |
ECON 263 DATA 150 OR 220 Language II or Minor Requirement |
Sophomore Year | ECON 317 Language III or Minor Requirement |
ECON 311 ECON 318 |
Junior Year | ECON 499 ECON Elective |
ECON Elective Upper Division Elective Upper Division Elective |
Senior Year | BUSI 440, 441 or 442 ECON Elective |
ECON 485 ECON Elective |
Bachelor of Arts in Economics - Pre-Law Concentration
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 WCore requirements.
REQUIREMENT DESCRIPTION | CREDIT HOURS | PREREQUISITES |
I. Lower Division Courses - Pre-Law | 10 | |
ECON 253 Elementary Macroeconomics - offered fall, spring, and summer (3) | MATH 101 or above | |
ECON 263 Elementary Microeconomics - offered, fall, spring, and summer (3) | MATH 101 or above | |
Choose one of the following courses: | ||
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. | |
II. Minor in English, Philosophy, Business, Justice Studies, or Political Science | 20–24 | |
English Minor | ||
Philosophy Minor | ||
Business Minor | ||
Justice Studies | ||
Political Science | ||
III. Upper Division Required Economics Courses | 22 | |
ECON 317 Macroeconomics Theory - offered fall (4) | ECON 253, 263; DATA 150 or 220. | |
ECON 318 Microeconomic Theory - offered spring (4) | ECON 253, 263; DATA 150 or 220. | |
ECON 418 Economics and the Law - offered spring (4) | ECON 253, 263 | |
Upper Division Economics Electives (14) | ||
IV. Other Upper Division Course Required | 3-4 | |
Choose one of the following courses: | ||
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V. Senior Capstone | 4 | |
ECON 485 Senior Seminar in Economics—offered spring (4) *BS.ECON students are required to complete the ETS exam, which is generally administered in BUSI 350. If students take ECON 485 instead of BUSI 350, please contact the Gore School of Business Administrative Office to schedule the exam. For ETS information, click here. |
ECON 317, 318 | |
TOTAL HOURS FOR THE B.A. ECONOMICS - Pre-Law | 63–68 |
*Exceptions may be considered by program chair when relocation or other conditions make completion of the test impractical.
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 144 |
ECON 263 DATA 150 OR DATA 220 |
Sophomore Year | ECON 317 Minor Requirement |
ECON 318 Minor Requirement |
Junior Year | ECON Elective Minor Requirement | ECON 418 ECON Elective BUSI 225 or PLSC 355 |
Senior Year | ECON Elective Minor Requirement | ECON 485 ECON Elective |
Bachelor of Arts in Economics - Theory and Policy Concentration
Students completing the Bachelor of Arts in Economics with a Theory and Policy Concentration do not complete the Undergraduate Business Core in Business.
REQUIREMENT DESCRIPTION | CREDIT HOURS | PREREQUISITES |
I. Bachelor of Arts - Theory and Policy | 12 | |
Students completing the Theory and Policy Concentration must complete either: | ||
(a) Twelve credit hours of a single world language or | ||
(b) Eight credit hours of a single world language, and either: | ||
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See World Language Requirement for equivalencies, AP and CLEP credit policy. | ||
II. Lower Division Courses | 10 | |
ECON 253 Elementary Macroeconomics - offered fall, spring, and summer (3) | MATH 101 or above | |
ECON 263 Elementary Microeconomics - offered fall, spring, and summer (3) | MATH 101 or above | |
Choose one of the following courses: | ||
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. | |
III. Upper Division Required Economics and Related Courses | 42 | |
ECON 311 History of Economic Thought (4) | ECON 263 and either ECON 253 or HON 211 | |
ECON 317 Macroeconomics Theory - offered fall (4) | ECON 253, 263; DATA 150 or 220. | |
ECON 318 Microeconomic Theory - offered spring (4) | ECON 253, 263; DATA 150 or 220. | |
ECON 499 Econometrics - offered fall (4) | ECON 253, 263; DATA 150 or 220. | |
Required elective hours (26) - Choose from the following courses: | ||
MATH 201 Calculus I (4) | MATH 141, 142, 143, or 144 or a placement test | |
MATH 202 Calculus II (4) | MATH 201 or placement test | |
WCSAM 203 Linear Algebra (4) | ||
ECON 303 Money and Banking (4) | ECON 263 and either DATA 150 or 220 | |
ECON 319 International Economics (4) | ECON 253, 263, and either DATA 150 or 220 | |
ECON 325 Environmental Economics (4) | ECON 253 or 263 | |
ECON 365 Economic Justice (4) | ECON 253 or ECON 263 | |
ECON 412 Special Topics in Economics (2-4) | ||
ECON 418 Economics and the Law (4) | ECON 263 | |
ECON 493 Business Forecasting (4) | ECON 253 or ECON 263 and DATA 150 or DATA 220 | |
ECON 495 Mathematical Economics (4) | MATH 201, ECON 253, ECON 263 | |
IV. Senior Capstone | 4 | |
ECON 485 Senior Seminar in Economics - offered spring (4) *BS.ECON students are required to complete the ETS exam, which is generally administered in BUSI 350. If students take ECON 485 instead of BUSI 350, please contact the Gore School of Business Administrative Office to schedule the exam. For ETS information, click here. |
ECON 317, 318, 499, except for BA in Pre-Law, see description | |
TOTAL HOURS FOR THE B.A. ECONOMICS - Theory and Policy | 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.*Exceptions may be considered by program chair when relocation or other conditions make completion of the test impractical.
Recommended Plan of Study for Economics (B.A.) - Theory and Policy
In order to complete all major requirements, Economics majors should plan to take 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 144 Language I |
ECON 263 DATA 150 OR 220 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 Elective | ECON 485ECON Elective |
Bachelor of Arts in Economics - Mathematical Concentration
Students completing the Bachelor of Arts in Economics with a Mathematical Concentration do not complete the Undergraduate Business Core in Business.
REQUIREMENT DESCRIPTION | CREDIT HOURS | PREREQUISITES |
I. Bachelor of Arts - Mathematical Economics | 8 | |
Students completing the Mathematical Concentration must complete either: | ||
(a) Eight credit hours of a single world language or | ||
(b) Four credit hours of a single world language, and either: | ||
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See World Language Requirement for equivalencies, AP and CLEP credit policy. | ||
II. Lower Division Courses | 22 | |
ECON 253 Elementary Macroeconomics - offered fall, spring, and summer (3) | MATH 101 or above | |
ECON 263 Elementary Microeconomics - offered fall, spring, and summer (3) | MATH 101 or above | |
MATH 201 Calculus I - offered fall and spring (4) | MATH 141, 142, 143, 144 or placement test | |
MATH 202 Calculus II - offered fall and spring (4) | MATH 201 or placement test | |
MATH 203 Multivariate Calculus - offered every fall (4) | MATH 202 | |
DATA 220 Introduction to Statistics (4) | ||
III. Upper Division Required Economics Courses | 38 | |
ECON 311 History of Economic Thought (4) | ECON 263 and either ECON 253 or HON 211 | |
ECON 317 Macroeconomics Theory - offered fall (4) | ECON 253, 263; DATA 150 or 220. | |
ECON 318 Microeconomic Theory - offered spring (4) | ECON 253, 263; DATA 150 or 220. | |
ECON 493 Business Forecasting (4) | ECON 253 or ECON 263 and DATA 150 or DATA 220 | |
ECON 495 Mathematical Economics (4) | MATH 201, ECON 253, ECON 263 | |
ECON 499 Econometrics - offered fall (4) | ECON 253, 263; DATA 150 or 220. | |
Required Elective Hours (14) | ||
IV. Senior Capstone | 4 | |
ECON 485 Senior Seminar in Economics - offered spring (4) |
ECON 317, 318, 499, except for BA in Pre-Law, see description | |
TOTAL HOURS FOR THE B.A. ECONOMICS - Mathematical | 72 |
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.*Exceptions may be considered by
program chair when relocation or other conditions make completion of the test impractical.
Recommended Plan of Study for Economics (B.A.) - Mathematical
In order to complete all major requirements, Economics majors should plan to take 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 144 Language I |
ECON 263 DATA 150 OR 220 Language II |
Sophomore Year | ECON 317 | ECON 311 ECON 318 |
Junior Year | ECON 499 ECON Elective |
ECON Elective Upper Division Elective Upper Division Elective |
Senior Year | ECON Elective | ECON 485 ECON Elective |
Economics Minor
The minor in Economics meets the needs of students at the college who seek a basic foundation in economic analysis, with formal recognition of this on their transcript, but who are unable to complete the major. The Economics minor requires only 20 hours of coursework in intermediate and principles of economics. Most Business majors will have already taken the principles classes that are prerequisites for the intermediate courses. The minor offers training in economic theory through the intermediate level. The Economics minor should be attractive for students in other business majors as well as the social sciences. It is also ideal for students preparing for an MBA program, preparing for law school, or preparing for careers in nonprofits.
REQUIREMENT DESCRIPTION | CREDIT HOURS | PREREQUISITES |
I. Requirement Description | 20 | |
ECON 253 Elementary Macroeconomics - offered fall, spring, and summer (3) | MATH 101 or above | |
ECON 263 Elementary Microeconomics - offered fall, spring, and summer (3) | MATH 101 or above | |
ECON 317 Macroeconomic Theory - offered fall (4) | ECON 253, 263; DATA 150 or 220. | |
ECON 318 Microeconomic Theory - offered spring (4) | ECON 253, 263; DATA 150 or 220. | |
Six additional upper division Economics hours (6) | ||
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.