Economics

Faculty: Örn Bodvarsson (Dean), Richard Chapman, Rich Collins, Michael Mamo (Chair), James (Cid) Seidelman, Hal Snarr, John Watkins

Economics Courses

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

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

 

Starting Business Economics as a Sophomore

 

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.

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.

 

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.

*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.

 

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.

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.

 

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.

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.

 

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.

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.