Economics

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Division Chair:  Michael Mamo

Faculty: Richard Chapman, Rich Collins, Michael Mamo, 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 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 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 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, Business, Justice Studies or Political Science.  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:

  • WCore requirements
  • 30 upper division hours
  • 124 total hours

Undergraduate Business Core

Students in all business majors (with the exception of flight operations and some economics programs) complete a common undergraduate core designed to develop skills in all functional areas of business.

There are two components to the common undergraduate core: the lower-division requirements, and the upper-division 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 programs. Upper-division core requirements should be taken when prerequisites are met. Prerequisites are noted in the table below.

REQUIREMENT DESCRIPTION CREDIT
HOURS
PREREQUISITES
I. Core Lower Division Courses 22
ACCT 213 Financial Accounting (3) BUSI 101A and BUSI 101B; or BUSI 102*
BUSI 101A Business Fundamentals I, Communicating (3)
BUSI 101B Business Fundamentals I, Calculating (3) MATH 101 or MATH 105
BUSI  200 Applied Business Math and Modeling (3) BUSI 101A and BUSI 101B; or BUSI 102*
BUSI 225 Business Law and Ethics (3) BUSI 101A and BUSI 101B; or BUSI 102*
ECON 253 Elementary Macroeconomics (3) MATH 101 or MATH 105
ECON 263 Elementary Microeconomics (3) MATH 101 or MATH 105
 Choose one of the following courses:
  • DATA 150 Data and Society (4)
  • DATA 220 Introduction to Statistics (4) – (recommended for students majoring in Economics)
.
Take MATH 105 or higher level Mathematics.
II. 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) ACCT 313; BUSI 225, 300; DATA 150 or 220; ECON 263; FINC 300; MGMT 305, MGMT 309; MKTG 300.
BUSI 440 or
BUSI 441 or
BUSI 442
Business Fundamentals III, Internship (1-8)
Business Practicum (2-4)
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.

 FINC 300 Business Finance (3) BUSI 200, ACCT 213
 MGMT 305 Principles of Management (4) BUSI 101A and BUSI 101B; or BUSI 102*
 MGMT 309 Operations Management (3) BUSI 200
 MKTG 300 Principles of Marketing (3) BUSI 101A and BUSI 101B; or BUSI 102*
TOTAL REQUIRED HOURS 48-50

* 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 Economics

REQUIREMENT DESCRIPTION CREDIT HOURS PREREQUISITES
I. Undergraduate Business Core 48-50
See the table above for Undergraduate Business Core requirements.
II. Upper Division Required Courses 24
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 485 Senior Seminar in Economics – offered spring (4) ECON 317, 318, 499, except BA, Pre-Law.
ECON 499 Econometrics – offered fall (4) ECON 253, 263; DATA 150 or 220
Upper Division Economics Electives (8)
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.)

Starting Business as a First-Year Student

  Fall Semester Spring Semester
Freshman Year WCORE1
WCORE2
BUSI 101A (LC)
BUSI 101B (LC)
WCORE3
WCORE4
DATA 150 OR DATA 220
BUSI 225
Sophomore Year

WCORE5
WCORE6
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

Starting Business as a Sophomore

Fall Semester Spring Semester
Freshman Year WCORE1
WCORE2
WCORE3
WCORE4
WCORE5
WCORE6
Sophomore Year

BUSI 101A
BUSI 101B
ECON 253
DATA 150 or DATA 220


BUSI 200
BUSI 225
ECON 263
MKTG 300

Junior Year

ACCT 213
BUSI 300
FINC 300
MGMT 305


ACCT 313
BUSI 350
MGMT 309

Senior Year

BUSI 440, 441 or 442
ECON 317
ECON 499
ECON Elective


ECON 485

ECON 318

ECON Elective


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. Bachelor of Arts 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 world language; or
c. Eight credit hours of a single world 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 World 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 Data Sience, CIS, Mathematics or Applied Mathematics.
II. Lower Division Courses 10
ECON 253 Elementary Macroeconomics – offered fall, spring, and summer (3) MATH 105
ECON 263 Elementary Microeconomics – offered fall, spring, and summer (3) MATH 101 or 105
Choose one of the following courses:
  • DATA 150 Data and Society (4)
  • DATA 220 Introduction to Statistics (4) – (recommended for students majoring in Economics)
.
Take MATH 105 or higher level Mathematics.
III. Upper Division Required Economics Courses 34–36
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 fall (4) ECON 253, 263; DATA 150 or 220.
BUSI 440 Internship (1-8)
(For all business majors, BUSI 440 or BUSI 441 or BUSI 442 is required.)
ECON 253, 263; junior/senior
standing, see description
ECON 485 Senior Seminar in Economics – offered spring (4) ECON 317, 318, 499, except for BA in Pre-Law, see description
ECON 499 Econometrics – offered fall (4) ECON 253, 263;  DATA 150 or 220.
Upper Division Economics Electives (12)
IV. Courses in Related Areas 8
Courses must be in related areas: Anthropology, CIS, Data Science, History, Philosophy, Political Science, Psychology, Sociology, or 200-level or above in Computer Science or Mathematics
TOTAL HOURS FOR THE B.A. ECONOMICS 64–66  

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*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


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 WCore requirements.

REQUIREMENT DESCRIPTION CREDIT HOURS PREREQUISITES
I. Lower Division Courses 10
ECON 253 Elementary Macroeconomics – offered fall, spring, and summer (3) MATH 105
ECON 263 Elementary Microeconomics – offered, fall, spring, and summer (3) MATH 101 or 105
Choose one of the following courses:
  • DATA 150 Data and Society (4)
  • DATA 220 Introduction to Statistics (4)
 .
Take MATH 105 or higher level Mathematics.
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 24
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 (12)
IV. Other Upper Division Course Required 3-4
Choose one of the following courses:
  • BUSI 225 Business Law and Ethics- offered fall, spring and summer (3)
  • PLSC 355 Constitutional Law: Civil Liberties (4)
V. Senior Seminar 4
ECON 485 Senior Seminar in Economics—offered spring (4) ECON 317, 318, 499, except for BA in Pre-Law, see course description
TOTAL HOURS FOR THE PRE-LAW CONCENTRATION IN ECONOMICS 61–66  

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


Economics Minor

REQUIREMENT DESCRIPTION
CREDIT HOURS PREREQUISITES
I. Requirement Description 18
ECON 253 Elementary Macroeconomics – offered fall, spring, and summer (3) MATH 105
ECON 263 Elementary Microeconomics – offered fall, spring, and summer (3) MATH 101 or 105
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.
One additional upper division Economics course (4)
TOTAL HOURS FOR THE ECONOMICS MINOR 18  

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.

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