Economics

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Division Chair: Michael Mamo

Faculty: Örn Bodvarsson (Dean), Richard Chapman, Rich Collins, Michael Mamo, 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.

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 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.

REQUIREMENT DESCRIPTION CREDIT
HOURS
PREREQUISITES
I. 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:
  • DATA 150 Data and Society (4)
  • DATA 220 Introduction to Statistics (4)
    (DATA 220 is strongly recommended for Economics majors)
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) The ETS exam is administered in BUSI 350. For ETS information, click here 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 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
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 Business 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 26
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)

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 BA, Pre-Law.
ECON 499 Econometrics – offered fall (4) ECON 253, 263; DATA 150 or 220
Upper Division Economics Electives (10)
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.

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 101A
BUSI 101B
ECON 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:
  • four credit hours of a Westminster May Term Study Experience or
  • four credits of an international study tour transferred from an accredited college or university.
NOTES
  • See World Language Requirement for equivalencies, AP and CLEP credit policy.
  • Students who plan on pursuing a Ph.D. in economics or related fields are strongly advised to choose option (a) with a minor in Data Science, Mathematics, or Applied Mathematics.
  • The eight additional hours required under (b) or (c) should be chosen from the following disciplines: Anthropology, Data Science, History, Justice Studies, Philosophy, Political Science, Psychology, Sociology, or 200-level or above in Computer Science or Mathematics.
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:
  • DATA 150 Data and Society (4)
  • DATA 220 Introduction to Statistics (4) (recommended for students majoring in Economics)
.
III. Upper Division Required Economics and Related Courses 36-38
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.
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 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
ECON 499 Econometrics – offered fall (4) ECON 253, 263; DATA 150 or 220
Upper Division Economics Electics (14)
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.

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:
  • DATA 150 Data and Society (4)
  • DATA 220 Introduction to Statistics (4)
.
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 26
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:
  • 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)

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

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:
  • four credit hours of a Westminster May Term Study 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.
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:
  • DATA 150 Data and Society (4)
  • DATA 220 Introduction to Statistics (4) (recommended for students majoring in Economics)
.
III. Upper Division Required Economics and Related Courses 46
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 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
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
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.

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 485
ECON 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:
  • four credit hours of a Westminster May Term Study 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.
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 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 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
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)
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.

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.

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