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Twin Cities Campus

Economics B.S.

Economics
College of Liberal Arts
  • Program Type: Baccalaureate
  • Requirements for this program are current for Fall 2014
  • Required credits to graduate with this degree: 120
  • Required credits within the major: 48
  • Degree: Bachelor of Science
Economics emphasizes critical thinking and the understanding of basic economic principles. The B.S. is for students interested in graduate study in economics or in a career where quantitative economic analysis plays a significant role. The strong quantitative component in this degree emphasizes multivariate calculus, linear algebra, and econometrics. Students choose from courses in comparative economic systems, economic theory, econometrics, economic development, game theory, industrial organization, cost-benefit analysis, environmental, financial, international, mathematical, monetary, public, and labor economics. For more information, visit www.econ.umn.edu.
Program Delivery
This program is available:
  • via classroom (the majority of instruction is face-to-face)
Admission Requirements
Students must complete 4 courses before admission to the program.
For information about University of Minnesota admission requirements, visit the Office of Admissions website.
Required prerequisites
Preparatory Coursework
Note: these courses do not factor into the overall length in credits of the major.
ECON 1101 - Principles of Microeconomics [SOCS, GP] (4.0 cr)
ECON 1102 - Principles of Macroeconomics (4.0 cr)
MATH 1271 - Calculus I [MATH] (4.0 cr)
MATH 1272 - Calculus II (4.0 cr)
General Requirements
All students in baccalaureate degree programs are required to complete general University and college requirements including writing and liberal education courses. For more information about University-wide requirements, see the liberal education requirements. Required courses for the major, minor or certificate in which a student receives a D grade (with or without plus or minus) do not count toward the major, minor or certificate (including transfer courses).
Program Requirements
All major coursework must be taken A-F. Up to 3 credits of independent study (ECON 3991) may count toward the major. Supporting work in computer science, mathematics, and statistics is recommended. Only one country/area study course (ECON 3960, 4311, 4313, or 4315) or DUS-approved study-abroad course may count toward the electives requirement. All study-abroad or transfer courses must be approved by the director of undergraduate studies in the Department of Economics. Students must complete at least 12 credits of upper-division coursework (ECON 4xxx-5xxx) in residence at the University of Minnesota - Twin Cities campus. Students must take at least one writing intensive course in the major, or take ECON 4100W concurrently with ECON 4831, or an honors course. Students may receive no more than one undergraduate degree from the Department of Economics: a B.A. or a B.S. or a minor. Beginning fall 2012, all incoming CLA freshmen must complete the appropriate First Year Experience course sequence. Specific information about this collegiate requirement can be found at: http://class.umn.edu/degree_requirements/index.html
Major Requirements
ECON 3101 - Intermediate Microeconomics (4.0 cr)
ECON 3102 - Intermediate Macroeconomics (4.0 cr)
ECON 4261 - Introduction to Econometrics (4.0 cr)
MATH 2243 - Linear Algebra and Differential Equations (4.0 cr)
MATH 2263 - Multivariable Calculus (4.0 cr)
Take one of the following course pairs:
STAT 4101 - Theory of Statistics I (4.0 cr)
STAT 4102 - Theory of Statistics II (4.0 cr)
or STAT 5101 - Theory of Statistics I (4.0 cr)
STAT 5102 - Theory of Statistics II (4.0 cr)
Electives
Take a total of six courses for twenty credits. At least one 4xxx-5xxx course must be writing intensive. Students may substitute selected 5xxx APEC courses for one of the six required elective courses, with the prior approval of the director of undergraduate studies. ECON 4431W, 4631, 4721, 4731, 4741, and 4751 are also offered as four-credit honors courses open to all students.
Take 4 or more course(s) totaling 12 or more credit(s) from the following:
· ECON 3960 {Inactive} (3.0 cr)
· ECON 4171 {Inactive} (3.0 cr)
· ECON 4311 - Economy of Latin America (3.0 cr)
· ECON 4313 {Inactive} (3.0 cr)
· ECON 4315 {Inactive} (3.0 cr)
· ECON 4331W - Economic Development [WI] (3.0 cr)
· ECON 4337 {Inactive} (3.0 cr)
· ECON 4421W {Inactive} [WI] (3.0 cr)
· ECON 4432W - International Finance [WI] (3.0 cr)
· ECON 4531 - Labor Economics (3.0 cr)
· ECON 4621 {Inactive} (3.0 cr)
· ECON 4741H {Inactive} (4.0 cr)
· ECON 4821 - Public Economics (3.0 cr)
· ECON 4831 - Cost-Benefit Analysis (3.0 cr)
· ECON 4960 {Inactive} (4.0 cr)
· ECON 5890 {Inactive} (3.0 cr)
· ECON 4431W - International Trade [GP, WI] (3.0 cr)
or ECON 4431V {Inactive} [GP, WI] (4.0 cr)
· ECON 4631 - Industrial Organization and Antitrust Policy (3.0 cr)
or ECON 4631H {Inactive} (4.0 cr)
· ECON 4721 - Money and Banking (3.0 cr)
or ECON 4721H {Inactive} (3.0 cr)
· ECON 4731 {Inactive} (3.0 cr)
or ECON 4731H {Inactive} (4.0 cr)
· ECON 4751 - Financial Economics (3.0 cr)
or ECON 4751H {Inactive} (4.0 cr)
· May use one of the courses below with major adviser approval.
Take 0 - 1 course(s) from the following:
· MATH 4065 - Theory of Interest (4.0 cr)
· MATH 4606 {Inactive} (4.0 cr)
· Take 2 or more course(s) totaling 8 or more credit(s) from the following:
· ECON 4109H {Inactive} (4.0 cr)
· ECON 4113 {Inactive} (4.0 cr)
· ECON 4431V {Inactive} [GP, WI] (4.0 cr)
· ECON 4621H {Inactive} (4.0 cr)
· ECON 4631H {Inactive} (4.0 cr)
· ECON 4721H {Inactive} (3.0 cr)
· ECON 4731H {Inactive} (4.0 cr)
· ECON 4741H {Inactive} (4.0 cr)
· ECON 4751H {Inactive} (4.0 cr)
· ECON 4161 - Microeconomic Analysis I (2.0 cr)
ECON 4162 - Microeconomic Analysis II (2.0 cr)
· ECON 4163 - Microeconomic Analysis III (2.0 cr)
ECON 4164 - Microeconomic Analysis IV (2.0 cr)
· ECON 4165 - Macroeconomic Theory (2.0 cr)
ECON 4166 - Macroeconomic Theory (2.0 cr)
· ECON 4167 - Macroeconomic Theory (2.0 cr)
ECON 4168 - Macroeconomic Theory (2.0 cr)
Upper-division Writing Intensive within the major
Students are required to take one upper-division Writing Intensive course within the major. If that requirement has not been satisfied within the core major requirements, students must choose one course from the following list. Some of these courses may also fulfill other major requirements.
Take 0 - 1 course(s) from the following:
· ECON 4100W {Inactive} [WI] (1.0 cr)
· ECON 4331W - Economic Development [WI] (3.0 cr)
· ECON 4421W {Inactive} [WI] (3.0 cr)
· ECON 4431V {Inactive} [GP, WI] (4.0 cr)
· ECON 4431W - International Trade [GP, WI] (3.0 cr)
· ECON 4432W - International Finance [WI] (3.0 cr)
 
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ECON 1101 - Principles of Microeconomics (SOCS, GP)
Credits: 4.0 [max 4.0]
Course Equivalencies: Econ 1101/1165 ApEc 1101/1101H
Typically offered: Every Fall, Spring & Summer
Microeconomic behavior of consumers, firms, and markets in domestic and world economy. Demand and supply. Competition and monopoly. Distribution of income. Economic interdependencies in the global economy. Effects of global linkages on individual decisions. prereq: knowledge of plane geometry and advanced algebra
ECON 1102 - Principles of Macroeconomics
Credits: 4.0 [max 4.0]
Course Equivalencies: ApEc 1102/Econ 1102/1105/1112
Typically offered: Every Fall, Spring & Summer
Aggregate consumption, saving, investment, and national income. Role of money, banking, and business cycles in domestic and world economy. International trade, growth, and development. U.S. economy and its role in the world economy. International interdependencies among nations. prereq: [1101 or equiv], knowledge of plane geometry and advanced algebra
MATH 1271 - Calculus I (MATH)
Credits: 4.0 [max 4.0]
Course Equivalencies: Math 1271/Math 1381/Math 1571/
Typically offered: Every Fall, Spring & Summer
Differential calculus of functions of a single variable, including polynomial, rational, exponential, and trig functions. Applications, including optimization and related rates problems. Single variable integral calculus, using anti-derivatives and simple substitution. Applications may include area, volume, work problems. prereq: 4 yrs high school math including trig or satisfactory score on placement test or grade of at least C- in [1151 or 1155]
MATH 1272 - Calculus II
Credits: 4.0 [max 4.0]
Course Equivalencies: Math 1272/Math 1282/Math 1372/
Typically offered: Every Fall, Spring & Summer
Techniques of integration. Calculus involving transcendental functions, polar coordinates. Taylor polynomials, vectors/curves in space, cylindrical/spherical coordinates. prereq: [1271 or equiv] with grade of at least C-
ECON 3101 - Intermediate Microeconomics
Credits: 4.0 [max 4.0]
Course Equivalencies: Econ 3101/Econ 3012/ApEc 3001
Grading Basis: A-F or Aud
Typically offered: Every Fall, Spring & Summer
Behavior of households, firms, and industries under competitive/monopolistic conditions. Factors influencing production, price, and other decisions. Applications of theory. Economic efficiency. Distribution of well-being. Students cannot take this course if they have taken ApEc 3001, as ApEc 3001 does not contain all material in Econ 3101. prereq: ECON 1101, 1102, and MATH 1271 or equivalent courses approved by the Economics Department.
ECON 3102 - Intermediate Macroeconomics
Credits: 4.0 [max 4.0]
Course Equivalencies: Econ 3102/3024/ApEc 3006
Grading Basis: A-F or Aud
Typically offered: Every Fall, Spring & Summer
Determinants of national income, employment, and price level; effects of monetary and fiscal policies; emphasis on a general equilibrium approach. Applications of the theory, especially to current modern macroeconomic policy issues. ApEc 3006 cannot be substituted for ECON 3102. prereqs: ECON 1101 (or ECON 1165, APEC 1101), ECON 1102 (or APEC1102), ECON 3101, MATH 1271 or equivalent courses approved by the Economics Department.
ECON 4261 - Introduction to Econometrics
Credits: 4.0 [max 4.0]
Grading Basis: A-F or Aud
Typically offered: Every Fall, Spring & Summer
For Econ B.S. majors only. Review of basic linear regression model, its variants. Time series/simultaneous equation models. Material may include panel data, censored/truncated regressions, discrete choice models. prereq: (ECON 1101 or ECON 1165, APEC 1101), ECON 1102 (or APEC 1102), ECON 3101, MATH 1271, MATH 1272, MATH 2243, MATH 2263, STAT 4101 (or 5101), STAT 4102 (or 5102) or equivalent courses approved by the Economics Department.
MATH 2243 - Linear Algebra and Differential Equations
Credits: 4.0 [max 4.0]
Course Equivalencies: Math 2243/Math 2373/Math 2574H
Typically offered: Every Fall, Spring & Summer
Linear algebra: basis, dimension, matrices, eigenvalues/eigenvectors. Differential equations: first-order linear, separable; second-order linear with constant coefficients; linear systems with constant coefficients. prereq: [1272 or 1282 or 1372 or 1572] w/grade of at least C-
MATH 2263 - Multivariable Calculus
Credits: 4.0 [max 4.0]
Course Equivalencies: Math 2263/Math 2374/Math 2573H
Typically offered: Every Fall, Spring & Summer
Derivative as linear map. Differential/integral calculus of functions of several variables, including change of coordinates using Jacobians. Line/surface integrals. Gauss, Green, Stokes Theorems. prereq: [1272 or 1372 or 1572] w/grade of at least C-
STAT 4101 - Theory of Statistics I
Credits: 4.0 [max 4.0]
Typically offered: Every Fall & Spring
Random variables/distributions. Generating functions. Standard distribution families. Data summaries. Sampling distributions. Likelihood/sufficiency. prereq: Math 1272 or Math 1372 or Math 1572H
STAT 4102 - Theory of Statistics II
Credits: 4.0 [max 4.0]
Typically offered: Every Fall & Spring
Estimation. Significance tests. Distribution free methods. Power. Application to regression and to analysis of variance/count data. prereq: STAT 4101
STAT 5101 - Theory of Statistics I
Credits: 4.0 [max 4.0]
Typically offered: Every Fall
Logical development of probability, basic issues in statistics. Probability spaces. Random variables, their distributions and expected values. Law of large numbers, central limit theorem, generating functions, multivariate normal distribution. prereq: (MATH 2263 or MATH 2374 or MATH 2573H), (MATH 2142 or CSCI 2033 or MATH 2373 or MATH 2243)
STAT 5102 - Theory of Statistics II
Credits: 4.0 [max 4.0]
Typically offered: Every Fall & Spring
Sampling, sufficiency, estimation, test of hypotheses, size/power. Categorical data. Contingency tables. Linear models. Decision theory. prereq: [5101 or Math 5651 or instr consent]
ECON 4311 - Economy of Latin America
Credits: 3.0 [max 3.0]
Grading Basis: A-F or Aud
Typically offered: Every Fall & Spring
Economic evolution in Latin America since 1950. Trade liberalization, poverty, inflation, development strategies in selected Latin American countries. Theory/applications of important issues. prereq: [MATH 1271, ECON 1101, ECON 1102] or equiv
ECON 4331W - Economic Development (WI)
Credits: 3.0 [max 3.0]
Typically offered: Every Fall, Spring & Summer
Economic growth in low income countries. Theory of aggregate and per capita income growth. Population growth, productivity increases, and capital formation. Allocation of resources between consumption and investment and among sectors. International assistance/trade. prereq: ECON 1101 (or ECON 1165, APEC 1101), ECON 1102 (or APEC 1102), ECON 3101, ECON 3102, MATH 1271 or equivalent courses approved by the Economics Department, and completion of freshman writing practice.
ECON 4432W - International Finance (WI)
Credits: 3.0 [max 3.0]
Grading Basis: A-F or Aud
Typically offered: Every Spring
Balance of payments; international financial markets; exchange rate determination; international monetary system; international investment and capital flows; financial management of the multinational firm; open economy macroeconomic policy. prereq: ECON 1101 (or ECON 1165, APEC 1101), ECON 1102 (or APEC 1102), ECON 3101, ECON 3102, MATH 1271 or equivalent courses approved by the Economics Department and first-writing course.
ECON 4531 - Labor Economics
Credits: 3.0 [max 3.0]
Course Equivalencies: Econ 4531/Econ 4538
Grading Basis: A-F or Aud
Typically offered: Every Fall & Spring
Economic analysis of labor markets and their operations; population and labor force; labor market institutions; wage and employment theories; unions and collective bargaining; public policy. prereqs: (ECON 1101 or ECON 1165, APEC 1101), (ECON 1102 or APEC 1102), ECON 3101, ECON 3102, MATH 1271 or equivalent courses approved by the Economics Department
ECON 4821 - Public Economics
Credits: 3.0 [max 3.0]
Course Equivalencies: Econ 3801/Econ 4828/Econ 4821
Grading Basis: A-F or Aud
Typically offered: Every Fall & Spring
Competing views on proper role of government in economy. Effects of tax/spending policies, taking into account private agents' response to government actions/ways government officials may use powers. Optimal policies. Applications primarily to U.S. government. prereq: (ECON 1101 or ECON 1165, APEC 1101), (ECON 1102 or APEC 1102), ECON 3101, ECON 3102, MATH 1271 or equivalent courses approved by the Economics Department
ECON 4831 - Cost-Benefit Analysis
Credits: 3.0 [max 3.0]
Course Equivalencies: Econ 4611H/Econ 4831
Grading Basis: A-F or Aud
Typically offered: Every Fall, Spring & Summer
Evaluation of benefits and costs of public projects and programs. Issues connected with definition and measurement of benefits and costs. Rate of return and discount. Market imperfections, risk, uncertainty. Case studies. prereq: (ECON 1101 or ECON 1165, APEC 1101), (ECON 1102 or APEC 1102), ECON 3101, MATH 1271 or equivalent courses approved by the Economics Department
ECON 4431W - International Trade (GP, WI)
Credits: 3.0 [max 3.0]
Course Equivalencies: Econ 4431W/Econ 4431V/Econ 443
Grading Basis: A-F or Aud
Typically offered: Every Fall, Spring & Summer
Theories of trade/trade patterns. Trade restrictions/commercial policy. International factor movements. Economic growth/development. Regional integration. prereq: ECON 1101 (or ECON 1165, APEC 1101), ECON 1102 (or APEC 1102), ECON 3101, ECON 3102, MATH 1271, or equivalent courses approved by the Economics Department, and completion of freshman writing practice.
ECON 4631 - Industrial Organization and Antitrust Policy
Credits: 3.0 [max 3.0]
Course Equivalencies: Econ 3601/Econ 4631/Econ 4631H
Grading Basis: A-F or Aud
Typically offered: Every Fall, Spring & Summer
Relations between market structure, economic efficiency and welfare. Economic origins of monopoly and other restraints on competition. Purposes and effects of antitrust and related legislation. Industrial policy. prereq: (ECON 1101 or ECON 1165, APEC 1101), (ECON 1102 or APEC 1102), ECON 3101, MATH 1271 or equivalent courses approved by the Economics Department
ECON 4721 - Money and Banking
Credits: 3.0 [max 3.0]
Course Equivalencies: Econ 3701/Econ 4721/Econ 4721H
Grading Basis: A-F or Aud
Typically offered: Every Fall, Spring & Summer
Theories of money demand and money supply. Financial intermediation and banking, banking practices and regulation, role of the Federal Reserve system. Monetary theory and policy. prereq: (ECON 1101 or ECON 1165, APEC 1101), (ECON 1102 or APEC 1102), ECON 3101, ECON 3102, and MATH 1271, or equivalent courses approved by the Economics Department.
ECON 4751 - Financial Economics
Credits: 3.0 [max 3.0]
Course Equivalencies: Econ 4751/Econ 4751H/Econ 4758
Grading Basis: A-F or Aud
Typically offered: Every Fall, Spring & Summer
Financial decisions of firms/investors. Determination of interest rates and asset prices. Role of risk/uncertainty. Emphasizes economic models. prereqs: (ECON 1101 or ECON 1165, APEC 1101), (ECON 1102 or APEC 1102), ECON 3101, MATH 1271, STAT 3011 or equivalent courses approved by the Economics Department.
MATH 4065 - Theory of Interest
Credits: 4.0 [max 4.0]
Grading Basis: A-F only
Typically offered: Every Fall & Spring
Time value of money, compound interest and general annuities, loans, bonds, general cash flows, basic financial derivatives and their valuation. Primarily for students who are interested in actuarial mathematics. prereq: 1272 or 1372 or 1572
ECON 4161 - Microeconomic Analysis I
Credits: 2.0 [max 2.0]
Course Equivalencies: Econ 4161/Econ 8001
Grading Basis: A-F only
Typically offered: Every Fall
Theories of consumer demand, producer supply, and market equilibrium. General equilibrium and welfare. May include topics such as externalities, economics of information/uncertainty. Seven-week course. prereq: 3101, 3102, MATH 2243, MATH 2263, [[STAT 4101, STAT 4102] or equiv]
ECON 4162 - Microeconomic Analysis II
Credits: 2.0 [max 2.0]
Course Equivalencies: Econ 4162/Econ 8002
Grading Basis: A-F or Aud
Typically offered: Every Fall
Theories of consumer, producer, and market equilibrium. Includes general equilibrium, welfare, externalities, topics in information and uncertainty, and game theory. Seven-week course. prereq: 3101, 3102, 4161, MATH 2243, MATH 2263, [[STAT 4101, STAT 4102] or equiv],
ECON 4163 - Microeconomic Analysis III
Credits: 2.0 [max 2.0]
Course Equivalencies: Econ 4163/Econ 8003
Grading Basis: A-F only
Typically offered: Every Spring
The course is an introduction to basic concepts of stochastic calculus and application in economic analysis and finance. The aim of the course is to provide a treatment of the prerequisites. The requirements are basic probability and real analysis concepts; these will be reviewed in the first lectures. prereq: 3101, 3102, 4162, MATH 2243, MATH 2263, dept consent
ECON 4164 - Microeconomic Analysis IV
Credits: 2.0 [max 2.0]
Course Equivalencies: Econ 4164/Econ 8004
Grading Basis: A-F only
Typically offered: Every Spring
Theory and applications of dynamic optimal control to economic environments. Analysis of barrier problems, where a single decision must be made at some point in time; analysis of optimal control problems where multiple, continuous decisions are made over time. May include investment decisions, regulated decision-making and elements of dynamic contracting. prereq: 3101, 3102, 4163, MATH 2243, MATH 2263, [[STAT 4101, STAT 4102] or equiv], dept consent
ECON 4165 - Macroeconomic Theory
Credits: 2.0 [max 2.0]
Typically offered: Every Fall
Dynamic general equilibrium models: solving for paths of interest rates, consumption, investment, and prices. Seven-week course. Meets with 8105. prereq: 3101, 3102, MATH 2243, MATH 2263, [[STAT 4101, STAT 4102] or equiv], dept consent
ECON 4166 - Macroeconomic Theory
Credits: 2.0 [max 2.0]
Typically offered: Every Fall
Dynamic general equilibrium models: solving for paths of interest rates, consumption, investment, and prices. Seven-week course. Meets with 8106. prereq: 3101, 3102, 4165, MATH 2243, MATH 2263, [[STAT 4101, STAT 4102] or equiv], dept consent
ECON 4167 - Macroeconomic Theory
Credits: 2.0 [max 2.0]
Typically offered: Every Spring
General equilibrium models with uncertainty, search, matching, indivisibilities, private information. Implications of theory for measurement and data reporting. Overlapping generations, dynasty models with money/government. Variational/recursive methods. Seven-week course. Meets with 8107. prereq: 3101, 3102, 4166, MATH 2243, MATH 2263, [[STAT 4101, STAT 4102] or equiv], dept consent
ECON 4168 - Macroeconomic Theory
Credits: 2.0 [max 2.0]
Typically offered: Every Spring
General equilibrium models with uncertainty, search, matching, indivisibilities, private information. Implications of theory for measurement and data reporting. Overlapping generations, dynasty models with money/government. Variational/recursive methods. Seven-week course. Meets with 8108. prereq: 3101, 3102, 4167, MATH 2243, MATH 2263, [[STAT 4101, STAT 4102] or equiv], dept consent
ECON 4331W - Economic Development (WI)
Credits: 3.0 [max 3.0]
Typically offered: Every Fall, Spring & Summer
Economic growth in low income countries. Theory of aggregate and per capita income growth. Population growth, productivity increases, and capital formation. Allocation of resources between consumption and investment and among sectors. International assistance/trade. prereq: ECON 1101 (or ECON 1165, APEC 1101), ECON 1102 (or APEC 1102), ECON 3101, ECON 3102, MATH 1271 or equivalent courses approved by the Economics Department, and completion of freshman writing practice.
ECON 4431W - International Trade (GP, WI)
Credits: 3.0 [max 3.0]
Course Equivalencies: Econ 4431W/Econ 4431V/Econ 443
Grading Basis: A-F or Aud
Typically offered: Every Fall, Spring & Summer
Theories of trade/trade patterns. Trade restrictions/commercial policy. International factor movements. Economic growth/development. Regional integration. prereq: ECON 1101 (or ECON 1165, APEC 1101), ECON 1102 (or APEC 1102), ECON 3101, ECON 3102, MATH 1271, or equivalent courses approved by the Economics Department, and completion of freshman writing practice.
ECON 4432W - International Finance (WI)
Credits: 3.0 [max 3.0]
Grading Basis: A-F or Aud
Typically offered: Every Spring
Balance of payments; international financial markets; exchange rate determination; international monetary system; international investment and capital flows; financial management of the multinational firm; open economy macroeconomic policy. prereq: ECON 1101 (or ECON 1165, APEC 1101), ECON 1102 (or APEC 1102), ECON 3101, ECON 3102, MATH 1271 or equivalent courses approved by the Economics Department and first-writing course.