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Duluth Campus

Economics B.A.

Economics & Health Care Management
Labovitz School of Business and Economics
  • 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: 45
  • Degree: Bachelor of Arts
Economics is the study of social, business, and individual decision making and the goals, incentives, institutions, and constraints affecting those decisions. The B.A. Economics curriculum combines the classical liberal arts and modern quantitative approaches and is designed for students pursuing a second major or minor in traditional liberal arts disciplines or in mathematics and statistics. The B.A. prepares students for careers in business and government, the study of law, and graduate work in economics, management, public policy, and related fields. Business careers that require the analytical training of an economist include banking, management, insurance, marketing research, and securities trading. Economists who work for government agencies assess economic conditions in the United States and abroad and predict the economic impact of specific changes in legislation or public policy. Government careers include those in foreign and intelligence service, regulatory agencies, and international trade. Majors are encouraged to select a discipline that complements their chosen career path or builds on their analytical training. Students have considerable flexibility in designing their major to ensure it meets personal and professional interests and needs. Students should consult their department adviser to define the focus and coverage of their program and select courses in other disciplines. Students interested in graduate study should plan on taking both ECON 3030 and ECON 4213. The department faculty welcomes and encourages student interaction with other students and the faculty through activities such as UROP projects, Omicron Delta Epsilon (honorary society for economics), Economics Club, and other activities and events. Honors Requirements: The department honors program recognizes majors who demonstrate outstanding academic performance. Department honors are noted in the commencement bulletin and by the following notation on the student's transcript: Graduated With Distinction in Economics. To be eligible, degree candidates must earn a 3.20 GPA overall. In addition, candidates must earn a 3.20 GPA in economics courses and satisfactorily complete a research project under the guidance of a faculty member or complete an approved internship.
Program Delivery
This program is available:
  • via classroom (the majority of instruction is face-to-face)
Admission Requirements
For information about University of Minnesota admission requirements, visit the Office of Admissions website.
Required prerequisites
Introductory Course (1 cr)
Not required for transfer students with 30 or more credits, or for students who change college into LSBE.
UST 1000 - Learning in Community (1.0-2.0 cr)
General Requirements
  1. Students must meet all course and credit requirements of the departments and colleges or schools in which they are enrolled including an advanced writing course. Students seeking two degrees must fulfill the requirements of both degrees. However, two degrees cannot be awarded for the same major.
  2. Students must complete all requirements of the Liberal Education Program or its approved equivalent.
  3. Students must complete a minimum of 120 semester credits completed in compliance with University of Minnesota Duluth academic policies with credit limits (e.g., Satisfactory/Non-Satisfactory Grading Policy, Credit for Prior Learning, etc).
  4. At least 30 semester credits must be earned through UMD, and 15 of the last 30 credits earned immediately before graduation must be awarded by UMD.
  5. At least half of upper-division (3xxx-level or higher) credits that satisfy major requirements (major requirements includes all courses required for the major, including courses in a subplan) through UMD.
  6. If a minor is required, students must take at least three upper division credits in their minor field from UMD.
  7. For certificate programs, at least 3 upper-division credits that satisfy requirements for the certificate must be taken through UMD. If the program does not require upper division credits students must take at least one course from the certificate program from UMD.
  8. The minimum cumulative University of Minnesota (UMN) GPA required for graduation is 2.00 and includes only University of Minnesota coursework. A minimum UMN GPA of 2.00 is required in each UMD undergraduate major, minor, and certificate. No academic unit may impose a higher GPA standard to graduate.
  9. Diploma, transcripts, licensure, and certification will be withheld until all financial obligations to the University have been met.
Program Requirements
1. A second field of study (either a minor or another major). 2. At least 20 of the last 30 credits immediately before graduation must be taken at UMD. 3. Completion of the upper division economics core and an overall GPA of 2.80 for an internship and/or independent study.
Lower Division (14 cr)
ECON 1022 - Principles of Economics: Macro [LE CAT, SOC SCI] (3.0 cr)
ECON 1023 - Principles of Economics: Micro [LE CAT, SOC SCI] (3.0 cr)
Math
MATH 1160 - Finite Mathematics and Introduction to Calculus [LE CAT, LOGIC & QR] (5.0 cr)
or MATH 1296 - Calculus I [LE CAT, LOGIC & QR] (5.0 cr)
or MATH 1596 {Inactive} [LE CAT2, LOGIC & QR] (5.0 cr)
Statistics
ECON 2030 - Applied Statistics for Business and Economics [LOGIC & QR] (3.0 cr)
or PSY 3020 - Statistical Methods (4.0 cr)
or SOC 3155 - Quantitative Research Methods and Analysis (4.0 cr)
or STAT 1411 - Introduction to Statistics [LE CAT, LOGIC & QR] (3.0 cr)
or STAT 3611 - Introduction to Probability and Statistics (4.0 cr)
Upper Division (12 cr)
ECON 3022 - Intermediate Macroeconomics (3.0 cr)
ECON 3023 - Intermediate Microeconomics (3.0 cr)
ECON 3031 {Inactive} [LE CAT7] (3.0 cr)
ECON 3030 - Econometrics I (3.0 cr)
or ECON 4213 - Mathematical Economics (3.0 cr)
or STAT 5511 - Regression Analysis (3.0 cr)
Electives (15 cr)
ECON 3402 or 3512 cannot apply as electives. By approval, one 3xxx or above course outside of ECON may be applied. No more than 6 credits of any combination of internship, independent study, or courses outside ECON can be used for upper division electives. Students who want to focus on international/development should consider the following courses: ECON 3150, 3721, 3777, 4410, 4935. Students who want to focus on health economics should consider the following courses: ECON 3910, 4040, 4512.
Take 5 or more course(s) totaling 15 or more credit(s) from the following:
· ECON 3xxx
· ECON 4xxx
Advanced Writing Requirement (3 cr)
BCOM 3141 - Business Communications (3.0 cr)
or WRIT 31xx
 
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UST 1000 - Learning in Community
Credits: 1.0 -2.0 [max 2.0]
Course Equivalencies: EHS 1000/UST 1000/ ES 1000
Grading Basis: A-F or Aud
Typically offered: Every Fall & Spring
Facilitates the successful transition into college learning and student life at UMD. Credit will not be granted if already received for EHS 1000.
ECON 1022 - Principles of Economics: Macro (LE CAT, SOC SCI)
Credits: 3.0 [max 3.0]
Grading Basis: A-F or Aud
Typically offered: Every Fall & Spring
Analyzing overall performance of an economic system. National income accounting and theory, unemployment, inflation, fiscal policy, money, monetary policy, economic growth, international trade, non-U.S. economies, and real-world application of these concepts. prereq: Minimum 15 credits or department consent
ECON 1023 - Principles of Economics: Micro (LE CAT, SOC SCI)
Credits: 3.0 [max 3.0]
Grading Basis: A-F or Aud
Typically offered: Every Fall & Spring
Analyzing free enterprise system through study of product and resource markets. Supply and demand, utility, production and cost, market structure, resource use, market failures, regulatory role of government, and real-world application of these concepts. prereq: Minimum 15 credits or department consent
MATH 1160 - Finite Mathematics and Introduction to Calculus (LE CAT, LOGIC & QR)
Credits: 5.0 [max 5.0]
Grading Basis: A-F or Aud
Typically offered: Every Fall, Spring & Summer
Elementary functions, matrices, graphical and algebraic methods for solving systems of linear equations and inequalities, introduction to linear programming, and abbreviated treatment of calculus with emphasis on business and social science applications. prereq: Math ACT 24 or higher or a grade of at least C- in Math 1005 or department consent; if you have received credit for 1290 or 1296 or 1596, you will not receive credit for Math 1160.
MATH 1296 - Calculus I (LE CAT, LOGIC & QR)
Credits: 5.0 [max 5.0]
Course Equivalencies: Math1290/1296/1596
Grading Basis: A-F or Aud
Typically offered: Every Fall, Spring & Summer
First part of a standard introduction to calculus of functions of a single variable. Limits, continuity, derivatives, integrals, and their applications. prereq: Math ACT 27 or higher or a grade of at least C- in Math 1250 or department consent
ECON 2030 - Applied Statistics for Business and Economics (LOGIC & QR)
Credits: 3.0 [max 3.0]
Grading Basis: A-F or Aud
Typically offered: Every Fall, Spring & Summer
Introduction to modern business statistics, emphasizing problem solving applications through statistical decision making using case studies. Topics include organization and presentation of data, summary statistics, distributions, statistical inference including estimation, and hypothesis testing. prereq: minimum 30 credits, LSBE student, pre-business or pre-accounting or Econ BA major or Graphic Design and Marketing major or Graphic Design with Marketing subplan major or Econ minor or Accounting minor or Business Admin minor or Arts Administration; credit will not be granted if already received for Econ 2020, Stat 1411, Stat 2411, Stat 3611, Soc 3151, Psy 3020
PSY 3020 - Statistical Methods
Credits: 4.0 [max 4.0]
Grading Basis: A-F or Aud
Typically offered: Every Fall, Spring & Summer
Descriptive statistics; introduction to correlational analysis and regression; sampling techniques and statistical inference; applications of simple and factorial design analysis of variance and other parametric and nonparametric hypothesis-test statistics in the behavioral sciences. prereq: Math ACT 21 or higher or Accuplacer score of 237-300 or higher or MATH 1005
SOC 3155 - Quantitative Research Methods and Analysis
Credits: 4.0 [max 4.0]
Grading Basis: A-F or Aud
Typically offered: Every Fall & Spring
Descriptive statistics. Measures of central tendency, deviation, association. Inferential statistics focusing on probability and hypothesis testing. T-tests, Chi-square tests, analysis of variance, measures of association, introduction to statistical control. Statistical software (SPSS) used to analyze sociological data. Lab. prereq: 2155, crim major or soc major or URS major, min 30 cr
STAT 1411 - Introduction to Statistics (LE CAT, LOGIC & QR)
Credits: 3.0 [max 3.0]
Grading Basis: A-F or Aud
Typically offered: Every Fall & Spring
Statistical ideas involved in gathering, describing, and analyzing observational and experimental data. Experimental design, descriptive statistics, correlation and regression, probabilistic models, sampling, and statistical inference. prereq: Math ACT 21 or higher or a grade of at least C- in MATH 0103 or department approval
STAT 3611 - Introduction to Probability and Statistics
Credits: 4.0 [max 4.0]
Grading Basis: A-F or Aud
Typically offered: Every Fall, Spring & Summer
Basic probability, including combinatorial methods, random variables, mathematical expectation. Binomial, normal, and other standard distributions. Moment-generating functions. Basic statistics, including descriptive statistics and sampling distributions. Estimation and statistical hypothesis testing. prereq: A grade of at least C- in Math 1290 or Math 1296
ECON 3022 - Intermediate Macroeconomics
Credits: 3.0 [max 3.0]
Grading Basis: A-F or Aud
Typically offered: Every Fall & Spring
Determinants of national income, employment, and price levels with particular attention to aggregate demand and aggregate supply, and monetary and fiscal policy. prereq: 1022, 1023, Math 1160 or Math 1296, Econ major or minor or LSBE candidate
ECON 3023 - Intermediate Microeconomics
Credits: 3.0 [max 3.0]
Grading Basis: A-F or Aud
Typically offered: Every Fall & Spring
Behavior of households as consuming units and suppliers of resources; analysis of decision making by firms under various market conditions. prereq: 1022, 1023, Math 1160 or Math 1296, Econ major or minor or LSBE candidate
ECON 3030 - Econometrics I
Credits: 3.0 [max 3.0]
Grading Basis: A-F or Aud
Typically offered: Every Fall & Spring
Techniques used in analyzing economic and business data; emphasis on computer methods and research applications. Analysis of variance, qualitative data analysis, modeling, regression, residual and influence analysis, time series. prereq: 1022, 1023, (2030 or Stat 1411 or Stat 2411 or Stat 3611), Math 1160 or Math 1296, Econ 3020 or STAT 3612, Econ major or minor or LSBE candidate
ECON 4213 - Mathematical Economics
Credits: 3.0 [max 3.0]
Grading Basis: A-F or Aud
Typically offered: Periodic Fall, Spring & Summer
Application of fundamentals of differential and integral calculus and linear algebra to static, comparative static, and dynamic topics in microeconomics and macroeconomics. prereq: 1022, 1023, Math 1160 or Math 1296
STAT 5511 - Regression Analysis
Credits: 3.0 [max 3.0]
Grading Basis: A-F or Aud
Typically offered: Every Fall & Spring
Simple, polynomial, and multiple regression. Matrix formulation of estimation, testing, and prediction in linear regression model. Analysis of residuals, model selection, transformations, and use of computer software. prereq: 3611, Math 3280 or Math 4326, a grade of C- or better in is required in all prerequisite courses
BCOM 3141 - Business Communications
Credits: 3.0 [max 3.0]
Grading Basis: A-F or Aud
Typically offered: Every Fall, Spring & Summer
Principles of business communication and their application to oral, written, and nonverbal communication. prereq: LSBE candidate or Economics major or college consent; credit will not be granted if already received for FMIS 3141