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Economics B.A.

Economics
Labovitz School of Business and Economics
  • Program Type: Baccalaureate
  • Requirements for this program are current for Fall 2019
  • Required credits to graduate with this degree: 120
  • Required credits within the major: 48 to 49
  • 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 University of Minnesota Duluth offers students a choice of two undergraduate degrees in economics: a bachelor of business administration (BBA) degree and a bachelor of arts (BA) degree. This provides economics majors with the opportunity to pursue the college core curriculum that is most suited to their interests and career goals. Any department faculty member will be happy to discuss the two options and advise students as to which degree choice will likely make the most sense. Also 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. Features of the Economics BA: • Flexibility: design your major around your interests without overly limiting your career options. • Your choice of 15 upper division elective credits (about 5 courses) from a broad range of offerings. Also, if you wish to concentrate in a particular area, Economics faculty can help you do so. • Your choice of any minor or double major. The Economics BA is an attractive and attainable double major option and pairs well with other majors outside LSBE. • Opportunities to get paid or earn credits while working with faculty on research. • Careers in many areas including public policy, law, energy, environment, academics, business, etc. Also, economics majors are often qualified for many jobs that include the word “Analyst” in the title. Ask a faculty member for specific examples. • Training for graduate school in economics, public policy, law, mathematics, and more. Note: students pursuing the BA in Economics are not permitted to also receive a BBA in Economics. Honors Requirements: 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.
General Requirements
The Board of Regents, on recommendation of the faculty, grants degrees from the University of Minnesota. Requirements for an undergraduate degree from University of Minnesota Duluth include the following:
  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.
  3. Students must complete a minimum of 120 semester credits.
  4. At least 30 of the last 60 degree credits earned immediately before graduation must be awarded by UMD.
  5. Students must complete at least half of their courses at the 3xxx-level and higher at UMD. Study-abroad credits earned through courses taught by UM faculty and at institutions with which UMD has international exchange programs may be used to fulfill this requirement.
  6. If a minor is required, students must take at least three upper division credits in their minor field from UMD.
  7. The minimum cumulative UM GPA required for graduation will be 2.00 and will include only University of Minnesota coursework. A minimum UM GPA of 2.00 is required in each UMD undergraduate major and minor. No academic unit may impose higher grade point standards to graduate.
  8. Diploma, transcripts, 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. Completion of the upper division economics core and an overall GPA of 2.80 for an internship and/or independent study. 3. Graduation Requirements: a. 2.0 or better cumulative UMD overall GPA b. 2.0 or better University of Minnesota cumulative GPA c. 2.0 or better required major coursework GPA.
Introductory Course (1 cr)
Not required for transfer students with 30 or more credits, or for students who change college to LSBE.
UST 1000 - UMD Seminar (1.0-2.0 cr)
Advanced Writing Requirement (3 cr)
BCOM 3141 - Business Communications (3.0 cr)
or WRIT 31xx
Lower Division (17 - 18 cr)
BLAW 2001 - The Legal Environment [LE CAT8, HUMANITIES] (3.0 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 CAT2, LOGIC & QR] (5.0 cr)
or MATH 1296 - Calculus I [LE CAT2, LOGIC & QR] (5.0 cr)
Statistics
ECON 2030 - Applied Statistics for Business and Economics [LOGIC & QR] (3.0 cr)
or POL 2700 - Methodology and Analysis [LOGIC & QR] (4.0 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 2411 - Statistical Methods [LE CAT, LOGIC & QR] (3.0 cr)
or STAT 3411 - Engineering Statistics (3.0 cr)
or STAT 3611 - Introduction to Probability and Statistics (4.0 cr)
Upper Division (15 cr)
ECON 3020 - Applied Statistics for Business and Economics II (3.0 cr)
or STAT 3612 - Introduction to Probability and Statistics II (3.0 cr)
ECON 3022 - Intermediate Macroeconomics (3.0 cr)
ECON 3023 - Intermediate Microeconomics (3.0 cr)
ECON 3030 - Econometrics I (3.0 cr)
or STAT 5511 - Regression Analysis (3.0 cr)
ECON 3150 - Development Economics (3.0 cr)
or ECON 3402 - Global Economic Issues (3.0 cr)
Electives (12 cr)
By approval, one 3xxx or above course outside of ECON may be applied as ECON 3xxx. No more than 6 credits of any combination of internship, independent study, or courses outside ECON can be used for upper division electives.
Take 4 or more course(s) totaling 12 or more credit(s) from the following:
Take no more than 2 course(s) from the following:
· ECON 3xxx
· Take 2 or more course(s) totaling 6 or more credit(s) from the following:
· ECON 4xxx
· ECON 5xxx
 
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· Economics B.A.
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UST 1000 - UMD Seminar
Credits: 1.0 -2.0 [max 2.0]
Course Equivalencies: 02403 - EHS 1000/UST 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.
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
BLAW 2001 - The Legal Environment (LE CAT8, HUMANITIES)
Credits: 3.0 [max 3.0]
Grading Basis: A-F only
Typically offered: Every Fall, Spring & Summer
Introduction to U.S. legal system and its impact on modern business operations. Ethical, economic, social, and political perspectives of legal environment. Constitutional law, administrative regulation, torts and products liability, contracts, business organizations, employment/labor law. prereq: Minimum 30 credits
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 CAT2, 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 CAT2, LOGIC & QR)
Credits: 5.0 [max 5.0]
Course Equivalencies: 01420 - 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; credit will not be granted if already received for Econ 2020, Stat 1411, Stat 2411, Stat 3611, Soc 3151, Psy 3020
POL 2700 - Methodology and Analysis (LOGIC & QR)
Credits: 4.0 [max 4.0]
Grading Basis: A-F or Aud
Typically offered: Every Fall
Theory and methods of conducting political research: theory construction, concept formulation, survey research and sampling design, basic statistical analysis, and measurement of relationships.
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 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 2411 - Statistical Methods (LE CAT, LOGIC & QR)
Credits: 3.0 [max 3.0]
Grading Basis: A-F or Aud
Typically offered: Every Fall & Spring
Graphical and numerical descriptions of data, elementary probability, sampling distributions, estimations, confidence intervals, one-sample and two-sample t-test. prereq: Math ACT 24 or higher or a grade of at least C- in Math 1005 or higher or department approval
STAT 3411 - Engineering Statistics
Credits: 3.0 [max 3.0]
Grading Basis: A-F or Aud
Typically offered: Every Fall & Spring
Statistical considerations in data collection and experimentation. Descriptive statistics, least squares, elementary probability distributions, confidence intervals, significance tests, and analysis of variance as applied analysis of engineering data. prereq: MATH 1297 with a grade of C- or better, cannot be applied to a math or statistics major
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 3020 - Applied Statistics for Business and Economics II
Credits: 3.0 [max 3.0]
Grading Basis: A-F or Aud
Typically offered: Periodic Fall & Spring
A second introductory statistics course including more advanced topics. Topics include hypothesis testing, analysis of variance, and introduction to correlation and regression. pre-req: LSBE Candidate and one of the following courses: ECON 2030, POL 2700, PSY 3020, SOC 3155, STAT 1411, STAT 2411, STAT 3411 or STAT 3611.
STAT 3612 - Introduction to Probability and Statistics II
Credits: 3.0 [max 3.0]
Grading Basis: A-F or Aud
Typically offered: Every Fall & Spring
An introduction to statistics. Sample distributions, point and interval estimation, hypothesis testing, linear regression, one- and two-way analysis of variance, goodness-of-fit and non-parametric statistics. prereq: 3611 and Math 1297 or equivalent or instructor consent
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 major or minor or LSBE candidate
STAT 5511 - Regression Analysis
Credits: 3.0 [max 3.0]
Prerequisites: 3611, Math 3280 or Math 4326, a grade of C- or better in is required in all prerequisite courses
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
ECON 3150 - Development Economics
Credits: 3.0 [max 3.0]
Grading Basis: A-F or Aud
Typically offered: Periodic Fall & Spring
Overview of the conceptual meaning of economic growth and development, problems facing developing countries, economic models underlying different development paths. Exploration of socio-historical and economic reasons for lack of development in selected areas and policy options to promote economic progress. prereq: 1022, 1023
ECON 3402 - Global Economic Issues
Credits: 3.0 [max 3.0]
Grading Basis: A-F or Aud
Typically offered: Periodic Fall & Spring
Application of economic theory of markets to analyze major issues shaping the future of the world economy. Emphasizes globalization of markets and the institutions involved in coordinating economic policies among world economies prereq: LSBE candidate or Econ major or Econ minor