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Twin Cities Campus

Economics Minor

Economics
College of Liberal Arts
  • Program Type: Undergraduate minor related to major
  • Requirements for this program are current for Fall 2024
  • Required credits in this minor: 29
Economics is a valuable minor for students majoring in business, engineering, statistics, computer science, mathematics, and social sciences. The goal is to support students in developing basic analytical skills to solve economic local and real-world problems.
Program Delivery
This program is available:
  • via classroom (the majority of instruction is face-to-face)
Admission Requirements
Students must complete 3 courses before admission to the program.
For information about University of Minnesota admission requirements, visit the Office of Admissions website.
Required prerequisites
Principles of Micro and Macroeconomics
Take exactly 2 course(s) totaling exactly 8 credit(s) from the following:
· ECON 1101 - Principles of Microeconomics [SOCS, GP] (4.0 cr)
or APEC 1101 - Principles of Microeconomics [SOCS, GP] (4.0 cr)
or APEC 1101H - Principles of Microeconomics [SOCS, GP] (4.0 cr)
· ECON 1102 - Principles of Macroeconomics (4.0 cr)
or APEC 1102 - Principles of Macroeconomics (3.0 cr)
Required prerequisites
Calculus I
Take exactly 1 course(s) totaling exactly 4 credit(s) from the following:
· MATH 1271 - Calculus I [MATH] (4.0 cr)
or MATH 1371 - CSE Calculus I [MATH] (4.0 cr)
or MATH 1571H - Honors Calculus I [MATH] (4.0 cr)
Minor Requirements
Students may receive no more than one undergraduate degree from the Department of Economics: a BA or a BS or a minor.
Core Courses
Take exactly 2 course(s) totaling exactly 8 credit(s) from the following:
· ECON 3101 - Intermediate Microeconomics (4.0 cr)
· ECON 3102 - Intermediate Macroeconomics (4.0 cr)
Electives
Take exactly 3 course(s) totaling 9 or more credit(s) from the following:
· ECON 3970 - Topics in Economics (3.0 cr)
· ECON 4211 - Principles of Econometrics (4.0 cr)
· ECON 4331W - Economic Development [WI] (3.0 cr)
· ECON 4341 - Economics of Poverty and Income Inequality (3.0 cr)
· ECON 4431W - International Trade [GP, WI] (3.0 cr)
· ECON 4531 - Labor Economics (3.0 cr)
· ECON 4631 - Industrial Organization and Antitrust Policy (3.0 cr)
· ECON 4721 - Money and Banking (3.0 cr)
· ECON 4821 - Public Economics (3.0 cr)
· ECON 4831 - Cost-Benefit Analysis (3.0 cr)
· ECON 4960 {Inactive} (4.0 cr)
· Country/Area Study
Take 0 - 1 course(s) totaling 0 - 3 credit(s) from the following:
· ECON 3960 {Inactive} (3.0 cr)
· ECON 4311 - Economy of Latin America (3.0 cr)
· ECON 4317 - The Chinese Economy (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
APEC 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
Economic behavior of consumers/firms in domestic/international markets. Demand, supply, competition. Efficiency, Invisible Hand. Monopoly, imperfect competition. Externalities, property rights. Economics of public policy in environment/health/safety. Public goods, tax policy.
APEC 1101H - Principles of Microeconomics (SOCS, GP)
Credits: 4.0 [max 4.0]
Course Equivalencies: Econ 1101/1165 ApEc 1101/1101H
Grading Basis: A-F only
Typically offered: Every Fall
Economic behavior of consumers/firms in domestic/international markets. Demand, supply, competition. Efficiency, Invisible Hand. Monopoly, imperfect competition. Externalities, property rights. Economics of public policy in environment/health/safety. Public goods, tax policy. prereq: Honors student, proficiency in high school 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
APEC 1102 - Principles of Macroeconomics
Credits: 3.0 [max 3.0]
Course Equivalencies: ApEc 1102/Econ 1102/1105/1112
Typically offered: Every Spring
Unemployment/inflation, measures of national income, macro models, fiscal policy/problems. Taxes and the national debt. Money/banking, monetary policy/problems. Poverty and income distribution. International trade and exchange rates. Economic growth/development. prereq: 1101 or Econ 1101
MATH 1271 - Calculus I (MATH)
Credits: 4.0 [max 4.0]
Course Equivalencies: Math 1271/1281/1371/1471/1571H
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 1371 - CSE Calculus I (MATH)
Credits: 4.0 [max 4.0]
Course Equivalencies: Math 1271/1281/1371/1471/1571H
Typically offered: Every Fall & Spring
Differentiation of single-variable functions, basics of integration of single-variable functions. Applications: max-min, related rates, area, curve-sketching. Use of calculator, cooperative learning. prereq: CSE or pre-bioprod concurrent registration is required (or allowed) in biosys engn (PRE), background in [precalculus, geometry, visualization of functions/graphs], instr consent; familiarity with graphing calculators recommended
MATH 1571H - Honors Calculus I (MATH)
Credits: 4.0 [max 4.0]
Course Equivalencies: Math 1271/1281/1371/1471/1571H
Grading Basis: A-F only
Typically offered: Every Fall
Differential/integral calculus of functions of a single variable. Emphasizes hard problem-solving rather than theory. prereq: Honors student and permission of University Honors Program
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 3970 - Topics in Economics
Credits: 3.0 [max 6.0]
Grading Basis: A-F or Aud
Typically offered: Periodic Fall & Spring
Topics specified in class schedule. prereqs: ECON 1101 (or ECON 1165, APEC 1101), ECON 1102 (or APEC 1102), ECON 3101, and MATH 1271
ECON 4211 - Principles of Econometrics
Credits: 4.0 [max 4.0]
Grading Basis: A-F or Aud
Typically offered: Every Fall & Spring
Data analysis/quantitative methods in economics. Violation of classical regression model assumptions, modified estimation procedures that retain desirable properties. Multi-equation models. Computer applications/interpretation of empirical results. prereq: (ECON 1101 or ECON 1165, APEC 1101), (ECON 1102 or APEC 1102), ECON 3101, MATH 1271, (STAT 3011 or 3021), (STAT 3022 or 3032) or equivalent courses approved by the Economics Department
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 4341 - Economics of Poverty and Income Inequality
Credits: 3.0 [max 3.0]
Grading Basis: A-F or Aud
Typically offered: Every Fall & Spring
This course focuses on the economic aspects of poverty and inequality in the United States. The course utilizes economic theory and empirical research to analyze the determinants of, and potential strategies to overcome poverty and inequality. Topics include measurement and trends of poverty and income inequality, labor markets, education, discrimination, residential segregation, immigration, hunger and nutrition, US farm policy, food distribution, food security, food aid, the connection between food production and health outcomes, as well as other related themes. prereq: [MATH 1271, ECON 1101, ECON 1102, ECON 3101] or equiv;
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 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 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 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 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 4317 - The Chinese Economy
Credits: 3.0 [max 3.0]
Grading Basis: A-F or Aud
Typically offered: Every Fall, Spring & Summer
Overview of the Chinese Economy; transition from command economy to a market-based one and effects on economic indicators; current economic issues and concerns of the Chinese economy; role of China in today's world economy. prereq: (ECON 1101or ECON 1165, APEC 1101), (ECON 1102 or APEC 1102), MATH 1271 or equivalent courses approved by the Economics Department.