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Morris Campus

Economics B.A.

Division of Social Sciences - Adm
Division of Social Sciences
  • Program Type: Baccalaureate
  • Requirements for this program are current for Fall 2023
  • Required credits to graduate with this degree: 120
  • Required credits within the major: 47
  • Degree: Bachelor of Arts
The economics major is a rigorous, broad introduction to the theories and empirical tools of the field, which addresses the economic environment as a social science. Economists are interested in applications, but in the context that a central task is to explain economic relationships, institutions, and events with some generality. The background economics provides is of use to those contemplating careers in business, government, or teaching, as well as providing specific preparation for those interested in future graduate work in the field. Program Student Learning Outcomes: Objectives—The economics curriculum is designed to ensure that students will be able to: 1. Explain and illustrate how the methods of social science are applied by economists to problems of human interaction. 2. Describe and analyze the structure of markets and other key economic institutions. 3. Understand-explain the functioning of the United States and world economies. 4. Apply both economic theory and the quantitative tools of economics to specific problems or questions. 5. Find economic data and read applied economic research.
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
All students are required to complete general University and college requirements. For more information, see the general education requirements.
Program Requirements
Students are required to complete 2 semester(s) of any second language. with a grade of C-, or better, or S, or demonstrate proficiency in the language(s) as defined by the department or college.
Grades of D or D+ in ECON 1101, MATH 1101, and STAT 1601 or 2601 may not be used to meet the major requirements. Up to 4 credits of other economics coursework with a grade of D or D+ may be used to meet the major requirements if offset by an equivalent number of credits of A or B. Courses may not be taken S/N unless offered S/N only. A minimum GPA of 2.00 is required in the major to graduate. The GPA includes all, and only, University of Minnesota coursework. Grades of "F" are included in GPA calculation until they are replaced.
Required Courses, Element 1 and Element 2
Element 1: Required Preparatory Courses
Students should complete the following during their first two years:
ECON 1101 - Principles of Economics [SS] (4.0 cr)
MATH 1101 - Calculus I [M/SR] (5.0 cr)
STAT 1601 - Introduction to Statistics [M/SR] (4.0 cr)
or STAT 2601 - Statistical Methods [M/SR] (4.0 cr)
Element 2: Required Core Courses
Students should complete the following before their senior year:
ECON 3201 - Microeconomic Theory (4.0 cr)
ECON 3202 - Macroeconomic Theory (4.0 cr)
ECON 3501 - Introduction to Econometrics [M/SR] (4.0 cr)
Element 3: Elective Courses
No more than 4 credits from each of the following can be applied to the major: ECON x993 - Directed Study ECON 4501/4502 - Senior/Advanced Research Seminar in Economics and Management
Take 18 or more credit(s) from the following:
· ECON 3005 - Experimental and Behavioral Economics I (2.0 cr)
· ECON 3006 - Experimental and Behavioral Economics II (2.0 cr)
· ECON 3007 - Environmental and Natural Resource Economics I [ENVT] (2.0 cr)
· ECON 3008 - Environmental and Natural Resource Economics II [ENVT] (2.0 cr)
· ECON 3009 - Political Economy (4.0 cr)
· ECON 3012 - International Trade Theory [IP] (2.0 cr)
· ECON 3013 - International Finance [IP] (2.0 cr)
· ECON 3014 - Game Theory: The Theory of Strategic Behavior I (2.0 cr)
· ECON 3015 - Game Theory: The Theory of Strategic Behavior II (2.0 cr)
· ECON 3113 - Money, Banking, and Financial Markets (4.0 cr)
· ECON 3121 - Public Economics I (2.0 cr)
· ECON 3122 - Public Economics II (2.0 cr)
· ECON 3131 - Comparative Economic Systems [IP] (2.0 cr)
· ECON 3134 - Cooperative Business Model (2.0 cr)
· ECON 3136 - Economics of the Green Power Transition: New Business Models and Regulatory Strategies [ENVT] (2.0 cr)
· ECON 3141 - Economic Growth and Development I [IP] (2.0 cr)
· ECON 3142 - Economic Growth and Development II [IP] (2.0 cr)
· ECON 3172 - Strategic Firm Interaction and Market Structures (4.0 cr)
· ECON 3173 - Health Care Economics (4.0 cr)
· ECON 3211 - History of Economic Thought I [HIST] (2.0 cr)
· ECON 3212 - History of Economic Thought II [HIST] (2.0 cr)
· ECON 3993 - Directed Study (1.0-5.0 cr)
· ECON 3xxx
Element 4: Economics Capstone Block
Take 4 or more credit(s) from the following:
· ECON 4101 - Labor Economics I [HDIV] (2.0 cr)
· ECON 4102 - Labor Economics II (2.0 cr)
· ECON 4111 - Mathematical Economics I (2.0 cr)
· ECON 4112 - Mathematical Economics II (2.0 cr)
· ECON 4141 - Empirics of Economic Growth (2.0 cr)
· ECON 4201 - Foundations of Microeconomic Theory (4.0 cr)
· ECON 4501 - Senior Research Seminar in Economics and Management (2.0 cr)
· ECON 4502 - Advanced Research Seminar in Economics and Management (2.0 cr)
· ECON 4993 - Directed Study (1.0-5.0 cr)
 
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· Division of Social Sciences

View sample plan(s):
· Economics BA - Micro Orientation Sample Plan
· Economics BA - Macro Orientation Sample Plan

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· Economics B.A.
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ECON 1101 - Principles of Economics (SS)
Credits: 4.0 [max 4.0]
Typically offered: Every Fall & Spring
The first half of the course will focus on theories related to individual and firm decision-making. Core concepts like supply and demand, concepts of elasticity, consumer theory, theory of the firm, market structure, and pricing of factors of production will be covered. The latter half of the course will cover the theories related to the aggregate economy. Core concepts like measurement of economic performance such as national income, inflation, and unemployment, macroeconomic theories to understand business cycle fluctuations, and stabilization policies will be covered. [Note: no credit for students who have received cr for 1111 and 1112] prereq: high school algebra or instr consent
MATH 1101 - Calculus I (M/SR)
Credits: 5.0 [max 5.0]
Typically offered: Every Fall & Spring
Limits and continuity; the concepts, properties, and some techniques of differentiation, antidifferentiation, and definite integration and their connection by the Fundamental Theorem. Partial differentiation. Some applications. Students learn the basics of a computer algebra system. prereq: 1012, 1013 or placement
STAT 1601 - Introduction to Statistics (M/SR)
Credits: 4.0 [max 4.0]
Typically offered: Every Fall & Spring
Scope, nature, tools, language, and interpretation of elementary statistics. Descriptive statistics; graphical and numerical representation of information; measures of location, dispersion, position, and dependence; exploratory data analysis. Elementary probability theory, discrete and continuous probability models. Inferential statistics, point and interval estimation, tests of statistical hypotheses. Inferences involving one and two populations, ANOVA, regression analysis, and chi-squared tests; use of statistical computer packages. prereq: high school higher algebra
STAT 2601 - Statistical Methods (M/SR)
Credits: 4.0 [max 4.0]
Typically offered: Every Fall
Descriptive statistics, elementary probability theory; laws of probability, random variables, discrete and continuous probability models, functions of random variables, mathematical expectation. Statistical inference; point estimation, interval estimation, tests of hypotheses. Other statistical methods; linear regression and correlation, ANOVA, nonparametric statistics, statistical quality control, use of statistical computer packages. prereq: Math 1101 or Math 1021
ECON 3201 - Microeconomic Theory
Credits: 4.0 [max 4.0]
Typically offered: Every Fall
Analytical approach to decision making by individual economic units in the output and input markets, under perfect and imperfect market conditions. Externalities and role of government. prereq: 1101 (or 1111), Math 1101 or instr consent
ECON 3202 - Macroeconomic Theory
Credits: 4.0 [max 4.0]
Typically offered: Every Spring
The theory of national income determination; inflation, unemployment, and economic growth in alternative models of the national economy. prereq: 1101 (or 1112), Math 1101 or instr consent
ECON 3501 - Introduction to Econometrics (M/SR)
Credits: 4.0 [max 4.0]
Typically offered: Every Spring
Statistical techniques and statistical problems applicable to economics and management, focusing on ordinary least-squares regression, classical inference, and detections of and adjustments for violations of the classical assumptions. The course also briefly explores some advanced econometric topics in model specification, estimation, and prediction that include pooled and panel data models, instrumental variable estimation, two-stage least squares estimation, limited dependent variables and logistic regression. prereq: 3201 or 3202, Engl 1601 (or instr consent for students with college writing experience), Stat 1601 or Stat 2601
ECON 3005 - Experimental and Behavioral Economics I
Credits: 2.0 [max 2.0]
Typically offered: Periodic Fall & Spring
Introduction to economic experiments as controlled tests of microeconomic and game-theoretic behavioral predictions. In-class economic experiments, elements of non-cooperative game theory, results of market and social preference experiments, and empirical applications. prereq: 1101 (or 1111, 1112), Math 1101, Stat 1601 or Stat 2601; or instr consent
ECON 3006 - Experimental and Behavioral Economics II
Credits: 2.0 [max 2.0]
Typically offered: Periodic Fall & Spring
Advanced concepts and applications in experimental and behavioral economics. prereq: 3005 or instr consent
ECON 3007 - Environmental and Natural Resource Economics I (ENVT)
Credits: 2.0 [max 2.0]
Typically offered: Every Fall
Economic analysis of the causes and consequences of environmental pollution. Emphasis on the role of market failures as the root cause of pollution, and on regulatory approaches to solve those problems. Case studies of incentive regulation (emissions taxes & tradeable discharge permits) in practice, in the U.S. and beyond. prereq: 1101 (or 1111) or instr consent
ECON 3008 - Environmental and Natural Resource Economics II (ENVT)
Credits: 2.0 [max 2.0]
Typically offered: Every Fall
The economic analysis of sustainability, focusing on market designs to discourage over-exploitation of both renewable and exhaustible natural resources. Topics include markets for water, fisheries, and energy. prereq: 3007 or instr consent
ECON 3009 - Political Economy
Credits: 4.0 [max 4.0]
Typically offered: Periodic Spring
The historical evolution, methodological relevance, and basic structure of the modern capitalist economy, including the dynamics of capital accumulation, economic crisis, transformation and regulating mechanism of contemporary capitalism, and hegemonic tendency of economy over polity and other aspects of life in contemporary society. prereq: 1101 (or 1111, 1112) or instr consent
ECON 3012 - International Trade Theory (IP)
Credits: 2.0 [max 2.0]
Typically offered: Periodic Fall & Spring
Overview of international trade theories to understand why nations trade. Analysis of various forms of trade protectionism. Discussion of trade blocs. Recent developments/issues in global trade. [Note: no credit for students who have received cr for Econ 4121] prereq: 1101 (or 1111) or instr consent
ECON 3013 - International Finance (IP)
Credits: 2.0 [max 2.0]
Typically offered: Periodic Fall & Spring
Overview of the balance of payments, theories of exchange rate determination, fixed vs. flexible exchange rate regimes, macroeconomic behavior of a country in various exchange rate regimes. Discussion of international lending and financial crises. [Note: no credit for students who have received cr for Econ 4131] prereq: 1101 (or 1112) or instr consent
ECON 3014 - Game Theory: The Theory of Strategic Behavior I
Credits: 2.0 [max 2.0]
Typically offered: Periodic Fall & Spring
The analytic approach to strategic interaction. Strategic interaction takes place among people when the payoffs to each person depend on the choices of all the others, and each person knows this fact in choosing their behavior. Development of the basic concepts of the theory of strategic interaction, including the definition of a strategy, extensive form and strategic form representations of the same game, and the solution concepts of Nash equilibrium and rollback equilibrium. A selection of applications of economic interest are covered, such as market entry deterrence and social dilemma games. prereq: 1101 (or 1111) or instr consent
ECON 3015 - Game Theory: The Theory of Strategic Behavior II
Credits: 2.0 [max 2.0]
Typically offered: Periodic Fall & Spring
Extensions to the basic analytic theory of strategic interaction that widen its applicability, including topics such as repeated games, asymmetric information, and refinements to basic solution concepts. A selection of applications of economic interest, such as screening, signaling, and brinkmanship. prereq: 3014 or instr consent
ECON 3113 - Money, Banking, and Financial Markets
Credits: 4.0 [max 4.0]
Typically offered: Periodic Fall & Spring
Nature and function of money; role of commercial banks and other financial institutions; structure and function of Federal Reserve system; monetary policies for stabilization and growth; and a survey and synthesis of major theories on the value of money. prereq: 1101 (or 1111, 1112) or instr consent
ECON 3121 - Public Economics I
Credits: 2.0 [max 2.0]
Typically offered: Periodic Fall & Spring
Analysis of the economics of public expenditures. prereq: 1101 (or 1111, 1112) or instr consent
ECON 3122 - Public Economics II
Credits: 2.0 [max 2.0]
Typically offered: Periodic Fall & Spring
Analysis of the economics of taxation. prereq: 3121 or instr consent
ECON 3131 - Comparative Economic Systems (IP)
Credits: 2.0 [max 2.0]
Typically offered: Periodic Fall & Spring
Comparison of the theory and functioning of the major economic systems of the world. Examples of the use of different system attributes in important sectors of particular economies. prereq: 1101 (or 1111, 1112) or instr consent
ECON 3134 - Cooperative Business Model
Credits: 2.0 [max 2.0]
Course Equivalencies: Econ 3134/Mgmt 3134
Typically offered: Periodic Fall & Spring
Same as Mgmt 3134. In the northern plains of the United States, cooperative businesses, including consumer, producer, and worker cooperatives, have made significant contributions to economic growth and development. Identify the unique economic, legal, and organizational characteristics of these firms and their role in the economy. Special attention is given to the potential role of cooperative business organizations in community development. prereq: 1101 (or 1111) or instr consent
ECON 3136 - Economics of the Green Power Transition: New Business Models and Regulatory Strategies (ENVT)
Credits: 2.0 [max 2.0]
Typically offered: Periodic Fall & Spring
Examines "Utility 2.0" business models and new regulatory approaches that aim to encourage rapid de-carbonization of the electricity system. prereq: 1101 (or 1111)
ECON 3141 - Economic Growth and Development I (IP)
Credits: 2.0 [max 2.0]
Typically offered: Every Fall
Issues of growth and development that are fundamental to low and middle-income countries. The concept and indicators of growth and development, comparative development status of countries, and the primary determinants of growth. Poverty, inequality, and the role of program evaluation in the formulation of evidence-based development policies. prereq: 1101 (or 1111, 1112) or instr consent
ECON 3142 - Economic Growth and Development II (IP)
Credits: 2.0 [max 2.0]
Typically offered: Every Fall
Issues internal to developing countries, such as agriculture, human capital, institutions (governmental, civic, and private), geography, culture. Issues external to developing countries, such as globalization. foreign trade, international migration, and climate change. The effects of these issues on poverty, inequality, and economic growth. prereq: 3141 or instr consent
ECON 3172 - Strategic Firm Interaction and Market Structures
Credits: 4.0 [max 4.0]
Typically offered: Periodic Fall & Spring
Firms must interact strategically in all market settings except perfect competition and pure monopoly. The course begins with imperfect markets for simple commodities and a consideration of substitutes and complements. More advanced models are then presented which develop topics such as quality differentiation, entry deterrence, collusion, mergers along the supply chain, various types of price discrimination, and natural monopoly. Emphasis is on the relative efficiency of different market structures, with some consideration of options for government regulation. prereq: 1101 (or 1111) or instr consent
ECON 3173 - Health Care Economics
Credits: 4.0 [max 4.0]
Typically offered: Every Spring
Utilizes economic theory and statistical tools to analyze the allocation of health care resources with respect to the demand and supply of health care. Explores the institutional details and market structures of the health care industry through the lens of economic analysis, providing a context for managerial decision-making. In particular, the behavior of patients in the utilization of health care, and the roles of hospitals, physicians, and health insurance in the production, distribution, and the utilization of health care resources are examined. Finally, the role of market imperfections and government regulatory intervention are discussed. prereq: 1101 (or 1111) or instr consent
ECON 3211 - History of Economic Thought I (HIST)
Credits: 2.0 [max 2.0]
Typically offered: Periodic Fall & Spring
The origin and development of economic thought from Mercantilism through the classical school. Among others, Adam Smith and Karl Marx are featured. Nature of economics as a social science through the study of its historical development. prereq: 1101 (or 1111, 1112)
ECON 3212 - History of Economic Thought II (HIST)
Credits: 2.0 [max 2.0]
Typically offered: Periodic Fall & Spring
The development of economic thought from Marx and the end of the classical school, through the development of more modern approaches. In addition to the demise of classical thought, a selection from the thinkers who contributed to the foundations of modern microeconomics and/or macroeconomics is covered. Nature of economics as a social science, through the study of its historical development. prereq: 3211 or instr consent
ECON 3993 - Directed Study
Credits: 1.0 -5.0 [max 10.0]
Typically offered: Every Fall & Spring
An on- or off-campus learning experience individually arranged between a student and a faculty member for academic credit in areas not covered in the regular curriculum.
ECON 4101 - Labor Economics I (HDIV)
Credits: 2.0 [max 2.0]
Typically offered: Periodic Fall & Spring
Wage and employment determination. Distribution of earnings and earnings inequality by race and sex. Labor supply applications. prereq: 3201 or Mgmt 3123 or instr consent
ECON 4102 - Labor Economics II
Credits: 2.0 [max 2.0]
Typically offered: Periodic Fall & Spring
Functioning and performance of the labor market. Heterodox explanations of labor market behavior. Labor demand applications. prereq: 3201 or Mgmt 3123 or instr consent
ECON 4111 - Mathematical Economics I
Credits: 2.0 [max 2.0]
Course Equivalencies: ECON 4201/ECON 4111
Typically offered: Periodic Fall & Spring
Application of mathematical methods to economic analysis. Mathematical formulations and solution of optimizing models pertaining to households and firms and of adjustments to disturbances. [Note: no credit for students who have received cr for Econ 4201] prereq: 3201, 3202 or instr consent
ECON 4112 - Mathematical Economics II
Credits: 2.0 [max 2.0]
Typically offered: Periodic Fall & Spring
Topics include linear modeling, input-output analysis and linear programming, efficiency and exchange, comparative static analysis, and dynamic microeconomic and macroeconomic models. prereq: 4111 or instr consent
ECON 4141 - Empirics of Economic Growth
Credits: 2.0 [max 2.0]
Typically offered: Periodic Fall & Spring
Presentation of the recent developments in economic growth with an emphasis on empirical research. The course asks, "Why are some countries so rich and some countries so poor?" Students first explore the proximate causes of economic growth such as physical capital, human capital, and productivity, and then address the role played by fundamental causes such as institutions, geography, and deep history. prereq: 3501
ECON 4201 - Foundations of Microeconomic Theory
Credits: 4.0 [max 4.0]
Course Equivalencies: ECON 4201/ECON 4111
Typically offered: Periodic Fall & Spring
Consumer theory, production theory, and general equilibrium. Issues addressed include: the choice approach versus the preference approach; the perils of common highly regular utility functions; the demand aggregation problem and solutions; the foundations of individual consumer welfare theory and social welfare criteria; multiple output production; and general equilibrium theory as a method for overcoming many of the issues encountered earlier in the course. This course does use a substantial amount of multivariable differential calculus. [Note: no credit for students who have received cr for Econ 4111] prereq: 3201
ECON 4501 - Senior Research Seminar in Economics and Management
Credits: 2.0 [max 4.0]
Typically offered: Every Fall
Guided research sessions familiarize students with literature in the field. Students devote their time to identify a research question and prepare a literature review and research plan. Students are required to write a short literature review paper and make a formal presentation of their literature review and their research plan to their peers. Required presentations may occur outside the regular class schedule. prereq: Engl 1601 for all students (or instr consent for students with previous college writing experience), 3501 for econ majors or sr status for mgmt majors or instr consent
ECON 4502 - Advanced Research Seminar in Economics and Management
Credits: 2.0 [max 2.0]
Typically offered: Every Spring
Guided sessions familiarize students with advanced research tools in the field. Students extend their research from Econ 4501 in the form of a deeper literature review, an empirical analysis, or a specific case study (management majors only). Students are required to submit a final paper and make a formal presentation of their research to their peers. Required presentations may occur outside the regular class schedule. prereq: 4501, instr consent
ECON 4993 - Directed Study
Credits: 1.0 -5.0 [max 10.0]
Typically offered: Every Fall & Spring
An on- or off-campus learning experience individually arranged between a student and a faculty member for academic credit in areas not covered in the regular curriculum.