What is Economics?

Economics is the study of business firms; the functioning of regional, national, and global markets; and the development of analytical techniques that aid in decision making and understanding market behavior. The primary focus is on problem definition, model development, data gathering and analysis, model solution, and report generation in the areas of consumer behavior, business behavior, price determination, resource allocation, production and distribution of goods and services, and policies that affect output, employment, income, trade, growth, and inflation. There is a broad range of intellectual challenges within the economics major. Branches of Economics overlap such diverse areas as politics, finance, history, international business, management, marketing, business operations, and psychology.
hand pointing to data on a computer screen

The program of study in economics prepares students for careers in management, marketing, business research, economic planning, and human resources with employers in industry, trade, banking, and government. Students are also well prepared for graduate study in economics, law, and business.

Coles College of Business

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Admission Requirements

Students may initially declare an "-Interest" based major in this subject, but must still meet additional requirements to be formally accepted into the degree program.

Before a business major can be admitted to the Coles College Undergraduate Professional Program and enroll in any upper-division business courses (3000-4000 level), she or he must meet the Coles Sophomore GPA Requirement. This involves earning an Adjusted GPA of 3.00 or greater for the following seven courses:

  • ACCT 2101 Principles of Accounting I
  • ACCT 2102 Principles of Accounting II
  • ECON 2106 Principles of Microeconomics
  • ECON 2105 Principles of Macroeconomics
  • ECON 2300 Business Statistics
  • IS 2200 Information Systems Communications
  • BLAW 2200 Legal and Ethical Environment of Business

Students should take BUSA 2150 as soon as they have completed its prerequisite of ENGL 1101.  Successful completion of this course is a requirement for admission to the Coles Undergraduate Professional Program. 

General Education Core IMPACTS Curriculum Recommendations for this Major

M: Students should take MATH 1111 or higher.

 

Double Owl Pathways

 

Related Minors or Certificates Available

  • Business Fundamentals Certificate
  • Economics Minor

Sample Classes

  • Analyzes the operation, structure, regulation, and control of financial markets emphasizing the effects on the level and term structure of interest rates, economic activity, and business decisions. Focuses on monetary theory, monetary and fiscal policies, the Federal Reserve System, and financial institutions, markets, and instruments.
  • Principles of international trade and finance. Management of foreign operations of the firm within constraints of the international environment. Study of international currency flows, exchange rates and international banking practices.
  • This course considers the application of economic models to analyze the role of government in correcting market failures, the effects of taxation and expenditure policies on the allocation of resources, and the distribution of income. There is an emphasis on the optimal provision of public goods, the incidence and behavioral effects of taxes, regulation of externalities, public choice and the spatial organization of the economy.
  • Econometric and time series methods for forecasting business and economic data are introduced. Specific topics include: basic graphic methods for analyzing data; modeling forecasting trend and seasonality; ARMA modeling of time series; unit root and ARIMA process; forecasting volatility; evaluation and comparison of forecasting models.