| Department of Economics |
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Economics is the study of how scarce resources are mobilized to meet the economic goals of individuals, businesses, organizations, governments and societies. The study of Economics is typically divided into two parts: macroeconomics (or aggregate economic analysis) studies economics from a broad-based perspective, including problems and issues such as unemployment, inflation and economic growth; microeconomics studies economics in terms of individual components, including problems and issues such as product pricing, competition, regulation and international trade. Students of Economics can expect to become familiar with key economic concepts and laws which give them an analytical perspective that is unique to this discipline, but is of great importance to individuals and to society. |
| Master of Science in Applied Economics |
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The Master of Science in Applied Economics reflects the current state of knowledge and skills used by professional economists. It is characterized by strong foundational courses in economic theory, mathematical economics, and advanced statistical methods. It is focused on specialized areas of study serving but not limited to North Dakota and the North Central Region. The MSAE is about preparing graduates to do real-world economic research. Their formal studies will have broadly prepared them in research methods, applied to at least one specialized area, such as economic development or business economics. Additionally, they will have actively participated in research projects, both in their classes and through the Bureau of Business and Economic Research (BBER) and all will have had the opportunity to participate in a research internship. Career opportunities for MSAE graduates compare best to those of “Business Economists,” and “Economists and Market and Survey Researchers,” as described in the Bureau of Labor Statistics (BLS) Occupational Outlook Handbook (Bulletin 2540, U.S. Department of Labor, Bureau of Labor Statistics). BLS projects a growth rate of 21% - 35% for positions as “Economists and Market and Survey Researchers” over 2000 to 2010. This translates to 118,000 new positions for 2000 - 2010. The BLS also states that employment and advancement opportunities are expected to be strongest for those with advanced degrees. Based on National Association of Business Economists estimates, starting salaries of MSAE graduates would be expected to range between $49,728 and $66,311 in 2004 dollars |
