Economics is the social science that deals with problems of scarcity. It does so through a systematic and logical framework for analyzing how a society solves such problems as what goods and services to produce, how to organize their production, and for whom goods and services are to be produced. Knowledge of economics is necessary for understanding and dealing intelligently with such current topics as inflation, unemployment, international trade and monetary systems, economic growth, government finance, and various forms of market regulation. Besides being important for understanding contemporary social issues, economics is useful in developing career skills for business, law, teaching, public administration, and research. Both verbal and mathematical training are involved in learning the discipline of economics.
Degree Programs
Undergraduate students majoring in economics may choose either the Bachelor of Arts degree or the Bachelor of Science degree. During the freshman year, both programs require basic college courses such as English, mathematics, and science. The introduction to economics includes (a) macroeconomics, which is the study of such topics as the general level of prices, employment, and output; (b) microeconomics, which is the study of relative prices and the consequences of different market forms; and (c) international trade and international monetary systems.
Both programs allow for selecting electives and developing areas of specialization in economics. Areas of specialization may emphasize such fields as money and banking, international economics, labor, industrial organization, or public finance.
Requirements for the Bachelor of Arts degree include two years of one foreign language. For the Bachelor of Science degree, students are required to select a minor area of study from another department.
Career Choices
People with economics majors are employed in virtually every area of the economy. In banks and financial institutions they forecast market activity, exchange rates, and interest rate movements. In industrial firms they forecast sales, evaluate changes in cost conditions, analyze changes in international economic conditions, and provide data needed for critical decisions.
Governments are among the largest employers of economists because they rely on the skills of these professionals to evaluate proposed projects and review tax policies. Virtually no other academic major offers the diversity in employment opportunities and flexibility among careers as does the study of economics.
A background in economics provides students with a set of versatile skills that will not become outdated with introduction of new technology.
Economics Major
A major in economics includes a 27-credit minimum of the following:
Econ 110, Principles of Microeconomics
Econ 111, Principles of Macroeconomics
Econ 341, Intermediate Microeconomics
Econ 343, Intermediate Macroeconomics
Plus 15 credit hours of electives in economics.
One approved elective (300 or 400 level) may be in agricultural economics.
Economics Minor
The minor in economics complements many other majors by helping the student develop an analytical approach to understanding human events from the perspective of this discipline. Examples of topics included are general levels of prices, employment and output, relative prices, and the consequences of various market forms.
The minor in economics consists of Principles of Economics (Econ 110 and 111), Intermediate Economic Theory (Econ 341 and 343), plus two elective economics courses (one elective course must be at the 400 level).
Tel (701)231-8567
Fax 231-1047
