Majors and Minors in Economics

The Department of Economics offers two majors and a minor in economics. All three programs are designed to provide excellent career-entry skills and those skills providing preparation for possible career shifts.

The choice of major and of a complementary field depends upon the path the student wishes to pursue. For example, students pursuing a liberal arts major, wishing to double major, or who are interested in continuing studies in professions other than economics would likely find the Bachelor of Arts (B.A.) best suited to their needs. Students wishing to engage the discipline at a deeper level would find the Bachelor of Science (B.S.) a better alternative.

Students graduating with a major in economics will be able to integrate the tools and concepts of the discipline in the analysis of an economic issue. The background provided by this major should equip the student with sound preparation for career advancement.

The core for each degree consists of five economics courses and two allied requirements. The B.A. requires three additional electives of the student’s choosing. The B.S. has four possible paths. Each path requires three specified electives, two additional electives of the student’s choosing, and additional allied requirements suitable to the different paths.

Students wishing to pursue graduate study in economics should consider the path in Mathematical Economics. Students interested in international affairs should consider the path in International Economics. Students seeking an economics degree supplemented with additional technical skills and an introduction to the business field or who are looking towards an eventual MBA degree should consider the Business Economics path.  Finally, students wishing to pursue careers in the government sector or graduate study in public policy should consider the path in Public Policy Economics.

Majors must complete a minimum of twenty credits in economics at St. Thomas. Minors must complete a minimum of twelve credits in economics at St. Thomas.

Major in Economics (B.A.)

Economics (B.A.) - Major Field Guide

  • ECON 251 Principles of Macroeconomics (4 credits)
  • ECON 252 Principles of Microeconomics (4 credits)
  • ECON 315 Introduction to Econometrics (4 credits)
  • ECON 351 Macroeconomic Theory (4 credits)
  • ECON 352 Microeconomic Theory (4 credits)

Plus:

  • Twelve credits in courses numbered 300 and above.

Note: Students are strongly encouraged to take ECON 315, 351 and 352 by the end of the junior year.  

Allied requirements

Four credits from the following:

  • MATH 109 Calculus with Review II (4 credits)
  • MATH 111 Calculus for Business and Social Science (4 credits)
  • MATH 113 Calculus I (4 credits)

Plus either:

  • STAT 220 Statistics I (4 credits) or MATH 303 Statistics for the Applied Sciences (4 credits)

or

  • MATH 313 Probability (4 credits) and STAT 314 Mathematical Statistics (4 credits)

Major in Economics (B.S.)

  • ECON 251 Principles of Macroeconomics (4 credits)
  • ECON 252 Principles of Microeconomics (4 credits)
  • ECON 315 Introduction to Econometrics (4 credits)
  • ECON 351 Macroeconomic Theory (4 credits)
  • ECON 352 Microeconomic Theory (4 credits)

Note: Students are strongly encouraged to take ECON 315, 351 and 352 by the end of the junior year. 

Plus:

  • A set of courses in one of the four paths below: Business, International, Public Policy, or Mathematical.

Allied requirements

Four credits from the following:

  • MATH 109 Calculus with Review II (4 credits)
  • MATH 111 Calculus for Business and Social Science (4 credits)
  • MATH 113 Calculus I (4 credits)

Plus either:

  • STAT 220 Statistics I (4 credits) or MATH 303 Statistics for the Applied Sciences (4 credits)

or

  • MATH 313 Probability (4 credits) and STAT 314 Mathematical Statistics (4 credits)

 

Business Economics

Business Economics Path (B.S.) - Major Field Guide

A path which emphasizes additional tools for analyzing business situations as well as incorporating a basic foundation in the field of business.

  • ECON 311 Forecasting (4 credits)
  • ECON 332 Industrial Organization (4 credits)
  • ECON 401 Managerial Decision Making (4 credits)

Plus:

  • Eight credits in elective economics courses numbered 300 or above 

Plus:

  • ACCT 210 Introduction to Financial Accounting (4 credits) 

Plus eight credits from the following:

  • ACCT 215 Managerial Accounting (4 credits)
  • FINC 300 Finance for Non-Business Majors (4 credits)
  • FINC 321 Financial Management (4 credits)
  • MGMT 305 Management and Organizational Behavior (4 credits)

 

International Economics

International Economics Path (B.S.) - Major Field Guide

A path which prepares students for careers in which an understanding of the complexities of cultural differences and international economic relationships is crucial.

Twelve credits from the following:

  • ECON 345 Economics of Development and Growth (4 credits)
  • ECON 346 Country and Area Studies in Economics (4 credits)
  • ECON 341 Economics of International Finance (4 credits)
  • ECON 342 International Trade (4 credits)

Plus:

  • Eight credits in elective economics courses numbered 300 or above (ECON 346 can only be included one time in fulfillment of the path requirement, and not as one of the additional electives)

Plus:

  • A minor in a foreign language or significant study abroad experience approved by the department chair

 

Public Policy Economics

A path which prepares students for careers in the government or non-profit sectors, or for graduate study in public policy.

  • ECON 337 Economics of the Public Sector (4 credits)

Plus eight credits from the following:

  • ECON 326 Industry Studies (4 credits)  Note: There are several topics offered through ECON 326, however "Health" is the only topic that is eligible for this path.
  • ECON 333 Regional and Urban Economics (4 credits)
  • ECON 370 Environmental and Natural Resource Economics (4 credits)

Plus:

  • Eight credits in elective economics courses numbered 300 or above

Plus:

  • POLS 104 American Government in Comparative Perspective (4 credits)
  • POLS 205 Introduction to the American Public Policy Process (4 credits)

Plus:

  • Four credits in elective political science courses numbered 300 through 319

Mathematical Economics

Mathematical Economics Path (B.S.) - Major Field Guide

A path which prepares students for the core competencies necessary for graduate study in economics.

  • ECON 355 Game Theory (4 credits)
  • ECON 418 Mathematical Economics (4 credits)

Plus four credits from the following:

  • ECON 301 History of Economic Thought (4 credits)
  • ECON 337 Economics of the Public Sector (4 credits)
  • ECON 339 Labor Economics (4 credits) 

Plus:

  • Eight credits in elective economics courses numbered 300 or above

Plus:

  • MATH 114 Calculus II (4 credits)
  • MATH 200 Multi-Variable Calculus (4 credits)
  • MATH 240 Linear Algebra (4 credits)

Note: STAT 333 Applied Statistical Methods may be substituted for ECON 315

Students applying to graduate school are advised to complete MATH 240 prior to submitting their application.

 

 

Teacher Education

Elementary Education with a Specialty in Social Studies (5-8)

Co-major in Social Studies (5-12) and a Co-major in Secondary Education

See Education

 

 

Minor in Economics

  • ECON 251 Principles of Macroeconomics (4 credits)
  • ECON 252 Principles of Microeconomics (4 credits)

Plus four credits from the following:

  • ECON 351 Macroeconomic Theory (4 credits)
  • ECON 352 Microeconomic Theory (4 credits) 

Plus:

  • Twelve credits in elective economics courses numbered 300 and above.