Economics Major (BA)
College: College of Business, Economics, and Computing
Economics is the study of rational choice and the allocation of scarce resources in light of social values and competing needs and wants. Economics examines the fundamental choices that individuals, businesses, and governments face: what goods and services should be produced; how should they be produced; and how should they be distributed in today’s interconnected world. Studying economics develops methods of thinking that can be directly applied to a wide variety of problems in many different areas. The Economics Department teaches core principles and theory courses in microeconomics and macroeconomics and a wide range of advanced elective courses in various subfields of economics, including economic development, environmental economics, financial economics, industrial organization, international economics, labor economics, money and banking, public economics, and sports economics. Economics graduates possess analytical and problem-solving skills that enable them to understand economic phenomena and make optimal economic decisions.
Graduates with a bachelor’s degree in economics are employed in a wide variety of jobs in both the private and public sectors of the economy. For example, recent economics graduates have obtained positions as a pricing analyst at BMO-Harris Bank, analytics manager at Ascension, financial analyst at AbbVie, credit analyst at Wintrust Financial, revenue officer at the U.S. Internal Revenue Service, logistics finance analyst at CNH Industrial, business intelligence engineer at Amazon, data reporting specialist at Carthage College, and vice president & retirement plan consultant at Associated Bank. Other economics graduates have harnessed their entrepreneurial abilities and have started their own firms, such as Pricing Cloud LLC and IVT Investment Group. The economics program provides an excellent background for graduate work in business, law, or the social sciences.
Internships
The internship in economics is a 1-3 credit learning experience in either the private or public sector for students with a minimum 2.50 cumulative GPA and with department approval.
Preparation for Graduate School
The economics program provides an excellent foundation for advanced graduate work in economics, business, law, or the social sciences. The quantitative concentration in the economics major is designed particularly for students who expect to study economics or related fields in graduate school. Recent economics graduates have been accepted into graduate programs at the University of Georgia, George Washington University, the University of Oregon, the University of Wisconsin-Milwaukee, Boston University, and the University of Wisconsin-Madison.
Recommended Courses Outside of Economics
Economics majors who are either seeking a career in business or planning on pursuing an M.B.A. at UW-Parkside are strongly encouraged to complete a minor in business management. Please consult the Business Department for details.
Program Learning Outcomes
- Economics graduates will be able to evaluate the implications of economic scarcity in the context of resource allocation, production, and consumption and various economic institutions (aligns with Reasoned Judgment). Objectives: Students can compare and evaluate the consequences of and the tradeoffs resulting from economic scarcity in the context of different market structures. Students can compare and evaluate the consequences of and the tradeoffs resulting from economic scarcity in the context of macroeconomic variables.
- Economics graduates will be able to apply tools of economic decision-making to make optimal (efficient) economic decisions (aligns with Reasoned Judgment). Objectives: Students can construct and apply economic models and analytical tools to explain economic relationships and evaluate solutions to economic problems. Students can create economic databases, work effectively with data, and perform quantitative analysis.
- Economics graduates will be able to evaluate the desirability of economic decisions and policies in terms of their effects on individual and social welfare (aligns with Social and Personal Responsibility). Objectives: Students can compare and evaluate changes in the economic welfare of individuals, households, firms, government, and society resulting from domestic economic policies and global external economic shocks. Students can compare and evaluate changes in the economic welfare of individuals and households in the context of diversity, equity, and other social goals.
- Economics graduates will be able to communicate economic concepts, data, models, theories, and analysis effectively using various forms of media and communication technologies (aligns with Communication). Objectives: Students can communicate in writing and by using tables, graphs, or mathematical representations (models) effectively to demonstrate comprehension of the underlying economic concepts and relationships. Students can communicate verbally by using the spoken word or multimedia technologies effectively.
Requirements for the Economics Major
Economics majors must attain a minimum cumulative GPA of 2.25 in courses for the economics major. Transfer students must attain a minimum cumulative GPA of 2.25 in transfer courses applied to the economics major in addition to UW-Parkside courses for the economics major.
The Economics Department offers three courses of study in the economics major: the general major (see Completion Option 1 below); the monetary and financial economics concentration in the major (see Completion Option 2 below); and the quantitative concentration in the major (see Completion Option 3 below). A student may choose to complete the economics major with both the monetary and financial economics concentration and the quantitative concentration (Completion Options 2 and 3). Courses in introductory accounting and computer skills are recommended.
| Code | Title | Credits |
|---|---|---|
| Required Core Courses 1 | ||
| ECON 120 | Principles of Microeconomics | 3 |
| ECON 121 | Principles of Macroeconomics | 3 |
| ECON 320 | Intermediate Micro Theory | 3 |
| ECON 321 | Intermediate Macro Theory | 3 |
| QM 210 | Business Statistics I | 3 |
| Required Core Courses Subtotal | 15 | |
| Completion Options | ||
| Choose option(s) 1, 2 or 3 (described below) | 18-23 | |
| Completion Options Subtotal | 18-23 | |
| Total Credits | 33-38 | |
- 1
The economics core courses provide students with a solid foundation in both macroeconomics and microeconomics and an introduction to basic quantitative techniques and analytical tools.
Completing both ECON 320 Intermediate Micro Theory and ECON 321 Intermediate Macro Theory before taking most 300 and 400 level courses is strongly recommended. Students who
- receive a B or better in ECON 101 The American Economy,
- declare an economics major, and
- complete ECON 321 Intermediate Macro Theory
may petition to substitute ECON 101 The American Economy for ECON 121 Principles of Macroeconomics. Transfer students who major in economics must earn at least 3 credits in intermediate theory (ECON 320 Intermediate Micro Theory, ECON 321 Intermediate Macro Theory, or ECON 412 Managerial Economics) at UW-Parkside.
COMPLETION OPTIONS
Completion Option 1: General Economics
The general major is intended for students who seek a broad experience in economics and do not expect to study economics in graduate school.
| Code | Title | Credits |
|---|---|---|
| Select twelve credits of 300- or 400-level economics courses | 12 | |
| Select six credits of 200-level or above economics courses | 6 | |
| Total Credits | 18 | |
Completion Option 2: Monetary and Financial Economics Concentration
The monetary and financial economics concentration is designated for students who are interested in professional positions in the financial and banking sectors.
| Code | Title | Credits |
|---|---|---|
| Additional Required Courses | ||
| ACCT 201 | Financial Accounting | 3 |
| ECON 366 | Money and Banking | 3 |
| ECON 367 | Financial Institutions and Markets | 3 |
| ECON 402 | International Economics | 3 |
| ECON 409 | Econometrics | 3 |
| FIN 330 | Managerial Finance | 3 |
| Additional Required Courses Subtotal | 18 | |
| Elective Course | ||
| Select one of the following: | 3 | |
| Industrial Organization and Public Policy | ||
| Investments | ||
| Advanced Managerial Finance | ||
| Elective Course Subtotal | 3 | |
| Total Credits | 21 | |
Completion Option 3: Quantitative Concentration
The quantitative concentration is strongly recommended for students who expect to study economics in graduate school or seek a career using quantitative methods.
| Code | Title | Credits |
|---|---|---|
| Additional Required Courses | ||
| ECON 388 | Big Data and Causal Inference | 3 |
| ECON 409 | Econometrics | 3 |
| ECON 412 | Managerial Economics | 3 |
| MATH 221 | Calculus and Analytic Geometry I | 5 |
| Additional Required Courses Subtotal | 14 | |
| Elective Economics Courses | ||
| Select two of the following: | 6 | |
| Health Economics | ||
| Industrial Organization and Public Policy | ||
| Game Theory in Economics and Business | ||
| The Labor Market | ||
| Select one 300- or 400- elective course | 3 | |
| Elective Economics Courses Subtotal | 9 | |
| Total Credits | 23 | |
Additional courses in mathematics are strongly recommended. Consult your economics advisor regarding recommended courses.
General University Degree Requirements (Bachelor's Degree)
In addition to individual program requirements, students must also fulfill the following requirements:
| Requirement | Credits |
|---|---|
| Skills | 7-8 |
| General Education | 36 |
| Foreign Language** | 6-8 |
| Ethnic Diversity | 3 |
| Total | 52-55 |
** Transfer students in sustainable management, and health information management and technology collaborative, online degree-completion programs, the business management online degree-completion program, and the flexible option degree-completion program will be exempt from the university’s foreign language requirement. See appropriate academic section for further information.
| Code | Title | Credits |
|---|---|---|
| Reading and Writing | ||
| ENGL 101 | Composition and Reading | 3 |
| Computational Skills | ||
| Select one of the following: | 4-5 | |
| Survey of Mathematics | ||
| Elementary Statistics | ||
| Quantitative Reasoning | ||
| College Algebra I | ||
| Total Credits | 7-8 | |
Degree Requirements
| Requirement | Credits |
|---|---|
| Minimum Total Credits | 120 |
| Upper Level Credits (300 level or above) | 36 |
| Residency | 30 |
Cumulative Degree GPA: 2.0 minimum