The Business Economics minor is an opportunity to gain a diverse business education, while exploring what makes the economy move. Broad in scope, economics explains how people, businesses, governments, and organizations allocate limited resources. Understanding economics can also help you develop solutions for many social problems, such as unemployment, inflation, poverty, racial inequality, and poor access to healthcare.

A Business Economics minor complements many business majors, especially Finance, Information Systems, and Global Business. Throughout your courses, you'll refine the critical thinking, quantitative reasoning, and communication skills that employers want.

Minor for Business Students

Business Economics Minor Requirements for Business Students, 3 courses, 12 credits

Students may minor in Business Economics after they have completed three prerequisite courses, which are already required within the BSBA core.

Complete these BSBA prerequisite courses: 

  • EC-101 Applied Microeconomics

    Prerequisites:

    Non CAS majors need to have completed at least 15 credits.

    Credits:

    3.00

    Description:

    This course introduces students to foundational principles of microeconomic theory, with an emphasis on applications of concepts to management decision-making in specific industry and market settings. It describes and analyzes the interaction of supply and demand and the behavior of the prices of goods, services. It explains the determinations of costs, output, strategic pricing, and governance by firms under conditions of perfect and imperfect competition in a global economy. In addition, it describes the supply demand for factors of production and the impact of taxes and government regulation and intervention on firms and consumers.

  • EC-102 Global Macroeconomics

    Prerequisites:

    Non-CAS majors need to have completed at least 15 credits

    Credits:

    3.00

    Description:

    This course examines the workings of the national and the global economy. It will describe the determination of Gross Domestic Product, the problems of unemployment, inflation, and the determination of economic growth. It will also describe and analyze the determination of the country's exchange rate, the balance of payments, and international borrowing and lending. A particular focus will be on understanding economic fluctuations (booms, busts, and recessions) in the domestic economy and its effects on other economies. It will analyze the role of the government and the effects of government spending and taxation on the economy. Furthermore, it will describe and analyze the determination of the quantity of money and interest rates in the economy and the role of the country's central bank. It examines the basis and pattern of international trade and the effects of a country's trade policy on the economy.

  • STATS-250 Applied Statistics

    Prerequisites:

    MATH 128 or higher. REMINDER: STATS 250 is a required prerequisite MKT 220, FIN 200 and ISOM 201(prerequisite for ISOM 319)

    Credits:

    4.00

    Description:

    Application of statistical analysis to real-world business and economic problems. Topics include data presentation, descriptive statistics including measures of location and dispersion, introduction to probability, discrete and continuous random variables, probability distributions including binomial and normal distributions, sampling and sampling distributions, statistical inference including estimation and hypothesis testing, simple and multiple regression analysis. The use of computers is emphasized throughout the course. Normally offered each semester.

    Type:

    Quantitative Analysis

Choose one of the following: 

  • EC-312 Intermediate Macro Theory

    Prerequisites:

    EC-101 and EC-102

    Credits:

    4.00

    Description:

    This course covers the neoclassical and Keynesian models of aggregate economic activity. Coverage of the measurement of economic variables, such as aggregate income, the inflation rate, and the unemployment rate. Examines the behavior of the economy under conditions of price flexibility in the long run and price rigidity in the short run under rational and adaptive expectations. Analysis of the effect of changes in taxes and government expenditures, monetary policy and deficits on the economy. Coverage of the sources of economic growth. Required of all majors in Economics. Normally offered every semester.

  • EC-432 Managerial Economics

    Prerequisites:

    EC-101 and EC-102

    Credits:

    4.00

    Description:

    Managerial economics applies microeconomic and quantitative analysis to the formulation of rational managerial decisions. These tools shape decisions about output and pricing, about the choice of product quality, the type of production process used, the mix of inputs employed, the suitability of mergers and acquisitions, the management of risk, and the design of incentives in a world of imperfect information. This course explains the tools of managerial economics, puts them into context using numerous case studies, and applies them to significant real business situations.

Choose:

Any other two economics courses, of which, at least one is at the 400-level.